FDIC’s New Campaign Promotes Deposit Insurance Awareness - Black Enterprise
Black Enterprise Magazine September/October 2018 Issue

0310_wb-fdic-logo-1Anyone who banks has seen the phrase “FDIC Insured,” but to make sure that they know what it means, the Federal Deposit Insurance Corporation (FDIC) has kicked off a campaign to educate people about federal deposit insurance and the benefits of patronizing financial institutions that are FDIC insured.

“People know the letters FDIC, but they don’t necessarily know what deposit insurance means, how it works, and that there was recently an increase in the deposit insurance limit,” explains Sandra Thompson, director of the division of supervision and consumer protection. “We really believe that African Americans need to understand what deposit insurance is, how it works, and what the limits are.”

To spread the word, the FDIC introduced an electronic deposit insurance calculator on its Website, and is sponsoring public service announcements to be broadcast on urban radio stations. The calculator is also available in Spanish. The radio spot gives a toll-free phone number (1-877-ASK-FDIC) that African Americans can use to ask questions about deposit insurance.

FDIC insured institutions will insure up to $250,000 of an individual’s deposits at a single bank when those deposits are held in different “ownership categories,” such as single, joint, and trust accounts.

The campaign comes at a time when African Americans are likely to be less familiar with the FDIC than the general market but are more interested in learning about the FDIC and how it works, according to data from a 2001 FDIC study.

Deposit insurance isn’t the only area where the FDIC is educating banking customers. After it was appointed conservator of Indy Mac, a failed financial institution that had been crippled by overpriced mortgage securities, the FDIC spearheaded a loan modification program to assist Indy Mac mortgage customers.

To help other financial institutions with modifying loans, the FDIC created Mod-in-a-box, an online tool that helps determine whether a homeowner can restructure a securitized loan — one that has been pooled with other mortgages and sold — and prevent foreclosure.

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Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, SocialWayne.com chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining BlackEnterprise.com as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and BlackEnterprise.com helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.

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