FDIC Urges Hispanic Community to Learn about Federal Deposit Insurance

FDIC Urges Hispanic Community to Learn about Federal Deposit Insurance

The Federal Deposit Insurance Corporation (FDIC) is a government agency that protects deposits in FDIC-insured institutions. The basic insurance limit is $250,000 although consumers may qualify for more than the basic coverage at one insured bank.

With banks in the news lately, consumers are thinking more about the safety of their money. The FDIC has launched a nationwide public service announcement campaign to inform the Hispanic community about the safety of their money in insured institutions and how to find out if their money is fully protected.

For 75 years, the FDIC has protected the money consumers have deposit in accounts at insured financial institutions. In those 75 years, 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.

One theme of the Hispanic outreach campaign is that "your money will never be as safe under your mattress as in an FDIC-insured bank." Consumers who may consider withdrawing their money from banks should weigh the 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 Once money is withdrawn from insured institutions, consumers no longer have deposit insurance protection.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

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