Question 1

Q: How do I know if the website link or website address is legitimate?

Accepted Answer

Be careful with links and new website addresses. Malicious website addresses may appear almost identical to legitimate sites. Scammers often use a slight variation in spelling or logo to lure you. Malicious links can also come from friends whose email has unknowingly been compromised, so be careful. To learn more, visit: FDIC Consumer News article.

Question 2

Q: What are some banking services that may not require me to go into a bank branch?

Accepted Answer

There are many ways to save yourself a trip to a bank branch.Sign up for electronic statements (eStatements). You can save a lot of trees by switching from paper copies, especially when inserts and envelopes are included. By making that change, you may also be able to get discounted maintenance fees. You can still download a digital copy of your statement to a secure location to have for your immediate access.Use electronic bill pay versus paper checks. Set them to pay automatically to take the hassle out of paying bills.Direct deposit your paycheck. You will receive your money faster and you will save a trip to the bank.Use mobile apps to deposit checks remotely. Ask your bank about mobile apps available. Visit the FDIC Consumer News Banking With Apps and the FDIC Consumer News Banking at the Speed of Technology issues for more information.Transfer funds online. If you need to transfer funds from one account to another, do it online so you don’t have to drive to your bank. Visit the FDIC Consumer News No Cash Payments? Now What? issue for more information on electronic payments.Set up account alerts. Alerts can be used for low balances to avoid overdrafts, and to keep track of your account activity, debit card usage, direct deposit notifications, password changes, or unusual activity. If you are looking for a specific alert, you may want to ask your bank if it is possible. To learn more, visit: FDIC Consumer News article.

Question 3

Q: When opening a bank account, where do I find the fees a bank can charge?

Accepted Answer

Ask your bank, or any bank you are considering opening an account with, for the account opening disclosure and fee schedule. All deposit-related fees that your bank can charge must be listed in these documents. Common fees might include monthly maintenance or automated teller machine (ATM) withdrawal fees. For more on account disclosures, visit FDIC Consumer News January 2021 Issue. To learn more, visit: FDIC Consumer News article.

Question 4

Q: Why should I compare credit card annual percentage rates (APR), fees, and other terms?

Accepted Answer

Be sure to compare credit card annual percentage rates (APRs), fees, and other terms. For example, some cards might offer a great reward program or discounts, but charge an annual fee. Other credit cards offer low rates for the first year, but your interest rate will increase the following years. Some credit cards offer rewards programs, read FDIC Consumer News Rewards Cards – Minimize the Pitfalls, Maximize the Benefits for more information. To learn more, visit: FDIC Consumer News article.

Question 5

Q: After a natural disaster, if I have property damage, what should I do?

Accepted Answer

Report property damage to your insurance company or agent as soon as you can. Don’t throw away damaged goods or make major repairs until a claims adjuster visits your residence. Also, keep receipts for emergency repairs and take photos of the damages, if you can. To learn more, visit: FDIC Consumer News article.

Question 6

Q: Are all individuals with disabilities eligible to open an Achieving a Better Life Experience (ABLE) account?

Accepted Answer

No. Only individuals with qualifying disabilities that began before they turned age 26 can open ABLE accounts.To learn more about ABLE accounts, visit the Internal Revenue Service website.

Question 7

Q: Are banks required to disclose fees?

Accepted Answer

Banks are required under Federal law to disclose any fees they charge in connection with a deposit account. To learn more, visit: FDIC Consumer News article.

Question 8

Q: Are deposit disclosures required only at account opening?

Accepted Answer

No. A consumer is entitled to receive deposit disclosures under several circumstances, including: when an account is opened,upon request, and when the terms of the account are changed.

Question 9

Q: Are funds deposited in an ABLE account at a bank covered by FDIC deposit insurance?

Accepted Answer

Funds in an ABLE account deposited at an FDIC-insured institution are covered by the FDIC for up to $250,000, with the account owner (the beneficiary) being the insurable depositor. The FDIC Electronic Deposit Insurance Estimator (EDIE) can be used to calculate the insurance coverage of all types of deposit accounts offered by an FDIC-insured bank.

