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Be PreparedBe InformedBe in Charge

Simple Strategies forManaging Your MoneyInside

5 Things You Can Do toMake Sure You Are Financially Fit

Avoid Bad Deals and Scams

Insure All Your Deposits

Complain and Get Results

5 Top Reasons ConsumersCall or Write the FDICWhat You Can Learn from Their Questions and Concerns

F E D E R A L D E P O S I T I N S U R A N C E C O R P O R A T I O N

SPECIAL EDITION


2/122Winter 2006/2007FDIC

Consumer News

You know its important to get regularphysical exams and take your car in foroil changes and tune-ups. But what areyou doing to make sure your financesare in good shape, too? The start of anew year is a great time to give yourfinances a checkup, but its never tooearly or too late to make sure youreproperly managing your money. Heresa checklist for conducting a simple yet

thorough financial self-examination.1. Periodically review youraccounts.Talk to a customerservice representative at your bankto make sure youre signed up forthe accounts and the features thatbest fit your needs, especially ifyour financial situation has changedrecently, said Janet Kincaid, FDICSenior Consumer Affairs Officer. Forexample, if you tend to carry a balanceon your credit card, find out if you canqualify for a card with a lower interestrate. Or, ask if your bank offers specialdeals if you maintain certain balancesor use additional services, such asdirect deposit of your paycheck.

At the same time, compare your banksproducts and services with those ofcompetitors. Dont be afraid to shoparound, Kincaid said. If nothing else,youll want to know that the rates, feesand services at your current bank areat least comparable to whats out therein the marketplace for the services you

need and, most importantly, that theservices you are using still meet yourneeds.

2. Make sure you have andhave read the most recentdisclosuresabout your accounts.These descriptions of your accountare like a contract with your financialinstitution. Knowing the features, feesand options as well as limitations before you open the account and later

as you conduct business can preventmisunderstandings and costly mistakes.We are continually encouragingconsumers to read the disclosures,Kincaid stressed. Make sure youknow exactly what you are getting andpaying for and what you are not.

For example, your credit card mayautomatically include, at no extracharge, extended warranties onpurchases and insurance for carrentals. These kinds of features cansave you money but only if youknow they exist. Similarly, your cardmay offer bonus points towardairline travel or products and services,auto club memberships, and otherextras some free of charge, some fora fee. You need to read the disclosuresto understand the rules, restrictionsand potential costs, which may greatlyreduce the value of these offers.

3. Get a free copy of your creditreport.These reports, prepared bycompanies called credit bureaus,

summarize your history of payingdebts and other bills. If you applyfor a loan, insurance or a job, or youwant to rent an apartment, chancesare your credit report will be reviewedfor information about your financialreliability. Butyoushould be reviewingcopies of your credit report, too.One reason is to correct errors oromissions, which could damage yourcredit rating and, in the case of a

A Message to Readers

Be prepared. That motto isnt

just for Scouts and it isnt just for

kids. Its solid advice for anyone,

especially busy people, trying tomanage their money in a world

full of opportunities and

occasional hazards.FDIC

Consumer Newswants to help

you be better prepared. In this

special guide, we offer a collection

of practical strategies you can use

to deal successfully with some of

the most important money matters

facing consumers today, including

how to: Make sure you are financially fit;

Avoid bad deals and scams;

Protect all your deposits with

FDIC insurance; and

Complain effectively and get

results.

To keep things simple, weve

limited our to-do lists to five

suggestions, but if you need orwant more guidance, weve also

identified additional resources you

can turn to for help.

Our goal is to give you the

information and the confidence

you need to manage your money

and realize your dreams for a

better future. So keep reading and

learn how you can be prepared, be

informed and be in charge!

Make Sure You Are Financially FitA checklist for shaping up your personal balance sheet

Things You Can Do to

Be Prepared, Be Informed, Be in Charge

loan or credit card application, costyou hundreds of dollars each yearin interest or other charges. Also,by monitoring your credit reportsyou help guard against identity theftbecause you can look for signs that afraudster has opened credit cards orother accounts in your name.

Getting Started



Consumer News

The three nationwide creditbureaus Equifax, Experian andTransUnion issue their own reportsand they sometimes differ, so itssmart to see what each one is saying.By law, you are entitled to one freecopy of your report each year from

each of those three companies. Formore information and to order freecredit reports, go to the Web siteestablished by the three credit bureausat www.AnnualCreditReport.comor call toll-free 1-877-322-8228.Although you can ask to receive copiesfrom all three credit bureaus at thesame time, you also can spread outyour requests throughout the year toget periodic updates.

4. Look at how youre spending

money and how you can do abetter job.Its easy to overspend insome areas and neglect other prioritiessuch as reducing high-interest debt,saving for a down payment on a caror a home, or putting money awayfor your retirement. Thats why youshould use your periodic financialcheckup as an opportunity to seewhere your money has been going andmake adjustments in your spendingand saving plans for the future.

