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FDIC Consumer News - Fall 2017

Enhanced FDIC Tool Helps Consumers Identify Unfamiliar Banks and Websites

It's not unusual to see an email or an advertisement that promises attractive interest rates for savings accounts or certificates of deposit. Often it's about a neighborhood bank or another bank with which you are familiar. Sometimes, however, you don't recognize the name of the institution, but the opportunity seems too good to pass up. Or maybe the name sounds familiar, but you want more information. What do you do next?

We recommend that you go to the FDIC's newly updated BankFind database. For years, consumers have used this popular search tool to obtain office locations, financial data and other information about individual insured banks. Now, significant enhancements to BankFind can help people learn if an insured bank may have certain branches or a website doing business using a "trade name" that is different from the bank's official name, often for marketing purposes. This additional information is more easily available to the public because the FDIC now requires all insured banks to submit details quarterly about the trade names and web addresses they use to solicit deposits from consumers.

BankFind is easy to use. To confirm a bank's official name, enter the name of the bank as you know it in the block entitled "Bank Name," click the "Search" button, and wait for your results. To search websites, enter the basic name for the website in the block labeled "Bank URL." You do not need to enter "www," ".com." or similar parts of the website name. Click the "Search" button and await the results.

How can BankFind help answer consumer questions? Here are a few examples.