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Latest FDIC Consumer News Features the Top 10 Misconceptions About FDIC Deposit Insurance
Other topics include the basics of debit cards and financial tips for traveling abroad
While most people have a pretty good idea about how FDIC insurance works, a surprisingly large number of consumers have potentially costly misconceptions. The biggest concern: Some depositors who believe that their funds are fully insured may inadvertently have some money over the insurance limits and risk losing that portion if their bank fails. The Spring 2006 FDIC Consumer News, published by the Federal Deposit Insurance Corporation, offers a guide to understanding FDIC insurance coverage and making sure that all of a family's accounts are fully protected. It features:
The publication also looks at basic information consumers should know about debit cards, which can be used to make purchases or obtain cash and have the funds deducted directly from a checking or savings account. Even though debit cards are becoming more common and more popular, many consumers may still be unsure about the pros and cons or how to use debit cards safely. FDIC Consumer News answers common questions on issues such as debit card fees, whether it is possible to stop a payment or obtain a refund on a debit card transaction, and how to protect against errors and fraud.
Also in this issue are money-related tips for people planning a trip abroad, such as alternatives to carrying cash (which, if lost or stolen, can't be replaced), ways to minimize banking fees in another country, and how to protect against thieves who may target travelers.
The goal of the quarterly FDIC Consumer News is to deliver timely, reliable and innovative tips and information on financial matters, free of charge. The Spring 2006 issue is available online at www.fdic.gov/consumers/consumer/news/cnspr06. Current and past issues are online at www.fdic.gov/consumernews. The FDIC also offers a free subscription service that provides an e-mail about each new issue posted to the Web site and a link to stories of interest. Instructions for subscribing are posted at www.fdic.gov/about/subscriptions/index.html.
Information in FDIC Consumer News may be reprinted in whole or in part without permission from the FDIC. Material used should be credited to "FDIC Consumer News, a publication of the Federal Deposit Insurance Corporation."
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,833 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-48-2006
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