We suggest you try any system ranging from a computer-based budgetprogram to hand-written notes thatwill help you keep track of yourspending each month and enable youto set and stick to limits you considerappropriate. You might be surprisedhow much you spend, even on small,incidental things such as snacks orspecialty coffee, Kincaid said. Youalso might be surprised at how keepingtrack of your spending can make a bigdifference in achieving your goals.

When reviewing your spending, alsomake sure you have enough insuranceto protect your family such asdisability insurance to replace lostincome during a serious illness, lifeinsurance in case a wage earner dies,home owners or renters insurance,and health insurance to cover medicalbills.

5. Find new ways to simplify yourfinancial life.There are many thingsyou can do to make your banking,bill paying and other financial choreseasier. Examples include:

Organizing your personal and

financial papers to make sure you andyour family can quickly find what youneed;

Getting rid of the papers youre sureyou dont need;

Looking into consolidating accountsor concentrating your business withfewer financial institutions;

Signing up for direct deposit ofyour pay and benefit checks and otherregular income;

Having a certain sum automaticallytransferred each month to a savings orinvestment account;

Arranging for an automaticwithdrawal from your checkingaccount to cover a recurring expensesuch as a mortgage loan or utility bill;and

Exploring banking and bill paying byphone or online, which not only saves

time and money (instead of writingand mailing checks) but also canhelp you monitor your account moreefficiently than waiting for monthlystatements in the mail.

These ideas can help you save time,

reduce stress, eliminate clutter, lowerthe fees you pay, and maybe even helpyou earn a little extra on your savingsand investments.

To learn more, read theFDICConsumer Newsarticle You CanSimplify Your Financial Life in ourWinter 2004/2005 issue, online atwww.fdic.gov/consumers/consumer/news/cnwin0405.

For more information:See back issuesofFDIC Consumer News, especially

our special guides for seniors (Fall2005) and young adults (Spring 2005)because they feature variousstrategies to prepare financially,including to-do lists at key stages ofyour life You can find them online atwww.fdic.gov/consumernews. Alsocheck the Internet or your local libraryfor a wide variety of resources that canhelp you organize and manage yourfinances. Q

continued on next pag


The FDIC receives hundreds ofletters, e-mails and calls fromconsumers every day.FDIC Consumer

Newswants you to know the mostcommon reasons people contact the

FDIC so you can learn from theirquestions and concerns and takeprecautions that can save you time,money and headaches. In addition,we want to remind you that, if youneed a little help, the FDIC can be aresource.

Here, in no special order, are the topfive reasons consumers contact theFDIC.

What You Can Learn from OtherConsumers Questions and Concerns

1.Questions about FDIC insurancecoverage.Most of the calls andlettersthe FDIC receives fromconsumers about 60 percent ofthem are from people asking

about their insurance coverage, saidKathleen Nagle, chief of the DepositInsurance Section in the FDICsDivision of Supervision and ConsumerProtection. They want to knowwhats covered, what isnt, and howmuch their coverage is.

She added that a surprisinglylarge number of consumers have

Top Reasons People Call or

Write the FDIC:



Consumer News


misconceptions about depositinsurance. The biggest concern,Nagle said, is that some depositorswho believe that all their funds areinsured may inadvertently have somemoney over the insurance limits.

For more information, see the articleon Page 8 about how to protectyourself with FDIC insurance.Included there is a guide to FDICresources on deposit insurance,including our toll-free Call Center.The FDIC consumer line is a greatservice the FDIC provides, Naglesaid. We encourage anyone with aquestion about their FDIC insuranceto call us.

2. General questions about

banking or consumer protections.Consumers want to know, forexample, if their bank is permitted totake a certain action and what theirconsumer rights are under the law.Before approaching the FDIC, youcan learn more about your rightsand responsibilities by contacting theinstitution directly (if you haventdone that already). Otherwise, youmay call or write the FDIC or go toour Web site for more information(see Page 11).

3. Questions or complaintsinvolving specific financialinstitutions.Many questions orcomplaints involve account terms andconditions, such as fees, penalties,restrictions, and interest charges orpayments.

Concerns about charges for bouncedchecks (due to insufficient funds) arecommon. So too are calls and lettersabout the costs of ATM transactions;many consumers forget or are not

aware that they can be charged a feefor using an ATM that is not ownedby their bank.

When a bank changes the termson an account, whether it is achecking account or a credit card,this also generates mail and phonecalls, added Lynne Gottesburen,an FDIC Supervisory ConsumerAffairs Specialist. Consumers often

dont realize that a bank can changethe interest rate or the terms on anaccount or even close an account,as long as the change is allowed inthe contract or agreement betweenthe bank and the customer and theproper notification is given. Thats

why it is so important to read andunderstand your account agreementand correspondence sent by yourfinancial institution.

Also, she said, dont be afraid toask a bank representative to explainsomething to you when you open theaccount or in the months or years thatfollow.

Consumers also contact the FDICto discuss a dispute over a deposit

account transaction or balance.Examples include deposits that didntget posted to their checking account asexpected or fees that seem incorrect.Read your account disclosures andmonitor your account on a regularbasis to make sure the transactionsreflected are yours and are accurate,said Joni Creamean, an FDIC SeniorConsumer Affairs Specialist. Ifthere is a mistake, notify your bankimmediately and follow up in writing.

