August 22, 2016 Media contact:
Jay Rosenstein
(202) 898-7303
jrosenstein@fdic.gov
The FDIC Offers Tips on Choosing and Using the Right Bank Account
Other topics in the latest FDIC Consumer News include depositing a check using a smartphone or tablet,
protecting against fraudulent transactions on cards, and preparing financially for a disaster
Having a bank account brings important benefits, including deposit insurance and access to a variety of financial services.
The latest FDIC Consumer News features simple tips on how to choose and manage a checking or savings account
wisely. The Summer 2016 edition also has articles on depositing a check using a smartphone or tablet, avoiding credit and
debit card frauds, and preparing financially for a flood, fire or other disaster. Here is an overview of what is in this issue.
Choosing and Using the Right Bank Account: With so many options for checking and savings accounts, FDIC
Consumer News encourages people to think about how they want to handle their money on a daily basis and what they
consider to be their longer-term financial goals. For instance, before deciding on a particular bank account, consumers
may want to reflect on how they pay for purchases and how often they make deposits. Comparison shopping can save
consumers money because fees and interest rates will vary from institution to institution.
Precautions to Take When Depositing a Check with Your Smartphone or Tablet: More consumers are starting to use
a banking service often called “remote deposit capture” (RDC), which enables them to deposit a check into their account
from anywhere they can access their account remotely. FDIC Consumer News describes how to understand a bank’s
RDC policies and fees, monitor a bank account to confirm when funds from deposited checks will be available, and take
other steps to avoid potential problems.
When Small Charges Can Signal a Big Crime: Most people looking at their bank statements would probably notice if
their credit or debit card were used without their approval to buy a big ticket item. But consumers are less likely to be
suspicious of very small charges, including those less than a dollar. That’s why thieves who fraudulently create counterfeit
cards might conduct small transactions as a test to see if the purchases go through and are unnoticed by the true account
holders ... before they start conducting big transactions. FDIC Consumer News offers tips for consumers on how to protect
themselves.
How to Prepare Financially for a Disaster: Without warning, a flood, fire or other disaster could leave individuals with a
severely damaged home, destroyed belongings and barriers to managing their finances. FDIC Consumer News
recommends having a disaster plan that includes periodically reviewing property insurance coverage, building and
maintaining an emergency savings fund, setting up direct deposit of paychecks or government benefits, and gathering and
protecting important financial documents. These precautions can have a major effect on access to cash and financial
services immediately following a disaster.
The FDIC’s Money Smart Financial Education Curriculum at 15: The newsletter describes how the agency’s financial
education program, a free resource that is now 15 years old, helps consumers learn the basics of money management.
-more-
Jay Rosenstein
(202) 898-7303
jrosenstein@fdic.gov
The FDIC Offers Tips on Choosing and Using the Right Bank Account
Other topics in the latest FDIC Consumer News include depositing a check using a smartphone or tablet,
protecting against fraudulent transactions on cards, and preparing financially for a disaster
Having a bank account brings important benefits, including deposit insurance and access to a variety of financial services.
The latest FDIC Consumer News features simple tips on how to choose and manage a checking or savings account
wisely. The Summer 2016 edition also has articles on depositing a check using a smartphone or tablet, avoiding credit and
debit card frauds, and preparing financially for a flood, fire or other disaster. Here is an overview of what is in this issue.
Choosing and Using the Right Bank Account: With so many options for checking and savings accounts, FDIC
Consumer News encourages people to think about how they want to handle their money on a daily basis and what they
consider to be their longer-term financial goals. For instance, before deciding on a particular bank account, consumers
may want to reflect on how they pay for purchases and how often they make deposits. Comparison shopping can save
consumers money because fees and interest rates will vary from institution to institution.
Precautions to Take When Depositing a Check with Your Smartphone or Tablet: More consumers are starting to use
a banking service often called “remote deposit capture” (RDC), which enables them to deposit a check into their account
from anywhere they can access their account remotely. FDIC Consumer News describes how to understand a bank’s
RDC policies and fees, monitor a bank account to confirm when funds from deposited checks will be available, and take
other steps to avoid potential problems.
When Small Charges Can Signal a Big Crime: Most people looking at their bank statements would probably notice if
their credit or debit card were used without their approval to buy a big ticket item. But consumers are less likely to be
suspicious of very small charges, including those less than a dollar. That’s why thieves who fraudulently create counterfeit
cards might conduct small transactions as a test to see if the purchases go through and are unnoticed by the true account
holders ... before they start conducting big transactions. FDIC Consumer News offers tips for consumers on how to protect
themselves.
How to Prepare Financially for a Disaster: Without warning, a flood, fire or other disaster could leave individuals with a
severely damaged home, destroyed belongings and barriers to managing their finances. FDIC Consumer News
recommends having a disaster plan that includes periodically reviewing property insurance coverage, building and
maintaining an emergency savings fund, setting up direct deposit of paychecks or government benefits, and gathering and
protecting important financial documents. These precautions can have a major effect on access to cash and financial
services immediately following a disaster.
The FDIC’s Money Smart Financial Education Curriculum at 15: The newsletter describes how the agency’s financial
education program, a free resource that is now 15 years old, helps consumers learn the basics of money management.
-more-
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation’s banking system.
The FDIC insures deposits at the nation’s banks and savings associations, 6,122 as of March 31, 2016. 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-71-2016
-2-
The goal of FDIC Consumer News is to deliver timely, reliable and innovative tips and information about financial matters,
free of charge. The Summer 2016 edition can be read or printed at www.fdic.gov/consumers/consumer/news/cnsum16/.
Check back there for coming versions of this issue for e-readers and portable audio (MP3) players. To read or print a
Spanish version of this issue that will be available in the coming weeks, start at www.fdic.gov/quicklinks/spanish.html. 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 emailing
publicinfo@fdic.gov, or toll-free at 1-877-275-3342. To receive an email 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 FDIC insures deposits at the nation’s banks and savings associations, 6,122 as of March 31, 2016. 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-71-2016
-2-
The goal of FDIC Consumer News is to deliver timely, reliable and innovative tips and information about financial matters,
free of charge. The Summer 2016 edition can be read or printed at www.fdic.gov/consumers/consumer/news/cnsum16/.
Check back there for coming versions of this issue for e-readers and portable audio (MP3) players. To read or print a
Spanish version of this issue that will be available in the coming weeks, start at www.fdic.gov/quicklinks/spanish.html. 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 emailing
publicinfo@fdic.gov, or toll-free at 1-877-275-3342. To receive an email 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.
# # #
.