FDIC: Insured Bank Deposits are Safe; Beware of Potential Scams Using the Agency's Name
In light of recent events, the Federal Deposit Insurance Corporation (FDIC) reminds Americans that FDIC-insured banks remain the safest place to keep their money. The FDIC also warns consumers of scams where imposters are 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. Learn more about deposit insurance here.
FDIC's Electronic Deposit Insurance Estimator (EDIE) is a tool that helps consumers determine deposit insurance coverage based on accounts they may already have with a bank or accounts they are considering opening. The agency recommends using EDIE for questions about FDIC deposit insurance coverage.
When high-profile events occur, consumers may receive false information regarding the security of their deposits or their ability to access cash. 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.
Consumers may also 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. Consumers should never provide this information.
Additional resources for consumers include:
- FDIC Consumer News: How FDIC Protects Customers
- FDIC: Avoiding Scams: Sticking to the Basics Can Go a Long Way
- FDIC Tips for Small Businesses
- FDIC Knowledge Center
You are encouraged to contact the FDIC's Call Center at 1-877-ASK-FDIC (1-877-275-3342) if you have any questions or believe you have been a victim of fraud or a scam.
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, 4,708 as of March 10, 2023. 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).