The FDIC also receives many callsand letters each year from peopletrying to track down informationabout old accounts and banks thathave changed names or no longerexist. These inquiries often comein after an individual dies and theexecutor or heirs find proof of anold account or a receipt for a safedeposit box at an unfamiliar bank.FDIC officials say that, in most cases,the accounts were closed by the owneryears ago, but sometimes there are

valuable accounts or other assets thatcan still be claimed, usually fromthe unclaimed property office inthe state where the owner lived ordid business. You can turn to theFDIC for help or direction in thesesituations. Start by reading our articleabout lost or forgotten accounts in theSpring 2002FDIC Consumer News atwww.fdic.gov/consumers/consumer/news/cnspr02.

4. Billing disputes and errors,primarily involving credit cards.Sometimes something goes wrong,including bills that are incorrect orcard payments that are posted late.When that happens, people contactthe FDIC for help, and our response

is usually to provide guidanceregarding their consumer protectionsunder the Fair Credit Billing Act.You may not be able to avoid a billingerror, but its important to closelymonitor your account and reporterrors promptly to your financialinstitution to have it fix mistakes.

To fully protect your rights underthe law, consumers should writeto their financial institution at theaddress provided for billing errors

and not send their letter with theircard payment, which goes to anotherlocation, said Janet Kincaid, FDICSenior Consumer Affairs Officer.If that doesnt resolve the dispute,we encourage folks to write thelenders primary federal regulator foradditional help. (For related tips, seethe article on Page 10 about how tocomplain effectively.)

5. Allegations of fraud.Con artistsoften prey on peoples desires to make

money quickly and to trust a friendlyface or voice. A prime example is thecounterfeit check fraud that the FDIChears about in different variationspractically every day (Page 6). For tipson avoiding bad deals and scams thatarrive by phone, letter and e-mail, seethe next page.

For more information:The FDICresources listed on Page 11 of thisspecial guide can help you get up tospeed on preventing and solving

many different issues facing bankcustomers. Also take a look at backissues ofFDIC Consumer Newsat www.fdic.gov/consumernews,including the Spring 2006 issuefocusing on FDIC insurance coverageand a Fall 2006 article on costlymistakes bank customers make. Q



Consumer News

(PINs), date of birth, or your mothersmaiden name.

Also dont provide personalinformation via phone or e-mail inresponse to an unsolicited e-mail oran Internet advertisement, no matterhow legitimate it may appear. Thatsbecause there are fraudulent, copycat

e-mails and sites that are designedto appear to be from well-knowncompanies. If you want to follow upwith a company, use an e-mail addressor phone number from a reliable,independent source that you go to onyour own.

2. Thoroughly check out any offerbefore agreeing to anything.Alwaysget key details in writing. Carefullyread all the documentation, includingthe fine print in applications andcontracts, to understand your potentialcosts, risks and requirements. Dontjust rely on what a sales person tellsyou or whats printed in promotionalliterature. Ask friends and family whatthey think.

Do some comparison shopping at yourbank and one or two other financialservices firms to make sure that thespecial unsolicited offer you receivedis really special.

With credit card offers, for example,

carefully review the terms andconditions, including the potentialfees or penalties, all of which mustbe disclosed to you before you incurany charges on the account. By law,the most important terms in creditcard offers must be in a speciallyhighlighted box or near the box.

3. Try to deal only with businessesyou already know or that have beenrecommended by someone you


Marketers have lots of ways to findout who you are, where you live,and how youre likely to spend yourmoney. While many unsolicited offersmay be good deals for you, othersmay be costly or inappropriate oreven scams. In particular, crooks havebecome very good at impersonatinglegitimate businesses, charities and

other organizations to trick peopleinto giving out valuable informationthat can be used to commit identitytheft, which involves stealing moneyusing someone elses name.

The amount of fake products,investments and services advertisedonline, by e-mail or by telemarketersis staggering, said David Nelson, afraud specialist at the FDIC.

While laws and industry practices maylimit losses for fraud victims in manycases, innocent victims sometimes endup losing money or spending manyhours clearing their good name.

Here are a few ways you can bebetter prepared to know a good dealfrom a bad one and protect against avariety of scams, including ID theft.(For special guidance on avoidingcounterfeit check frauds, see the nextpage.)

1. Never divulge personal

information in response to anunsolicited call, letter or e-mail.Just having information about yourchecking account may be enoughfor a thief to obtain a bank draft thatdeducts funds from your account.So unless you initiate the contactwith another party and you know itsreputable, dont provide details suchas your Social Security Number, bankaccount and credit card numbers,personal identification numbers

Avoiding Trouble

Protect Against Bad Deals and Scams that Arrive by

Phone, Letter and the InternetBeware of crooks impersonating legitimate businesses, charities and other organizations

trust.This minimizes the chance thatyou may be lured in by a high-costcompany or a shady marketer, perhapseven a con artist. When in doubt,start with your state or local consumerprotection office (listed in the bluepages of your phone book) and askwhere to go for information onwhether a service provider is properlylicensed to do business and whetherthere are complaints or rule violationstied to this company. Another resourcefor complaints against a company isthe Better Business Bureau.