Question 10

Q: Are my deposits insured during a natural disaster/emergency?

Accepted Answer

Regardless of the operating conditions, deposits in an FDIC-insured bank or savings institution will continue to be insured up to at least $250,000 in the unlikely event of a bank failure. Please see additional information regarding FDIC deposit insurance. To learn more, visit: FDIC Consumer News article.

Question 11

Q: Are non-bank companies FDIC-insured?

Accepted Answer

It is important to be aware that non-bank companies are never FDIC-insured. Even if they partner with FDIC-insured banks, funds you send to a non-bank company are not FDIC-insured unless and until the company deposits them in an FDIC-insured bank. You need to understand the terms and conditions of financial products offered by non-bank companies and how your funds may, or may not, be protected. To learn more, visit: FDIC Consumer News article.

Question 12

Q: Are there any costs associated with a Freedom of Information Act (FOIA) request?

Accepted Answer

Persons requesting records from the FDIC will be charged for the direct costs of search, review and duplication, unless such costs are a de minimis amount. For information on costs of a FOIA request, visit FDIC’s FOIA Service Center.

Question 13

Q: Are there any fraud protection services for servicemembers?

Accepted Answer

Yes. Three fraud alerts are available:Active Duty Alert: Available to servicemembers on active duty and assigned away from their usual duty station. This alert notifies credit reporting companies of military status, which limits new credit offers while you are away.Initial Fraud Alert: Available if you suspect you have been, or will be, a victim of identity fraud. This alert notifies creditors to take reasonable steps to verify your identity before approving new credit.Extended Fraud Alert: Available if you have been a victim of identity theft and filed an identity theft report with one of the nationwide credit reporting agencies. This alert requires creditors to contact you to verify identity before issuing credit.To learn more, visit the Federal Trade Commission’s Credit Freezes and Fraud Alerts (external) and the Consumer Financial Protection Bureau’s Fraud Protection Tools to Help Safeguard Servicemembers (PDF) (external).

Question 14

Q: Are there bank accounts that can help me avoid overdraft fee charges?

Accepted Answer

Today there are more transaction account options than ever before. Some banks offer customers the option of a ‘checkless’ checking account. These card-based accounts may offer consumers the ability to avoid overdraft charges completely. To learn more, visit: FDIC Consumer News article.

Question 15

Q: Are there different types of reverse mortgages?

Accepted Answer

Reverse mortgages, also known as home equity conversion mortgage (HECM), are insured by the Federal Housing Administration. If you apply for a HECM you can choose from the following options:Payment of loan proceeds. You can receive loan funds as a line of credit, monthly installment, a combination of these, or a lump sum.Ask a reverse mortgage counselor to help you compare options. To find a HUD-approved counselor, visit HUD's counselor search page or call HUD’s housing counselor referral line at 1-800-569-4287.

Question 16

Q: Are there imposters pretending to be FDIC employees?

Accepted Answer

Yes. The Federal Deposit Insurance Corporation (FDIC) has received reports of fraudulent communications that have the appearance of being from this agency. Fraudsters know that people trust the FDIC name, so scammers use the FDIC’s name and logo, and even the names of actual employees, in perpetrating fraudulent schemes. To learn more, visit: FDIC Consumer News article.

Question 17

Q: Are there other federal banking regulatory agencies besides the FDIC?

Accepted Answer

You may hear about other federal banking regulatory agencies. Banks have options on which agency will monitor their performance. This can be confusing. There are five financial regulatory agencies and each serves a different purpose. These agencies work together to ensure the safety and soundness of America’s banks and to protect the public.The Federal Reserve System (external)The Office of the Comptroller of the Currency (external)The Consumer Financial Protection Bureau (external)The National Credit Union Administration (external)To learn more, visit FDIC Consumer News (February 2020 PDF).

Question 18

Q: As a Servicemember, what should I consider when determining whether to rent or buy?

