PRESS RELEASE
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
February 25, 2014
Media Contact:
Jay Rosenstein (202) 898-7303
jrosenstein@fdic.gov
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. 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-11-2014
FDIC Consumer Newsletter Features Tips on Choosing and Using Credit Cards
Other Topics Include Fraud Prevention, Tax Issues, Home Equity Lines, and the
Basics of Deposit Insurance
FOR IMMEDIATE RELEASE
Credit cards are an important part of many consumers' financial lives, but it helps to
understand how to make the most of these products and avoid potential pitfalls. That's
why the Winter 2013/2014 issue of FDIC Consumer News features practical tips for
choosing and using credit cards. Additional articles offer suggestions on fraud
prevention, saving money at tax time, and managing a home equity line of credit when
interest rates are rising. The newsletter also includes a quiz on FDIC insurance. Here's
an overview of what is in this edition:
Be in charge of your credit cards: For consumers to qualify for a credit card with the
best features, the FDIC newsletter points out the importance of ordering free credit
reports and correcting any errors. The newsletter also recommends shopping around
and comparing product terms and conditions – particularly the Annual Percentage Rate
and card fees. Once a consumer starts using a card, a careful review of the monthly
statement -- looking for billing errors and other problems -- is recommended. Any
problems should be quickly reported to the card issuer. Billing disputes and error
resolution problems and processes were the most common complaints the FDIC
received in 2012 and 2013 related to credit cards.
Protect your personal information and your money: News reports about frauds and
thefts -- including those involving major security breaches at large companies such as
retailers -- can be scary. While federal laws and industry practices generally limit losses
for unauthorized transactions involving bank accounts, debit cards and credit cards, it
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
February 25, 2014
Media Contact:
Jay Rosenstein (202) 898-7303
jrosenstein@fdic.gov
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. 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-11-2014
FDIC Consumer Newsletter Features Tips on Choosing and Using Credit Cards
Other Topics Include Fraud Prevention, Tax Issues, Home Equity Lines, and the
Basics of Deposit Insurance
FOR IMMEDIATE RELEASE
Credit cards are an important part of many consumers' financial lives, but it helps to
understand how to make the most of these products and avoid potential pitfalls. That's
why the Winter 2013/2014 issue of FDIC Consumer News features practical tips for
choosing and using credit cards. Additional articles offer suggestions on fraud
prevention, saving money at tax time, and managing a home equity line of credit when
interest rates are rising. The newsletter also includes a quiz on FDIC insurance. Here's
an overview of what is in this edition:
Be in charge of your credit cards: For consumers to qualify for a credit card with the
best features, the FDIC newsletter points out the importance of ordering free credit
reports and correcting any errors. The newsletter also recommends shopping around
and comparing product terms and conditions – particularly the Annual Percentage Rate
and card fees. Once a consumer starts using a card, a careful review of the monthly
statement -- looking for billing errors and other problems -- is recommended. Any
problems should be quickly reported to the card issuer. Billing disputes and error
resolution problems and processes were the most common complaints the FDIC
received in 2012 and 2013 related to credit cards.
Protect your personal information and your money: News reports about frauds and
thefts -- including those involving major security breaches at large companies such as
retailers -- can be scary. While federal laws and industry practices generally limit losses
for unauthorized transactions involving bank accounts, debit cards and credit cards, it
pays to take some reasonable precautions. The FDIC newsletter offers 10 ways
consumers can protect themselves.
Save money and avoid problems at tax time: The FDIC newsletter says to be on
guard against tax-related scams, such as dishonest preparers or fraudulent e-mails
falsely claiming to come from the IRS and attempting to trick taxpayers into revealing
valuable personal information. The newsletter also discusses strategies to consider if
you're expecting a refund or you owe money on your taxes.
Test your deposit insurance IQ: Do you think you know how FDIC insurance works?
Take our quiz and find out. And if you need to do a little extra homework -- to be sure
your deposits are safe in the unlikely event of a bank failure -- there are important
resources available from the FDIC.
Prepare for rising payments on a home equity line: A HELOC -- short for a home
equity line of credit-- is a way to borrow up to an approved credit limit using your house
as collateral. If rising interest rates cause your HELOC payments to increase, you could
damage your credit score and even lose your home if you don't repay your home equity
line as agreed. If making future HELOC payments will be a strain, the FDIC newsletter
suggests options to consider.
The goal of FDIC Consumer News is to deliver timely, reliable and innovative tips and
information about financial matters, free of charge. The Winter 2013/2014 edition can be
read or printed at www.fdic.gov/consumers/consumer/news/cnwin1314. To find current
and past issues, visit www.fdic.gov/consumernews or request paper copies by
contacting the FDIC's Public Information Center toll-free at 1-877-275-3342, by e-mail to
publicinfo@fdic.gov, or by writing to the FDIC Public Information Center, 3501 North
Fairfax Drive, Room E-1002, Arlington, VA 22226.
To receive an e-mail about each new issue of the quarterly FDIC Consumer News with
links to stories, go to www.fdic.gov/about/subscriptions/index.html.
The FDIC encourages financial institutions, government agencies, consumer
organizations, educators, the media and anyone else to help make the tips and
information in FDIC Consumer News widely available. The publication may be
reprinted in whole or in part without permission. Please credit FDIC Consumer News.
Organizations also may link to or mention the FDIC Web site.
# # #
consumers can protect themselves.
Save money and avoid problems at tax time: The FDIC newsletter says to be on
guard against tax-related scams, such as dishonest preparers or fraudulent e-mails
falsely claiming to come from the IRS and attempting to trick taxpayers into revealing
valuable personal information. The newsletter also discusses strategies to consider if
you're expecting a refund or you owe money on your taxes.
Test your deposit insurance IQ: Do you think you know how FDIC insurance works?
Take our quiz and find out. And if you need to do a little extra homework -- to be sure
your deposits are safe in the unlikely event of a bank failure -- there are important
resources available from the FDIC.
Prepare for rising payments on a home equity line: A HELOC -- short for a home
equity line of credit-- is a way to borrow up to an approved credit limit using your house
as collateral. If rising interest rates cause your HELOC payments to increase, you could
damage your credit score and even lose your home if you don't repay your home equity
line as agreed. If making future HELOC payments will be a strain, the FDIC newsletter
suggests options to consider.
The goal of FDIC Consumer News is to deliver timely, reliable and innovative tips and
information about financial matters, free of charge. The Winter 2013/2014 edition can be
read or printed at www.fdic.gov/consumers/consumer/news/cnwin1314. To find current
and past issues, visit www.fdic.gov/consumernews or request paper copies by
contacting the FDIC's Public Information Center toll-free at 1-877-275-3342, by e-mail to
publicinfo@fdic.gov, or by writing to the FDIC Public Information Center, 3501 North
Fairfax Drive, Room E-1002, Arlington, VA 22226.
To receive an e-mail about each new issue of the quarterly FDIC Consumer News with
links to stories, go to www.fdic.gov/about/subscriptions/index.html.
The FDIC encourages financial institutions, government agencies, consumer
organizations, educators, the media and anyone else to help make the tips and
information in FDIC Consumer News widely available. The publication may be
reprinted in whole or in part without permission. Please credit FDIC Consumer News.
Organizations also may link to or mention the FDIC Web site.
# # #