For guidance on whether a bank islegitimate, you can call the FDICstoll-free consumer assistance line(1-877-ASK-FDIC, which is 1-877-275-3342). You can also use theFDICs online directory of insuredbanking institutions at www2.fdic.gov/idasp/main_bankfind.asp.

4. Assume that any offer that

sounds too good to be true especially one from a stranger or anunfamiliar company is probably afraud.Common examples include:

A telephone call or a letter notifyingyou of winning a lottery or asweepstakes that you dont rememberentering, and you are told to paytaxes or fees before you can claimyour prize.


continued on next pag



Consumer News

A promise of an investment payingsignificantly above market rates.

A fake job offer that promises topay a lot for doing very little (such asstuffing packages or envelopes at home)and may involve handling or wiring

money. The crooks mostly want tolearn your Social Security Numberfrom your application or they wantyou to deposit a fraudulent check andthen wire money to them out of yourbank account, said Michael Benardo,manager of the FDICs financial crimessection. (Read more about fake checkscams in the article below.)

An Internet friendship or romancethat soon leads to pleas for money andsecrecy.

If you think that youve alreadybeen fooled by a con artist, you can filea complaint with the government atwww.lookstoogoodtobetrue.com/complaint.html, a Web site that is ajoint effort of federal law enforcementagencies and corporate partners.You can also contact the Federal TradeCommission toll-free at 1-877-FTC-HELP (1-877-382-4357) and yourlocal police or the police where thefraud took place. Ask to file a writtenreport about the incident.

5. Know the other signs of a scam.In general, any story that grabs yourattention and emotions and thenforces you to act quickly before youhave time to think rationally maybe part of a con game. Here are someof the classic red flags of financial

fraud:

Youre told to send money orprovide bank account information upfront before you receive any goods,services or other benefits.

Youre pressured to act fast, evenbefore youve seen details in writing.Scam victims have been interviewedby researchers and the results showthat even very smart people can betricked by fast talkers who spark

emotions and then say, This is alimited time offer. Act fast before itstoo late, Nelson said.

You sense a reluctance to answerquestions or provide writteninformation.

Someone tells an emotional storyof being in danger or the victimof fraud or discrimination and thenasks for your help, perhaps by placingfunds in an overseas bank account.

Youre told you already agreed todonate or pay money, and you dontremember doing so.

For more information:Back issuesofFDIC Consumer Newsfeature

numerous articles about preventingfraud. Find them online atwww.fdic.gov/consumernews. TheFederal Trade Commission alsopublishes free consumer brochures onhow to avoid a variety of bad deals andscams. Visit www.ftc.gov/ftc/consumer.htm or call the FTC at thephone number noted previously. Q

Theres been explosive growth incounterfeit personal and businesschecks, cashiers checks and moneyorders in the last few years, due in

part to new technologies and thegrowth of the Internet for transactionsamong strangers. But whats especiallytroubling is that individual consumersand businesses are losing significantsums in these scams oftenthousands of dollars because theydeposited a check from a stranger,withdrew the funds and then sentmoney or merchandise before theirbank discovered that the check wasfraudulent.

Avoid Costly Scams Involving Fake Checks and Money OrdersConsumers and businesses often lose thousands of dollars in transactions with con artists

In these cases, the depositor most likelywill be held responsible for the entireamount of the fraudulent check. Why?Because by depositing the check and

withdrawing money, the consumeris taking responsibility for the fundsthat have been spent or sent beforethe check is found to be worthless.And often the withdrawal cannotbe cancelled or reversed, especiallywith wire transfers, in which fundsare transferred out of the accountimmediately. Also, the person whoreceives the check usually is in the bestposition to realize that it may not begood.

Money isnt the only thing that canbe lost to a fake check scam. In oneexample reported to the FDIC severalyears ago, a person sold a classic car

then worth $41,000 to a scam artistwho used a counterfeit cashiers check.

FDIC Consumer Newshas beenwarning readers about check fraud foryears, but given the increase in fakechecks and the costs to victims, weoffer these key reminders.

1. If you deposit a check froma stranger, discuss the situation

with your branch manager before



Assume that any offer

that sounds too good

to be true especially

one from a stranger or

an unfamiliar company

is probably a fraud.



Consumer News

for the average consumer or businessowner or even bank teller to recognizea counterfeit check, so youre usuallybetter off looking for the basic signsof a scam instead of focusing on thecheck itself, said David Nelson, afraud specialist at the FDIC.

In addition to the warning signs wevealready described, here are other redflags of a check fraud (and additionalcommentary from Nelson):

The reasons for receiving a checkare suspicious. (How could you wina lottery you never entered? Nelsonsaid. And if you really won somethingand owed money, why wouldnt theyjust deduct that amount from yourwinnings?)

Youre asked to send money outsideof the United States. (Thats becauseit is difficult to track people down inanother country.)

Youre pressed to send money rightaway. (Theyre rushing you to actbefore you discover that the check isbad.)