Accepted Answer

When comparing the cost of housing to renting, include all cash outlays associated with each option. The initial home purchase and ongoing home-ownership expenses, and initial and ongoing rental costs, should be included. This would include, but is not limited to property taxes, loan interest, loan points, loan application and underwriting costs, mortgage insurance premiums, possible private mortgage insurance premiums or Veterans Affairs (VA) funding fees, property hazard insurance premiums, flood insurance premiums, maintenance costs, homeowner association fees, and your down payment. Some of these costs can be offset or lessened with deductions at tax time. You can add back any home-purchase assistance funds that you receive associated with your initial move or monthly stipend. If the break-even point is beyond the date of your anticipated duty station assignment or staying in that particular home, you may want to give more consideration to renting.

Question 19

Q: Can I be denied a checking account?

Accepted Answer

Yes. There are several reasons a bank can deny you a checking account. Here are two common reasons:Prior issues with having a checking account, such as writing bad checks and having a bank to charge off the account.Unable to provide sufficient identification at account opening.

Question 20

Q: Can I be turned down for a credit card because of my age?

Accepted Answer

The answer is maybe. Information on age and credit cards can be found on the Consumer Financial Protection Bureau webpage.

Question 21

Q: Can I check to see if my accounts are fully covered?

Accepted Answer

Yes, you can get detailed information about your specific deposit insurance coverage by accessing the FDIC's Electronic Deposit Insurance Estimator (EDIE) and entering information about your accounts. You can also call the FDIC at 1-877-ASK-FDIC (1-877-275-3342) and ask to speak to an FDIC deposit insurance specialist.Information on deposit insurance is also available on the FDIC deposit insurance webpage.

Question 22

Q: Can I do contract or legal work for the Federal Deposit Insurance Corporation (FDIC)?

Accepted Answer

The Federal Deposit Insurance Corporation (FDIC) frequently uses third party contractors to perform various duties. All information is centralized on our webpage, Doing Business with the FDIC. This includes links to acquisition policies and forms; details on our minority and women outreach program; and information for outside counsel.

Question 23

Q: Can I get my credit score for free?

Accepted Answer

Your credit score is not included with the free credit reports provided by the three major consumer reporting agencies (Equifax, Experian, and Transunion).To learn more about credit reports, visit the Federal Trade Commission webpage *and the Consumer Financial Protection Bureau webpage.

Question 24

Q: Can I increase the amount of deposit insurance I have?

Accepted Answer

A depositor’s insurance amount depends on the ownership category in which the funds are held. For example, a depositor who owns a single account is insured for up to a maximum of $250,000. If that depositor wishes to increase the amount of deposit insurance, they have several options, including opening accounts in different ownership categories which are available to them. For example, in addition to the single account which is insured for $250,000 per bank, the depositor could open a payable on death (POD) account and list his two children as beneficiaries. Assuming the depositor has met the requirements for opening a POD account, he would be insured for up to $500,000 because he has listed two beneficiaries and wishes to leave each beneficiary an equal share of the deposit when they die. Therefore the depositor would be able to increase his deposit insurance coverage by opening accounts under different ownership categories (Single and POD) at the same bank. Depositors should note that federal law expressly limits the amount of insurance the FDIC can pay to depositors when an insured bank fails, and no representation made by any person or organization can either increase or modify that amount. You can call the FDIC at 1-877-ASK-FDIC (1-877-275-3342) and ask to speak to an FDIC deposit insurance specialist. More information on deposit insurance is also available on the FDIC deposit insurance webpage.

Question 25

Q: Can I receive or request an extension if I am already in forbearance?

Accepted Answer

If you are already in forbearance based on the CARES Act (Coronavirus Aid, Relief, and Economic Security Act of 2020) and are still having financial difficulty, you might be able to request or obtain an extension. But extensions are not automatic--you need to take action and request it. To learn more, visit: FDIC Consumer News article.

Question 26

Q: Can a bank place a hold on my check deposit?

Accepted Answer

Yes. Check deposits must generally be made available for withdrawal the business day after the banking day on which they were received. You can review your initial account opening disclosure or contact the bank for more details about the bank’s funds availability policy.More information on holds can be found on the Consumer Financial Protection Bureau webpage.

