PRESS RELEASE
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
August 27, 2015
Media Contact:
Name: LaJuan Williams-Young
Phone:202-898-3876
Email: lwilliams-young@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-68-2015
FDIC Consumer Newsletter Features Tips on Choosing and
Using Bank "Rewards"
Other topics include "banking on the go" with mobile financial services and
ATMs, improving credit scores, reverse mortgages, and deposit Insurance
FOR IMMEDIATE RELEASE
Bank rewards programs tied to credit or debit cards or other products can provide
consumers with benefits such as points to be used for travel and shopping or cash back
on purchases. But before jumping into any rewards program it's important to evaluate
the potential costs and other important factors. The latest FDIC Consumer News
features tips for maximizing the benefits and minimizing the mistakes when choosing a
rewards program. The Summer 2015 edition also has articles on mobile financial
services, automated teller machines (ATMs), credit scores, reverse mortgages, and
deposit insurance. Here's an overview of what is in this issue.
Tips on Choosing and Using Bank Rewards: These programs can offer enticing
advantages, but consumers need to make sure they don't overlook the costs and
conditions of the rewards or other account features. The newsletter suggests that
consumers comparison shop different rewards programs, know exactly how rewards are
earned, and choose an account that fits their lifestyle by rewarding them for purchases
or deposits they would normally make even without the incentive.
New Uses for Mobile Banking and Payments: Mobile financial services allow
consumers to use their smartphone to make purchases without taking their credit or
debit card out of their wallet, and to perform transactions that can include moving funds
to another person's bank account. FDIC Consumer News offers a look at recent
developments, including high-tech wristwatches that can be used to read messages
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
August 27, 2015
Media Contact:
Name: LaJuan Williams-Young
Phone:202-898-3876
Email: lwilliams-young@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-68-2015
FDIC Consumer Newsletter Features Tips on Choosing and
Using Bank "Rewards"
Other topics include "banking on the go" with mobile financial services and
ATMs, improving credit scores, reverse mortgages, and deposit Insurance
FOR IMMEDIATE RELEASE
Bank rewards programs tied to credit or debit cards or other products can provide
consumers with benefits such as points to be used for travel and shopping or cash back
on purchases. But before jumping into any rewards program it's important to evaluate
the potential costs and other important factors. The latest FDIC Consumer News
features tips for maximizing the benefits and minimizing the mistakes when choosing a
rewards program. The Summer 2015 edition also has articles on mobile financial
services, automated teller machines (ATMs), credit scores, reverse mortgages, and
deposit insurance. Here's an overview of what is in this issue.
Tips on Choosing and Using Bank Rewards: These programs can offer enticing
advantages, but consumers need to make sure they don't overlook the costs and
conditions of the rewards or other account features. The newsletter suggests that
consumers comparison shop different rewards programs, know exactly how rewards are
earned, and choose an account that fits their lifestyle by rewarding them for purchases
or deposits they would normally make even without the incentive.
New Uses for Mobile Banking and Payments: Mobile financial services allow
consumers to use their smartphone to make purchases without taking their credit or
debit card out of their wallet, and to perform transactions that can include moving funds
to another person's bank account. FDIC Consumer News offers a look at recent
developments, including high-tech wristwatches that can be used to read messages
from a bank or access basic services. The newsletter also offers safety tips, including
the importance of protecting a mobile phone with a personal identification number (PIN)
in case the device is lost or stolen.
At the ATM — 10 Ways to Minimize Fees and Maximize Security: Many depositors
who need cash turn to ATMs because of the convenience. But that convenience can
come with costs. FDIC Consumer News suggests ways to keep ATM fees down,
including a reminder that, under federal law, the fee that an operator of an ATM may
charge for a withdrawal or other transaction must be disclosed on the screen of the
machine or on a printout so that consumers can find another ATM if the fee is larger
than expected. Other tips in the article cover security precautions.
