Each depositor insured to at least $250,000 per insured bank

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FDIC Consumer News - Fall 2001

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 FDIC Insurance 

5. If you picked "True" you are correct.

BANK CDs PURCHASED THROUGH A BROKER. Some people who buy bank certificates of deposit (CDs) from brokers focus on what may be an attractive interest rate but don't pay attention to which institution issued the CD or whether the money was fully insured... until the bank fails. Among the ways people have gotten into trouble: Different brokers sold them CDs at the same bank (most likely because that bank was offering very high interest rates) and the total was more than $100,000. Or, a broker sold a customer a CD from the same institution where that person made deposits directly, and the combination of accounts went over the $100,000 limit. See full story...

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Last Updated 11/23/2001 communications@fdic.gov