Highlights:
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While the savings rate has increased from historic lows in previous years,
most American households have not developed a "rainy day" fund for
unexpected expenses and are not saving for predictable events, such as
college or retirement.
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America Saves Week encourages and helps individuals assess their savings
plans and take action to save. The theme of the 2011 week, February
20–27, is "Make Savings Automatic."
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FDIC encourages financial institutions to consider strategies to promote
savings, especially for low- and moderate-income consumers. This can include
raising awareness of America Saves Week, providing financial counseling or
education, and offering free or low-cost savings accounts. In particular,
institutions are encouraged to offer savings accounts for children that do
not assess service, maintenance, minimum balance, or similar fees.
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To learn more about savings-related resources from the FDIC, visit http://www.fdic.gov/deposit/deposits/savings.html.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Chief Executive Officer
Chief CRA Officer
Attachments:
None
Contacts:
Mary Bass, Senior Community Affairs Specialist, Outreach & Program Development,
Division of Supervision and Consumer Protection, at
Mbass@fdic.gov or (202) 898-3593
Luke W. Reynolds, Chief, Outreach & Program Development, Division of Supervision
and Consumer Protection, at LuReynolds@FDIC.gov or (202) 898-6724
Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web
site at www.fdic.gov/news/news/financial/2011/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the
FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA
22226 (1-877-275-3342 or 703-562-2200).
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