FDIC EDUCATES AFRICAN-AMERICAN CONSUMEERS ON PROTECTING THEIR MONEY: In case of Bank Failures, FDIC Ensures Financial Protection and Security for African-Americans
The Federal Deposit Insurance Corporation (FDIC) is the federal government agency that protects deposits in FDIC-insured institutions. In today’s economic environment, consumers are more concerned about the safety of their money. In an insecure financial environment, individuals may seek to pull deposits from bank accounts based on fears that their banks may fail. African-Americans should not be afraid, because even if their bank fails, their deposits are safe, due to the FDIC’s insurance.
The FDIC is dedicated to informing the African-American community about the safety of their money in insured institutions and how to find out if their money is fully protected. Sandra Thompson, Director, FDIC can answer the following questions for your listeners:
• What is the FDIC?
• What deposits or accounts does FDIC insurance cover?
• What happens if my bank is closed?
• What should people do if they are worried about the health of their bank? Should I take my money out of the bank?
• How can I learn more about FDIC deposit insurance and know that my money is safe?
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.fdic.gov/edie or calling 1-877-ASK-FDIC (275-3342), the African American community can learn about deposit insurance and coverage of their accounts.
Sandra L. Thompson, Director, Division of Supervision and Consumer Protection, Federal Deposit Insurance Corporation (FDIC)
Sandra L. Thompson, Director, Division of Supervision and Consumer Protection, FDIC is available for LIVE, live-to-tape, and taped interviews on Tuesday Feb. 24 -Thursday, Feb. 26, 2009.
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Phone: (202) 638-0200