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

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FDIC Consumer News - Summer 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.

3. Sorry, that is incorrect.

The correct answer is "True."

Moreover, most types of credit insurance are voluntary. An important exception is property or hazard insurance. A creditor may require that you maintain this kind of insurance to cover the costs of repairing or replacing property (such as your home or auto) that serves as collateral for a loan. And in those instances in which insurance is required, a bank cannot condition approval of the loan on the purchase of insurance from the bank or an affiliate. See full story...

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Last Updated 09/15/2003 communications@fdic.gov