WASHINGTON, March 2 /PRNewswire-HISPANIC PR WIRE/ — In today’s challenging economy, most people are very concerned about the safety of their money. The federal government has recently taken extraordinary steps to stabilize and protect the financial markets and the broader economy. There are also steps consumers can take to make sure their money is protected – and the first is to put and keep money in deposit accounts at banks insured by the Federal Deposit Insurance Corporation (FDIC).
The FDIC is an independent agency of the United States government that protects deposits in FDIC-insured banks. The basic insurance limit (through December 31, 2013) is $250,000, although consumers may qualify for more than the basic coverage. FDIC insurance covers deposits up to insured limits at FDIC-insured banks, including deposits in checking and savings accounts, money market deposit accounts, and certificates of deposit (CDs). Deposit insurance is automatic when you open up an account at an FDIC-insured bank and is backed by the full faith and credit of the U.S. government. There is nothing you need to do to sign up for it, but as with any type of insurance, depositors are responsible for knowing how FDIC coverage works in order to ensure their money is protected.
For more than 75 years, the FDIC has protected the money consumers deposit in accounts at insured financial institutions, and no one has lost a penny of FDIC-insured deposits. Consumers can rest assured that they do not have to worry about the safety of their money in insured accounts. Any person or entity can obtain FDIC deposit insurance.
“Your home is not the right place to be keeping your money. As long as you stay within coverage limits, and they’re pretty high, your money is safest in FDIC-insured deposit accounts,” says FDIC representative, Ivan Cintron. “Consumers who do not keep their money in banks are at risk of loss, theft or destruction of their money. Once money is withdrawn from insured institutions, consumers no longer have deposit insurance protection.”
The FDIC encourages consumers to go to its interactive calculator, EDIE, to learn about deposit insurance and make sure their deposits are fully insured. By visiting www.FDICseguro.gov or calling 1-877-275-3342, you can learn about deposit insurance and coverage of your accounts.
SOURCE Federal Deposit Insurance Corporation (FDIC)