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Federal Deposit
Insurance Corporation

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

FDIC Consumer News - Winter 2017

Regulators Issue Guidance on Handling Deposit Account Errors

En Español

If a bank customer accidentally writes the wrong dollar amount on a deposit slip or a bank’s computer inaccurately reads a deposited check, the amount the bank credits to an account may be different from the actual amount deposited. Recently, the FDIC and four other federal financial regulators issued guidance highlighting institutions’ responsibilities to create policies and practices to avoid or reconcile inconsistencies in customer accounts.

In the past, some federally insured financial institutions would only research deposit discrepancies over a certain dollar amount or would automatically honor the deposit slip regardless of any discrepancy. With this new guidance, the institutions are expected to uniformly ensure that their deposit reconciliation practices comply with banking laws and avoid harming consumers.

FDIC Consumer News also reminds consumers to track all transactions to more quickly identify and resolve potential errors. “You need to know exactly how much money goes into and out of your account, which will not only help you manage your money effectively but also identify any potential problems, whether they be as a result of a technical error or identity theft,” said Richard Schwartz, a counsel in the FDIC’s Consumer/Compliance Unit.

Also consider a tool for staying on top of your accounts, such as monitoring transactions online, using an app or exploring if your bank enables you to sign up for an electronic alert if, for example, your balance falls below a level you specify. And if you do find a discrepancy, notify your bank immediately.

Learn more by reading the interagency guidance issued to institutions.

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