Establishing or Rebuilding Credit Scores — Options for Moving Forward: Credit
scores, which are prepared by FICO and other companies, are mainly based on each
person's history of managing debts. A credit score is an important factor used to
determine whether you can access — or how much you pay for — a loan, credit card,
apartment, or insurance. The article offers suggestions for consumers with damaged
credit scores or no credit record.
A Forward Look at Reverse Mortgages: These loans enable homeowners age 62 or
older to borrow money from the equity in their home and not pay anything back until
after the borrowers no longer live there. The newsletter reports on new federal rules that
add protections for certain surviving spouses after the death of a reverse mortgage
borrower, and a warning from the Consumer Financial Protection Bureau about
potentially misleading advertising. One of the main tips in the article is to talk to a
qualified professional before deciding to get a reverse mortgage of any kind.
More Answers to Consumer Questions About Deposit Insurance: FDIC staff
answer more than 20,000 questions each year from depositors and bankers who ask
about the deposit insurance rules to ensure that accounts are correctly structured and
the money is fully insured. The latest issue provides answers to two commonly asked
questions.
The goal of FDIC Consumer News is to deliver timely, reliable and innovative tips and
information about financial matters, free of charge. The Summer 2015 edition can be
read or printed at www.fdic.gov/consumers/consumer/news/cnsum15. Check back there
for coming versions of this issue for e-readers and portable audio (MP3) players. To find
current and past issues, visit www.fdic.gov/consumernews, or request paper copies by
contacting the FDIC's Public Information Center in writing at 3501 North Fairfax Drive,
Room E-1002, Arlington, VA 22226, by e-mailing publicinfo@fdic.gov, or toll-free at 1-
877-275-3342.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.
the importance of protecting a mobile phone with a personal identification number (PIN)
in case the device is lost or stolen.
At the ATM — 10 Ways to Minimize Fees and Maximize Security: Many depositors
who need cash turn to ATMs because of the convenience. But that convenience can
come with costs. FDIC Consumer News suggests ways to keep ATM fees down,
including a reminder that, under federal law, the fee that an operator of an ATM may
charge for a withdrawal or other transaction must be disclosed on the screen of the
machine or on a printout so that consumers can find another ATM if the fee is larger
than expected. Other tips in the article cover security precautions.
Establishing or Rebuilding Credit Scores — Options for Moving Forward: Credit
scores, which are prepared by FICO and other companies, are mainly based on each
person's history of managing debts. A credit score is an important factor used to
determine whether you can access — or how much you pay for — a loan, credit card,
apartment, or insurance. The article offers suggestions for consumers with damaged
credit scores or no credit record.
A Forward Look at Reverse Mortgages: These loans enable homeowners age 62 or
older to borrow money from the equity in their home and not pay anything back until
after the borrowers no longer live there. The newsletter reports on new federal rules that
add protections for certain surviving spouses after the death of a reverse mortgage
borrower, and a warning from the Consumer Financial Protection Bureau about
potentially misleading advertising. One of the main tips in the article is to talk to a
qualified professional before deciding to get a reverse mortgage of any kind.
More Answers to Consumer Questions About Deposit Insurance: FDIC staff
answer more than 20,000 questions each year from depositors and bankers who ask
about the deposit insurance rules to ensure that accounts are correctly structured and
the money is fully insured. The latest issue provides answers to two commonly asked
questions.
The goal of FDIC Consumer News is to deliver timely, reliable and innovative tips and
information about financial matters, free of charge. The Summer 2015 edition can be
read or printed at www.fdic.gov/consumers/consumer/news/cnsum15. Check back there
for coming versions of this issue for e-readers and portable audio (MP3) players. To find
current and past issues, visit www.fdic.gov/consumernews, or request paper copies by
contacting the FDIC's Public Information Center in writing at 3501 North Fairfax Drive,
Room E-1002, Arlington, VA 22226, by e-mailing publicinfo@fdic.gov, or toll-free at 1-
877-275-3342.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.