Having the right tools is critical to completing any task. This is true for consumers trying to manage their money and is particularly important during a difficult economy. "Accurate and reliable information is essential to helping consumers protect their savings, avoid fraud, and make informed financial decisions," said Sandra L. Thompson, Director of the FDIC's Division of Supervision and Consumer Protection. "We are pleased to be one of the national organizers of National Consumer Protection Week 2009." The FDIC, in observance of National Consumer Protection Week (NCPW) March 1-7 and its theme of "Nuts and Bolts: Tools for Today's Economy," is calling attention to several new money management tools for consumers:
Two Web sites dedicated to deposit insurance information – www.myFDICinsurance.gov and its Spanish language counterpart www.fdicseguro.gov. These sites feature updated versions of the FDIC's Electronic Deposit Insurance Estimator, an interactive tool that a bank customer can use to calculate deposit insurance coverage.
A financial education program for use by teachers and parents to explain the basics of good money management to youths between the ages of 12 and 20. To order a free CD of the FDIC's "Money Smart for Young Adults," visit www.fdic.gov/consumers/consumer/moneysmart/young.html.
Two special editions of FDIC Consumer News. The soon-to-be-released Winter 2008/2009 issue, entitled "Managing Your Money in Good Times and Bad," includes tips to help consumers spend less, save more, protect against fraud and borrow wisely. The Fall 2008 issue, "Your New, Higher FDIC Insurance Coverage: How You Can Be Fully Protected," describes how federal deposit insurance coverage has increased, primarily as a result of a temporary boost in the basic insurance limit from $100,000 to $250,000. Current and past issues of FDIC Consumer News are available online at www.fdic.gov/consumernews.
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 8,305 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-34-2009