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Insurance Corporation

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Inactive Financial Institution Letters 

Consumer Education

February 1, 1999


SUBJECT: Educational Programs on Basic Financial Services for "Cash Consumers"

The Federal Deposit Insurance Corporation (FDIC) would like to help "cash consumers" learn more about the benefits of a traditional banking relationship. Cash consumers have been referred to as "unbanked" individuals and households that do not have accounts with the nation's mainstream financial institutions. As part of this consumer awareness effort, the FDIC has reproduced the attached comprehensive guide for FDIC-supervised institutions, with the hope that they will integrate the guide into their community outreach and educational efforts.

Studies by the Federal Reserve Board and the U. S. Department of the Treasury indicate that surprisingly large numbers of Americans-about 12 percent of all U.S. households-do not have an account at a bank, thrift or credit union. These consumers-many of whom are low- and moderate-income individuals-pay for their purchases, rent, utilities and other personal business in cash or by money orders.

The guide, Helping People in Your Community Understand Basic Financial Services, developed by the Financial Services Education Coalition, is intended to help community educators establish and deliver an effective educational program about financial services, ranging from federal deposit insurance to the convenience of checking accounts, to deposit and loan services. The guide includes educational fact sheets in English and Spanish.

While supplies last, you may obtain single copies of Helping People in Your Community Understand Basic Financial Services by contacting the FDIC's Public Information Center at:

Federal Deposit Insurance Corporation
Public Information Center
801 17th Street, NW, Room 100
Washington, DC 20434
Telephone: (800) 276-6003 / (703) 562-2200
Fax: (703) 562-2296

Copies can be downloaded from the FDIC's Internet site under Public Information:

For more information, please contact John Kotsiras, Consumer Affairs Specialist in the FDIC's Division of Compliance and Consumer Affairs, on (202) 942-3079.

  Ronald F. Bieker
  Acting Director

Attachment: Should be available on the FDIC's Web site the week of February 8, 1999.

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).

Last Updated 07/17/1999

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