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

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FDIC Consumer News - Fall 2002

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.

  Credit and Debit Cards 

Credit Cards and Debit Cards... At a Glance

  Credit Cards Debit Cards
Payments Buy now, pay later. Buy now, pay now.
Interest Charges Yes if you carry a balance or your card offers no "grace period." No.
Other Potential Benefits Freebies, such as cash rebates and bonus points good for travel deals. Some purchase protections. Easier and faster than writing a check. Avoid debt problems. More cards now offering freebies. Some purchase protections.
Other Potential Concerns Fees and penalties. Also, not all cards offer grace periods (time to repay without incurring interest). Over-spending can cause debt problems. Fees on certain transactions. You may overdraw your account if you're lax about recording debit card transactions.

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Last Updated 11/25/2002 communications@fdic.gov