Youre warned to keep thingsquiet to not discuss the deal with abank employee or anyone else. (Itsto prevent your banker or othersfrom warning you about a counterfeitcheck.)

4. Take additional precautions tomake sure a check is good.Considerinsisting on being paid with a moneyorder or a cashiers check (not apersonal check) drawn on a local bankor a bank that has a local branch. Thatway you can take the check to thatbanks branch to ensure its valid.

Also consider asking for a money

order from the U.S. Postal Service.These come in values of up to $1,000for domestic money orders and up to$700 for international money orders.

To confirm that a Postal Servicemoney order is valid or to cash it, youcan take it to a local post office. Youcan also verify a Postal Service money

order by using an automated service attoll-free 1-866-459-7822.

Private financial services companiesalso issue money orders, but its up toyou to take appropriate precautions.

For example, Dont depend on

a phone number thats printed ona check or money order, Nelsonstressed. If this is a fraud, one ofthe criminals may answer and tellyou that the check or money orderis legitimate, or you may get a voicemailbox that the swindlers set up tosound real and reassuring.

In general, its always best to use aphone number listed in your phonebook or another directory, not thenumber printed on a check or money

order or told to you by the otherparty.

Another way to be more comfortablethat youre dealing with an honestperson especially someone youredealing with over the Internet isto try to confirm his or her name,address, home number and worknumber through some independentmeans, such as an online database ordirectory assistance.

5. Immediately report if you thinkyoure a victim of a check fraud orif you notice something suspicious.Contact your bank as well as the localoffice of the FBI (listed in your phonebook and on the FBI Web site atwww.fbi.gov/majcases/fraud/fraudschemes.htm).

For more information:Visit theLooks Too Good to be True Website (www.lookstoogoodtobetrue.com), a joint effort of federal lawenforcement agencies and corporate

partners that is intended to educateconsumers on how to avoid Internetfrauds, including those that involvecounterfeit cashiers checks and moneyorders. It includes a test you can taketo see if you are at risk for checkfraud. Q

spending that money or handingover anything of value.Its safer notto accept checks from strangers, butif you do, tell the manager about thecircumstances surrounding the checkand ask when the check is likely to beconsidered good (paid).

While federal regulations requireinstitutions to make funds from adeposit available quickly generallywithin one to five business days itcan take a couple of weeks or longerbefore the bank discovers that thedeposited check is worthless.

The check could be counterfeit orbounce because of insufficient funds,and your bank will most likely holdyou responsible for that money, saidMichael Benardo, manager of theFDICs financial crimes section. If theother party badgers you at any timeabout waiting, especially if you aredirected to send funds, tear up theircheck and stop all communications.

So, protect yourself by not touchingthe deposited funds until you explainto your branch manager the details ofthe transaction and the source of thecheck, and you wait for the managersgo-ahead to use the funds.

2. Walk away from any deal if youget a check for more than theamount due and youre instructedto return the difference. Letssay you sell a $5,000 item over theInternet and the buyer sends a checkor money order for $10,000. Thebuyer, who has an explanation whythe check is for more than what youexpected, instructs you to deposit thecheck and wire the excess amountto his account or to the account ofan associate. It may take a couple of

weeks, but eventually the check will bereturned as counterfeit.

Using our example, you may need toreimburse your bank for $10,000, evenif thats far more money than you havein your account. You may also havelost the item you were selling.

3. Recognize other warning signsof a check scam.Its very difficult




Consumer News

Fortunately, bank failures have beenrare in recent years, largely becauseof a strong U.S. economy andhigh standards that FDIC-insuredinstitutions must meet for financialstrength and stability. In the unlikelyevent that a bank were to fail, theFDIC would promptly pay everypenny of a customers insured deposits,including principal and interest, up tothe insurance limit.

But while the overwhelming majorityof depositors at failed institutions hadall their funds within the federal limit,there have been customers who didnot realize that some of their accountswere over the limit and uninsured.Those customers lost some or all ofthat excess amount (depending onhow much money the FDIC recoveredselling the failed institutions assets).Heres what you can do to fully protect

yourself from loss by taking fulladvantage of FDIC insurance.

1. Remember that the basicinsurance limit is $100,000 perdepositor per insured bank, but

you may qualify for more coveragethan that.If you or your family have$100,000 or less in all of your depositaccounts at the same insured bank,you dont need to worry about yourinsurance coverage because yourfunds are fully insured. However, it is

possible to have more than $100,000at one bank and still be fully insured.Heres how:

Joint accounts (those owned bytwo or more people who have equalwithdrawal rights) are insured up to$100,000 per co-owner. For example,one or more joint accounts owned bya husband and wife at the same bankwould be insured up to a combined

limit of $200,000 $100,000 foreach spouse.

If you have deposit accounts indifferent ownership categories,

these funds are separately insured.That means your deposits in singleaccounts (in your name only), jointaccounts, and revocable trust accounts(which will pass to one or more namedbeneficiaries when the account ownerdies) areeach separately insured.

