FDIC Introduces Updated Site
Black Enterprise Magazine September/October 2018 Issue

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Millions of consumers have utilized the Federal Deposit Insurance Corporation website to inform themselves of deposit insurance over the years, but FDIC Consumer news has recently introduced the new and improved one-stop-shop for deposit information at www.fdic.gov/deposit.

The updated  site brings easy-to-understand information to users who have questions about FDIC insurance coverage; namely information about how consumers can have $250,000 or more deposited at one institution and still be fully protected even if the deposits have different ownership categories and are therefore separately insured up to the same amount.

A statement by FDIC Chairman Martin J. Gruenberg launched their recent call to action: “In over 80 years of operation, the FDIC has never failed to live up to our promise of protecting every penny of insured deposits. Continuing to improve public understanding about how deposit insurance works is fundamental to carrying out this important mission.”

At the updated site, users will find instructional videos on deposit insurance coverage that provide easy-to-understand overviews and details on topics such as concept of ownership. Additional new videos include information on deposit insurance coverage for personal accounts, which offer detailed explanations of types of accounts in their respective ownership categories (such as single, joint and certain retirement accounts). According to the Chief of the FDIC’s Deposit Insurance Section, the videos are “…informative and each video runs for less than four minutes. Both are available on the web site in Spanish.”

More comprehensive summaries to answer questions like “How Are My Deposit Accounts Insured?” and details on “Revocable and Irrevocable Trust Accounts” are also outlined. In addition, users will have access to an interactive calculator that will help to determine whether or not deposits are fully insured with the Electronic Deposit Insurance Estimator. Available in English and Spanish, comprehensive reference guides and brochures are also available online.

If you prefer to speak to a representative, you can contact the FDIC at 1-877-ASK-FDIC (1-877-275-3342).

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