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Nov. 17, 2009 at 3:21pm

Assurances from FDIC

As bank failures are in the news, the Federal Deposit Insurance Corporation is helping consumers understand why, as Chairman Sheila C. Bair has said, "there's no safer place in the world for their checking, savings or retirement money."

The Fall 2009 issue of FDIC Consumer News gives facts and figures explaining the agency's financial resources run deep and that insured deposits are fully protected.
The newsletter gives these reasons why consumers can trust the ironclad protection of FDIC insurance:
  • By law, federal deposit insurance is backed by "the full faith and credit of the United States government."
  • If needed, the FDIC can quickly borrow money from the U.S. Treasury.
  • Federal law also requires that all insured deposits be paid "as soon as possible."
According to Chairman Bair, the bottom line for consumers is this: "No insured depositor has ever lost a penny of insured deposits – and none ever will."

You can read the full FDIC article on the Web.

Plenty more in the Archives

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