For example, if you have one or moresingle accounts in your name alone(insured up to $100,000), your spousehas one or more single accounts inhis or her name alone (insured to

$100,000), and you and your spousetogether have one or more jointaccounts at the same bank (insured to$200,000), the total FDIC coverage atthat bank for you and your spouse is$400,000.

Revocable trust accounts are insuredup to $100,000 per owner for eachqualifying beneficiary named in theaccount, separately from any moneyyou may have in single and joint


accounts. A qualifying beneficiary isa spouse, child, grandchild, parent orsibling. (Others who might be namedin the account, including in-laws,cousins, nieces, nephews, friends,

charities and trusts, are not consideredqualifying beneficiaries for depositinsurance purposes.) So, if you have arevocable trust naming two qualifyingbeneficiaries lets say your spouseand a child it would be insured upto $200,000.

Federal law also provides upto $250,000 in deposit insurancecoverage for certain retirementaccounts, such as IndividualRetirement Accounts (IRAs). Check

with the FDIC to learn more aboutwhat types of retirement depositsqualify for up to $250,000 in coverageHere again, deposits in this insurancecategory are separately insured fromyour other accounts at the same bank.

People are usually amazed whenthey call us for information abouttheir insurance coverage and learnjust how much deposit insurancecoverage they can get at one insured

Protect All Your Deposits with FDIC Insurance

If you or your family have more than $100,000 at one institution, it makes sense toperiodically review your coverage and, if necessary, make adjustments

PHOTO TO COME


Insuring Your Money



Consumer News


bank or savings association, saidKathleen Nagle, Chief of FDICsDeposit Insurance Section. There arelots of ways to qualify for additionalinsurance coverage, but its importantto understand there are requirementsthat apply to receive that extra

coverage. Thats why we alwaysencourage folks to check out ourWeb site or talk to one of our depositinsurance experts. (See box below forcontact information.)

2. Periodically review yourinsurance coverage.It makes senseto check up on your deposit insurancecoverage if you or your family havemore than $100,000 at one institution.You especially may want to takeanother look if theres been a change

in your life that could reduce yourinsurance coverage.

For example, if two people own a jointaccount and one dies, the FDICs rulesallow a six-month grace period afterthe depositors death to give survivorsor estate executors a chance torestructure accounts. If you fail to actwithin six months, that joint accountcould become part of the survivorsindividual accounts, and that could putfunds over the $100,000 limit.

You also should review your insurancecoverage before depositing a largesum of money, a common situationafter an inheritance, a home sale, apayout from a pension or an insuranceclaim. Also do your homework if youown accounts at two institutions thatmerge and the combined funds exceed$100,000. The deposit insurance rulesalso allow for a grace period of sixmonths, and sometimes longer, aftera merger, so you should review your

accounts within that time period toavoid a potential problem.

3. If necessary, you can makeadjustments to your accounts tobring them within the insurancelimit.In general, you have twooptions for fully insuring deposits thatexceed the FDICs insurance limit.

One is to divide the funds amongvarious ownership categories at thesame institution, because different

categories are separately insuredto $100,000 or more, but this isan option you need to think aboutcarefully. For example, if you movesome money from a single accountinto a joint account with someoneelse or into a revocable trust account,

realize that you are giving that otherperson legal ownership of the money,either now or upon your death.

Your second option is to move fundsover the insurance limit to accounts atother insured institutions. This optionworks well for people who dont want,or dont qualify for, other ownershipcategories at their existing bank.

4. Take responsibility for knowingyour deposit insurance coverage.

Some people whove lost money ina bank failure said they mistakenlythought they were fully insured.Regardless of the reason why adepositor has uninsured funds, theFDIC is bound by law to pay depositsaccording to the federal insurancelimits, said James Williams, an FDICConsumer Affairs Specialist. Asmuch as the FDIC would like everycustomer to be fully protected when abank fails, federal law is very specificabout how much insurance the FDIC

can pay. Thats why its important forconsumers to take the time to be suretheyre fully insured.

5. Call the FDIC toll-free or takeadvantage of other resources to getanswers to your questions aboutinsurance coverage.In most cases,there are requirements that depositors

must meet to receive expandedinsurance coverage. So dont hesitateto contact the FDIC to get advicefrom a deposit insurance expert.

The FDIC staffs a toll-free consumerassistance line at 1-877-ASK-FDIC(thats 1-877-275-3342), features

deposit insurance brochures and otherresources on our Web site (www.fdic.gov/deposit/index.html), and respondsto letters and e-mails. See the boxbelow for details.

For more information:In addition tothe resources noted above, rememberthat our quarterlyFDIC Consumer

Newspublishes information andupdates on deposit insurance matters,usually in each issue. For example, theSpring 2006 edition included a guide

to understanding FDIC insurancecoverage, including a look at the top10 misconceptions people have aboutFDIC insurance. Current and pastissues are online at www.fdic.gov/consumernews. You can also sign upto receive an e-mail bringing you eachnew edition ofFDIC Consumer Newsposted to our Web site. Q

For More Help or Information Regarding Your FDIC Insurance

Call our toll-free consumer assistance lineat 1-877-ASK-FDICthats 1-877-275-3342). It is staffed Monday through Friday from 8:00 a.m.to 8:00 p.m., Eastern Time. For the hearing-impaired, call 1-800-925-4618.

