FOR IMMEDIATE RELEASE
September 22, 2008
Media Contact:
Andrew Gray (202) 898-7192
September 22, 2008 – 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.
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