Question 27

Q: Can medical debt impact my credit score?

Accepted Answer

The three nationwide credit reporting agencies will generally not report medical debt on your credit report until the debt has been unpaid for at least 180 days (about six months). That gives you some time to resolve billing disputes directly with your medical provider. You can also use this time to make payments or payment arrangements before the medical debts and collections can damage your credit reports and scores. Learn more about medical debt collection and h ow you can keep your medical debt in check on the Consumer Financial Protection Bureau website.

Question 28

Q: Can my Freedom of Information Act (FOIA) request be denied?

Accepted Answer

The FOIA permits agencies to protect certain types or categories of information from public disclosure. A request for records may be denied if the requested record contains information which falls into one or more of the nine exemptions. If the requested record contains both exempt and nonexempt information, the nonexempt portions which may reasonably be segregated from the exempt portions will be released to the requester. You can read a summary of each exemption and your rights to challenge the assertion of an exemption at Exemptions.

Question 29

Q: Can my bank require me to purchase flood insurance?

Accepted Answer

Your bank or lender may require you to purchase flood insurance if your home or business is located in a designated flood hazard area. The Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) works with insurance companies to offer you various insurance coverage options. To learn more, visit FDIC Consumer News article.

Question 30

Q: Can the bank charge me a fee if I overdraw my checking account?

Accepted Answer

Yes. The bank can charge a fee if your account is overdrawn provided that the fee was disclosed to you. Read your initial account disclosure for overdraft protection fees. You can also review the bank’s current fee schedule for the overdraft protection fee amount.More information on overdraft fees can be found on the Consumer Financial Protection Bureau webpage.

Question 31

Q: Do I have more than one credit score?

Accepted Answer

You actually have more than one credit score, because different credit reporting agencies calculate your score differently. Generally, your scores are similar, but typically not identical. To learn more, visit: FDIC Consumer News article.

Question 32

Q: Do I have to make payments on charges that I am disputing?

Accepted Answer

If you have given the card issuer written notice of the billing dispute, you do not have to pay the amount in dispute while the card issuer is investigating, and the card issuer cannot charge interest on that amount. Information on payments, charges, and disputes can be found on the Consumer Financial Protection Bureau webpage.

Question 33

Q: Do I need a co-signer to buy a car?

Accepted Answer

Consider whether or not you need a co-signer for your auto loan. A co-signer is a person, such as a parent, family member, or friend who is contractually obligated to pay back the loan if you can’t. If your credit history is limited, needs improvement, or you have a low credit score (or no credit score), a co-signer with good or excellent credit could significantly lower your interest rate.To learn more, visit FDIC Consumer News article.

Question 34

Q: Do I need to apply for FDIC insurance in order to get coverage?

Accepted Answer

Depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured institution. Ask your bank if your account type is insured. To learn more, visit: FDIC Consumer News article.

Question 35

Q: Do I need to know my credit history and score when I buy a house?

Accepted Answer

One of the key factors in getting approved for a loan is your credit score. Your credit history determines your score, and the higher the score, the better the loan terms become.To learn more, visit FDIC Consumer News article.

Question 36

Q: Do modifications on assistive devices qualify as allowable expenses if I have an ABLE account?

Accepted Answer

If you have an ABLE account, you may want to consider using these funds toward modifications or assistive devices you need. Modifications to your home and assistive devices and technology qualify as allowable expenses through an ABLE account.

Question 37

Q: Does FDIC “How Money Smart Are You?” game include materials for individuals with disabilities?

Accepted Answer

The FDIC How Money Smart Are You? is a suite of 14 games and related resources about everyday financial topics, including materials for individuals with disabilities and their caretakers to consider as they manage their finances. This resource includes information on managing you debt, building for your future and more.

Question 38

Q: Does my credit score change?

Accepted Answer

Credit scores change over time as information is reported. To learn more, visit: FDIC Consumer News article.

Question 39

Q: Does the Electronic Deposit Insurance Estimator (EDIE) apply to all banks?