Visit the FDIC Web siteat www.fdic.gov/deposit/index.html to accessbrochures, videos, an online insurance calculator in English and Spanish, and aCustomer Assistance Form you can use to e-mail the FDIC. You can also findarticles on deposit insurance in back issues ofFDIC Consumer News.

You can also mail us a letter by writing to the FDIC, Deposit InsuranceSection, Division of Supervision and Consumer Protection,550 17th Street, NW, Washington, DC 20429-9990.

There are many ways

to qualify for additional

FDIC insurance

coverage, but there arerequirements that must

be met.


10/1210Winter 2006/2007FDIC

Consumer News


What if you have a problem with afinancial institution but youre notsure about the best way to resolve thematter? Here are some tips for dealingwith the situation and minimizing thefrustrations.

1. First try to fix the problemdirectly with the institution.Thatsusually the quickest way to get thingsdone. Go straight to the source, saidJanet Kincaid, FDIC Senior ConsumerAffairs Officer. Give the institution

an opportunity to resolve the matter.If youre not satisfied with the answersfrom a customer service representative,consider asking to speak with amanager or someone else with theauthority to take action.

Also, before you contact theinstitution, think about how youdlike the matter resolved. Summarizein your head or on a piece of paperwhat the problem is and what youdlike done about it. This will help you

remember the key points of the issue.In case the financial institution doesntagree to your solution, think aboutyour second and third options.

2. Get information in writing.Document, document, document,Kincaid recommended. With phonecalls, ask for the name of the personyou are speaking to and keep goodnotes of your conversation, includingthe date of your call and promisedsolutions. But even if that person

agrees on a fix for your problem,follow up with a letter that includeswho you spoke to, when, and what youspoke about or ask the companyrepresentative to write back confirmingany agreements. That ensures thatyour discussion and the outcome aredocumented, just in case there are anydisagreements or misunderstandingslater on, said Kincaid.

Likewise, she said, when writing toa financial institution or government

agency, includecopiesof anydocuments that support your case never send originals and again, keepa copy of any correspondence.

3. Stay cool, calm and professional.As hard as it may be, dont turn yourproblem into a personal dispute witha company employee. If youre upset,allow yourself to calm down beforecalling or putting pen to paper. Youllbe much more effective in gettingthe institution to see your side of

the problem, and youll probablyremember more details.

When writing a letter, include yourname, address, phone number, accountnumber, a description of your problemand how youd like it resolved. Also,date and sign your letter. Although itgoes without saying, make sure yourletter is legible, said Kincaid. TheFDIC often receives hand-writtenletters that are very difficult to read,and its hard to assist someone if we

cant determine the issues or the nameof the consumer.

4. Be clear about deadlines orother responsibilities when filinga complaint.To be fully protectedunder the law, some federal statutesrequire people to report a problemwithin a certain time period or tosubmit their claim in writing.

For example, making a phone call todispute a charge on your credit cardbill doesnt protect your rights under

the law, explained Howard Herman,an FDIC Consumer Affairs Specialist.Under the Fair Credit Billing Act,you must write to the creditor at theaddress set forth on your statementfor billing inquiries, which is notthe same place you send your cardpayments. That law also says that,for full protections, a complaint mustbe received within 60 days after thecreditor sent the statement beingquestioned.

5. If you cant resolve a problemdirectly with the institution,consider contacting its governmentregulator.The FDIC and otherbanking regulators dont have thelegal authority to settle a dispute

between a bank and a consumer overwhether the institution is living upto the terms of a loan or depositagreement thats a private mattergoverned by state business or contractlaw, not by federal banking law. Butbanking regulators often can assistconsumers in other ways, such ashelping people understand confusinginformation, contacting an institutionthat doesnt appear to be respondingto a customers complaint, or seekingcorrective action if the institution is in

violation of a law or regulation.

Remember that while theFDIC insures deposits in nearly allbanking institutions in the UnitedStates, we may not be the primaryregulator of a particular institution. Tofind out who regulates an institution,you can call the FDIC toll-free at1-877-ASK-FDIC (thats 1-877-275-3342) or check the FDICs onlinedirectory at www2.fdic.gov/idasp/main_bankfind.asp.

For more information:Check outthe FDIC Consumer AssistanceBrochure, which is online atwww.fdic.gov/consumers/questions/consumer/index.html. For generaltips on solving problems with anyfinancial services provider, go towww.consumeraction.gov, a Web sitefrom the Federal Citizen InformationCenter that features the governmentsConsumer Action Handbook. Q

Complain Effectively and Get Results

Resolving Problems



11/1211Winter 2006/2007FDIC

Consumer News


FDICConsumer News

Published by the Federal DepositInsurance Corporation

Sheila C. Bair, Chairman

Elizabeth Ford,Assistant Director,Office of Public Affairs (OPA)

Jay Rosenstein, Senior Writer-Editor,OPA

Mitchell Crawley, Graphic Design

FDIC Consumer Newsis producedquarterly by the FDIC Office ofPublic Affairs in cooperation withother Divisions and Offices. It isintended to present information in anontechnical way and is not intended

to be a legal interpretation of FDICor other government regulations andpolicies. Mention of a product, serviceor company does not constitute anendorsement.

