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Financial Institutions Encouraged to Promote Automatic Savings During America Saves Week (February 20–27, 2011)

Consumer and Community Affairs
February 23, 2011
Summary: Summary: Consumers are encouraged to assess or develop their savings plan during America Saves Week. FDIC encourages financial institutions to consider strategies to promote savings by encouraging automatic savings, especially for low- and moderate-income consumers. Also, institutions can provide financial education on the importance of savings and offer free or low-cost savings accounts.

Highlights:
  • 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.
  • 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."
  • 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.
  • 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

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/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).

FIL-11-2011
Contact(s)
Mary Bass, Senior Community Affairs Specialist, Outreach & Program Development, Division of Supervision and Consumer Protection, (202) 898-3593
Luke W. Reynolds, Chief, Outreach & Program Development, Division of Supervision and Consumer Protection, (202) 898-6724

Last Updated: February 23, 2011