FDIC to bank depositors: Your money remains safe; and look out for scammers

Amid concerns about the coronavirus pandemic, the federal bank deposit insurer on Wednesday issued a statement reminding Americans of the safety of their federally insured deposits and warning them against recent scams involving individuals pretending to be agency representatives to perpetrate fraudulent schemes.

Since 1933, no depositor has ever lost a penny of FDIC-insured funds. Today, the FDIC insures up to $250,000 per depositor per FDIC-insured bank. An FDIC-insured account is the safest place for consumers to keep their money,” the Federal Deposit Insurance Corp. (FDIC) said.

The agency pointed consumers to an online set of FAQs about deposit insurance. It also noted that while some banks may have adjusted hours or services in compliance with Centers for Disease Control guidance on social distancing, “customers’ deposits remain safe in these banks, as does customer access to their funds.” It said banks continue to offer ATM, mobile, or online banking services, and many continue to provide services via drive-through windows.

The agency also included links to its electronic deposit insurance estimator, which consumers can use to determine their coverage.

Beware of fraudsters

The FDIC also warned that consumers may receive false information regarding the security of their funds or their ability to access them. “The FDIC does not send unsolicited correspondence asking for money or sensitive personal information. The agency will never contact people asking for personal details, such as bank account information, credit and debit card numbers, Social Security numbers, or passwords,” it stated.

Additionally, it said consumers may be contacted by persons who claim to be employed by an agency, bank, or another entity. “These scams may involve a variety of communication channels, including emails, phone calls, letters, text messages, faxes, and social media. Scammers might also ask for personal information such as bank account numbers, Social Security numbers, dates of birth, and other details that can be used to commit fraud or sell a person’s identity,” the agency said. “Consumers should not provide this information.”

FDIC: Insured Bank Deposits are Safe; Beware of Potential Scams Using the Agency’s Name

FDIC’s Electronic Deposit Insurance Estimator (EDIE)

Understanding Deposit Insurance