This newsletter may be reprinted inwhole or in part. Please creditFDICConsumer News.

Send comments, suggestions orquestions to:Jay Rosenstein, Editor,FDIC Consumer News

550 17th Street, NW, Room 7100

Washington, DC [email protected]

Find current and past issues ofFDIC Consumer Newsat:www.fdic.gov/consumernews. Refer tothat same index to locate issues that arespecially formatted for being reprintedin any quantity.

To receive an e-mail notice abouteach new issue with links to stories,follow instructions posted at:www.fdic.gov/about/subscriptions/

index.html.

For More Informationfrom the FDIC

Go to www.fdic.gov or call

toll-free 1-877-ASK-FDICthats

1-877-275-3342

Monday through Friday

8:00 a.m. to 8:00 p.m.,

Eastern Time.

1. The Federal Deposit InsuranceCorporation:The FDIC offers avariety of assistance to help consumersunderstand how to handle their moneyand resolve complaints. Start atwww.fdic.gov/quicklinks/consumers.html or call toll-free1-877-ASK-FDIC (1-877-275-3342). Back issues of our quarterly

FDIC Consumer News and articlesreferenced in this special guide areavailable at that same Web site or upon

request from our Public InformationCenter at the same phone numberas above. To send a question to theFDIC, e-mail us using the CustomerAssistance Form at www2.fdic.gov/starsmail/index.asp or send a letter tothe FDIC, Division of Supervision andConsumer Protection, 550 17th Street,NW, Washington, DC 20429-9990.

2. Other federal regulators offinancial institutions: In additionto the FDIC, there are other federalagencies that publish consumerinformation and have staff, Websites and other resources that canhelp answer questions on financialmatters. A good place to start iswww.mymoney.gov, the federalgovernments central Web site aboutmanaging your money. It is a service ofthe interagency Financial Literacy andEducation Commission, of which theFDIC is a partner.

For More Help or Information on

Managing Your Money

3. The Federal Citizen InformationCenter (FCIC): Perhaps best knownfor its information clearinghouse basedin Pueblo, Colorado, the FCIC helpsanswer questions on everyday issues.For example, the FCIC can direct youto the appropriate federal governmentagency that can respond to a questionor complaint. It also features consumernews and information from thegovernment, including the ConsumerAction Handbook,a free guide to being a

smart shopper and resolving problemsand complaints. Start at www.usa.govand click on consumer guides or calltoll-free 1-800-FEDINFO (1-800-333-4636).

4. Other federal, state and localgovernment agencies:Many of thempublish consumer information, offerfinancial education classes and helpanswer questions on money matters.Start by going to your state or localgovernments Web site. Or, call aconsumer protection office listed inthe government pages of your phonebook or other directories.

5. Other financial and consumerWeb sites: FDIC-insured banks,other financial institutions, consumerorganizations and the news mediapublish personal finance tips you canfind searching the Internet. Q

This FDIC Special Guide May Be Reprinted

The FDIC encourages financial institutions, government agencies, consumergroups, the media and anyone else to help make the tips and information in thisspecial edition ofFDIC Consumer Newswidely available to the public.

The newsletter may be reprinted in whole or in part without advancepermission. In addition, the FDIC offers this special edition online in a PDFversion at www.fdic.gov/consumernews that looks just like the printed newsletterand can easily be reproduced in any quantity. Space on the back page of thePDF version also was intentionally left blank so that an organization could addits name, logo, a special message and/or mailing information.

Sources You Can Turn to


12/12

1.If youve been happy with yourbank, theres no reason to compare itsproducts with those of competitorsbecause bank products, rates and fees

are pretty much the same everywhere.True or False?

2. When exercising your right underfederal law to obtain a free copy ofyour credit report each year from eachof the three nationwide credit bureaus,you can spread out your three requeststhroughout the year (to get periodicupdates on what is being reportedabout you) instead of ordering thereports at the same time.True or False

3. If you deposit a check from a strang-er, you should wait about two or threedays before spending that money orhanding over anything of value. Thatsenough time for the bank to discover ifthe check is fraudulent.True or False?

4. It is possible for you to have morethan $100,000 on deposit at oneFDIC-insured bank and still be fullyinsured.

True or False?

5. A death in the family can reducethe FDIC insurance coverage of bankaccounts for which the deceased was aco-owner.True or False?

6. To dispute a charge on your creditcard bill, a phone call to your credi-tor is sufficient under the federal FairCredit Billing Act. You dont need towrite a letter to your card company to

protect your consumer rights againstan error.True or False?

A Final Exam: Test Your Money Management IQ

1.False(SeePage2)

2.True(SeePage3)

3.False(SeePage6)

4.True(SeePage8)

5.True(SeePage9)

6.False(SeePage10)

Correct Answers


simple-strategii-pentru-o-administrare-mai-buna-a-banilor.pdf

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