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FDIC Consumer News - Fall 1997

Important Update: Changes in FDIC Deposit Insurance Coverage

The FDIC deposit insurance rules have undergone a series of changes starting in the fall of 2008. As a result, certain previously published information related to FDIC insurance coverage may not reflect the current rules. For details about the changes, visit Changes in FDIC Deposit Insurance Coverage. For more information about FDIC insurance, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342). For the hearing-impaired, the number is 1-800-925-4618.

Treasury Issues Proposal to Deliver Most Federal Payments Electronically

Safety-oriented plan would eliminate paper checks, except for hardship cases

Although the Treasury proposal would require electronic payments in most cases, it would allow people facing certain "hardships" to continue receiving paper checks in the mail. As proposed, if you're a federal benefit recipient and you have an account at a financial institution, you'd be expected to sign up for direct deposit of your payments. If you don't have an account at a financial institution - and an estimated 10 million benefit recipients don't - the Treasury would open a limited-purpose account at a reasonable cost to you. However, if you have a physical disability or you face certain financial hardships or geographic barriers, you could request a waiver and continue receiving your benefit checks in the mail.

For more information about the proposal, contact the Treasury's Financial Management Service, 401 14th Street, SW, Room 420, Washington, DC 20227, phone (202) 874-6590, or read the plan on the Treasury's Internet site (www.fms.treas.gov/eft/). If you wish to express your opinions on the proposal, written comments are due to the U.S. Treasury Department by December 16, 1997. Final decisions about the costs and other features of any new accounts are expected to be announced in the spring of 1998.

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Last Updated 07/30/1999 communications@fdic.gov