FDIC insured

The Role of the FDIC for Today’s Consumers

The FDIC signs displayed at banking locations carry the messages: “Each depositor insured to at least $250,000”1 and “Backed by the full faith and credit of the United States government.” What does that mean, and what does the FDIC do?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that provides insurance to protect the money you deposit into checking, savings and other bank accounts in the event of a bank failure. We don’t hear much about U.S. bank failures these days, but when President Franklin D. Roosevelt signed the Banking Act of 1933, there was no insurance coverage for bank deposits and consumers ran the risk of losing their money.

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identity theft protection

Protect Yourself From Identity Theft

As most of us have seen in the news somewhere by now, Target, Neiman Marcus, Michael’s and their customers experienced a personal data security wake-up call a couple of months ago. Up to 70 million Target customers1 were exposed to potentially damaging personal data theft that could threaten the safety of each shopper’s credit and debit card information.

 

If identity thieves are able to steal your personal information, they can take actions like open accounts in your name, gain access to your medical coverage and even file tax forms to collect your tax return. Identity theft is still on the rise in the U.S., with more than 12 million victims in 2012, one million more than the previous year2.

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Identity Theft

Warning Signs of Identity Theft

In 2012, 12.6 million U.S. adults were victims of identity theft. This equates to 1 incident every 3 seconds. When identity theft strikes, it costs the average consumer around $365 in unrecoverable funds and time missed from work to close fraudulent accounts and deal with reestablishing their credit.1

With your personal information, thieves can withdraw money from your bank account, make charges on your cards, open new accounts in your name and get medical treatment using your health insurance. By recognizing the indicators of ID theft, you can help keep the damage from spreading. Here are some common red flags to watch for.

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