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FDIC Rolls out Deposit Insurance Awareness Campaign
Personal Finance Expert Suze Orman Featured in PSAs
The Federal Deposit Insurance Corporation (FDIC) today launches a national campaign designed to help consumers learn about the benefits and limitations of deposit insurance. The campaign's public service announcements (PSAs) will feature personal finance expert Suze Orman.
"For 75 years, no one has ever lost a penny of insured deposits," said FDIC Chairman Sheila Bair, "but as with any type of insurance, depositors are responsible for knowing how FDIC coverage works in order to ensure their money is protected. While awareness of the FDIC is high, understanding of deposit insurance is not. We want to encourage people to learn the basics and provide reassurance that, if they are within the coverage limits, their money is 100 percent safe."
The public awareness campaign encourages Americans to visit myFDICinsurance.gov, where they can use EDIE the Estimator, an online tool that provides customized information about their insured accounts. The estimator has been available to the public for a number of years but was simplified and made more accessible as part of this campaign. Those without online access may call toll-free 1-877-ASK-FDIC for assistance.
"No one should ever lose a penny of their deposited money, but Americans need to take the time to look at their accounts to ensure they're covered," said Suze Orman. "I have donated my time to this FDIC campaign because I want everyone to go to EDIE the Estimator and follow the simple steps to make sure their money is 100 percent FDIC protected."
Basic FDIC insurance covers up to $100,000 of deposits per account holder per bank, and up to $250,000 per account holder for deposit retirement accounts. myFDICinsurance.gov provides information about how these limits work.
"We're encouraging consumers to find out if all their money is FDIC protected, and we're providing them the tools to do so," said Chairman Bair.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,451 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-83-2008
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