WASHINGTON — Saying bank failures in 2023 have eroded faith in banks, the FDIC has launched a new campaign aimed at increasing the public’s awareness of deposit insurance and how it can protect people’s money in the event of a bank’s failure.
The campaign is titled, “Know Your Risk. Protect Your Money.”
According to the FDIC, the consumer-focused campaign aims to reach those who may have lower confidence in the U.S. banking system or who are unbanked, as well as those who use mobile payment systems, alternative banking services and financial products that may appear to be FDIC-insured but are not.
| “Consumers today have a variety of options for where they can put their money. Evidence suggests many people may be confused whether their funds are protected by deposit insurance,” FDIC Chairman Martin J. Gruenberg said in a statement. “In light of concerns raised by the bank failures earlier this year, this is an important moment for the FDIC to reach out to the public and ensure that more consumers understand deposit insurance and how it protects their money.” Effect from Bank Failures The FDIC said that following three regional bank failures earlier this year, a Gallup poll found nearly half of Americans surveyed are worried about the safety of their money deposited into banks and other financial institutions. “This uncertainty also suggests a significant percentage of those surveyed are unaware money deposited into an FDIC-insured bank is protected up to at least $250,000,” the FDIC said. “More than 99% of deposit accounts in the U.S. today are under this deposit insurance coverage limit and are fully protected by the FDIC. Since the FDIC’s creation 90 years ago, no depositor has lost a penny of their insured deposits.” False Claims In addition, as CUToday has reported, the FDIC said it has also observed an increasing number of instances online where firms or individuals have misused the FDIC’s name or logo, or have made false or misleading representations about deposit insurance, raising confusion among consumers about the insurability of nonbanks and crypto-assets. The FDIC campaign consists of digital display ads, including web banners, as well as search engine marketing and sponsored social media that connect consumers to deposit insurance information and resources on the FDIC’s website in English and Spanish. The digital campaign will run through November and will resume in January 2024 with the start of traditional tax filing season and when many consumers receive refund payments, the FDIC said. Just Because It’s Autumn Doesn’t Mean Falling for Schemes to Overcharge You for CU Industry News. Instead, Try This Crisp Offer The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news”” publications! If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free! Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming. And did we mention it’s free?
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