Accepted Answer

The deposit insurance coverage information provided by EDIE only applies to deposits held in FDIC-insured banks. Visit FDIC’s BankFind to see if your financial institution is FDIC-insured.To learn more, visit: FDIC Consumer News article.

Question 40

Q: Does the Electronic Deposit Insurance Estimator (EDIE) provide an explanation and tutorial on how to use it?

Accepted Answer

EDIE provides an explanation of each item you to enter into the tool and a tutorial with comprehensive examples of how to enter you accounts into the various deposit account ownership categories. EDIE does not require you to understand deposit insurance rules before getting started. To learn more, visit FDIC Consumer News article.

Question 41

Q: Does the FDIC insure the funds on my prepaid card issued by a bank that has now failed?

Accepted Answer

Assuming you properly registered your prepaid card, if the FDIC-insured bank that issued the card has failed, you as the consumer would be insurable for up to $250,000, subject to aggregation with other similarly owned deposits you may have in the failed bank.For more information, visit FDIC deposit insurance. To learn more, visit FDIC Consumer News (September 2019 PDF).

Question 42

Q: Does the FDIC insure the funds on my prepaid card?

Accepted Answer

In the event the FDIC-insured bank that issued the card fails, the funds available on your prepaid card may be insurable as long as your prepaid card is eligible for FDIC deposit insurance coverage, you properly register the card, and specific deposit insurance requirements are met. To learn more, visit: FDIC Consumer News article.

Question 43

Q: Does the interest rate change on a fixed rate mortgage loan?

Accepted Answer

The distinguishing feature of the fixed rate mortgage loan is that the interest rate does not change. This means your monthly principal and interest payment will stay the same for the entire repayment term, whether it is, for example, 15 years or 30 years. (However, your total monthly payment could still change if you pay property taxes and insurance as part of your monthly mortgage payment and those costs change.) To learn more, visit: FDIC Consumer News article.

Question 44

Q: FDIC-insured banks have identified an increase in unemployment insurance fraud. What should you do if an impostor filed claims for unemployment benefits using your name and personal information?

Accepted Answer

The Federal Trade Commission’s Alert to Consumers (external) suggests doing the following:Report the fraud to your employer. Keep a record of who you spoke with and when.Report the fraud to your state unemployment benefits agency.Visit IdentityTheft.gov (external) to report the fraud to the FTC and get help with next recovery steps, including placing a fraud alert, obtaining free credit reports, and closing fraudulent accounts.Review your credit reports often. For the next year, you can check your reports every week for free through AnnualCreditReport.com (external).The Department of Labor’s Public Alert (external) also provides helpful information when encountering unemployment insurance fraud.For more information on scams or fraud, visit the following FDIC Consumer News articles:Scammers Pretending to Be the FDIC.Beware of Fake Checks.10 Scams Targeting Bank Customers.

Question 45

Q: How can EDIE help me calculate my deposit insurance coverage?

Accepted Answer

FDIC Electronic Deposit Insurance Estimator (EDIE) is an online tool that can be used to determine whether your accounts are fully insured at each insured bank where your deposits are held. EDIE allows you to input dollar amounts you have on deposit in an insured bank or use a hypothetical scenario to determine your coverage.FDIC does not insure non-deposit investment products, such as stocks, bonds, government and municipal securities, mutual funds, annuities (fixed and variable), life insurance policies (whole and variable), savings bonds, and crypto assets. EDIE is not an estimator for investments, even if the investments were purchased from an insured bank.To learn more, visit FDIC Consumer News article.

Question 46

Q: How can I achieve and maintain a good credit score?

