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FDIC Consumer News - Spring 2003

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.

  Special Report on Fraud 

6. Sorry, that is incorrect.

The correct answer is "False."

Crooks know that consumers trust cashier's checks, money orders and other official bank checks because the money is already set aside at the bank. That's why con artists are increasingly counterfeiting official checks, especially for use when dealing with consumers long-distance over the Internet but also in face-to-face transactions, such as trying to cheat someone selling a used car through an ad in the local paper. See full story...

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Last Updated 06/18/2003 communications@fdic.gov