Accepted Answer

To achieve and maintain good credit scores, keep in mind the following:Make sure you pay your bills and debts on time. You may want to consider automatic payments for your loans and credit cards using your bank’s bill pay service. This will help you pay on time, and on-time payments reflect well on your credit report.Create a budget. Track when your payments are due, how much is due, and how much money is coming in each month to help you stay on track. For suggestions on how to create a budget, see the sample available in the FDIC Consumer News February 2019 issue.Pay down your debt. Having loan and credit card balances at their limits are expensive and can have a negative impact on your credit score. Use a strategy like paying the lowest balance debt off first, then pay the next lowest debt you owe so you can pay it off faster, and so on. Another common strategy is to pay off the debt with the highest interest rate first so all of your hard earned money is paying down your debt, not just paying interest.When you pay off your credit card or loan, you might think you should close them, which is fine if you have a lot of them. On the other hand, keeping a credit card that you have had for a long time will probably help your credit score.If you cannot make your loan or credit card payments, call your banker or creditor right away. They may be able to help you with a solution before it becomes a problem that affects your credit score. Everyone has a financial hiccup once in a while. Don’t be afraid to reach out when it happens to you. For information on working through financial difficulties, visit FDIC Consumer News July 2020.Only borrow money for things you need. Make paying down or paying off your loans and credit cards a priority, before adding new debt, whenever possible.Shop for credit only when you need it. Making numerous applications for loans is also reported to credit reporting agencies, and may lower your credit score.Monitor your credit report. You can receive a free credit report annually from all three of the major credit reporting agencies: Equifax, TransUnion, and Experian. Learn how to order your free credit report by visiting Consumer Financial Protection Bureau (CFPB).Fix any errors you find on your credit report. To find out how to fix credit card errors, visit FDIC Consumer News October 2018.To learn more, visit FDIC Consumer News (February 2019).

Question 47

Q: How can I avoid Automated Teller Machine (ATM) fees?

Accepted Answer

Some banks charge for using ATMs not in their network. To avoid charges, use only the ATMs that are in your bank’s network, or those that allow you to use your ATM or debit card for free. Also, ask if your bank reimburses you for using any ATMs outside its network. Some banks will do that for a certain number of transactions per year. To learn more, visit: FDIC Consumer News article.

Question 48

Q: How can I avoid scams?

Accepted Answer

Be suspicious if someone contacts you unexpectedly online and asks for your personal information. It doesn’t matter how legitimate the email or website may look. Only open emails, respond to text messages, voice mails, or callers that are from people or organizations you know, and even then, be cautious if they look questionable. If you think an email, text message, or pop-up box might be legitimate, you should still verify it before providing personal information. If you want to check something out, independently contact the supposed source (perhaps a bank or organization) by using an email address or telephone number that you know is valid, such as from their website or a bank statement. Be especially wary of emails or websites that have typos or other obvious mistakes. To learn more, visit: FDIC Consumer News article.Watch video: FDIC video resource.

Question 49

Q: How can I build my credit?

Accepted Answer

Learn about the importance of building credit, it takes time, but it's worth doing. You may need good credit to get certain jobs or rent certain apartments. There are several credit-building strategies that can help. For example, you can apply for a secured credit card and always pay at least the minimum amount due each month. You may be able to get a small credit-building loan and pay it off on time. To learn more, visit: FDIC Consumer News article.Also learn about the importance of credit by playing our “Credit Reports and Scores” game and using its related resources. To play, visit the Credit Reports and Scores game.

Question 50

Q: How can I calculate deposit insurance coverage?

Accepted Answer

The FDIC Electronic Deposit Insurance Estimator (EDIE) lets consumers and bankers know, on a per-bank basis, how the insurance rules and limits apply to a depositor's specific group of deposit accounts what's insured and what portion (if any) exceeds coverage limits at that bank. EDIE also allows the user to print the report for their records. EDIE calculates the insurance coverage for Personal Accounts? deposits held by people in single accounts, joint accounts, POD/ITF accounts, living trust account, and Individual Retirement Accounts (IRAs); Business Accounts?deposits held by corporations, partnerships, and organizations, both for-profit and not-for-profit; and Government Accounts deposits held by public units such as school districts, cities, municipalities, counties, and states. EDIE can be used to calculate the insurance coverage of all types of deposit accounts offered by an FDIC-insured bank, including: Checking Accounts, Savings Accounts (both statement and passbook) Money Market Deposit Accounts (MMDAs), and Certificates of Deposit (CDs)

Question 51

Q: How can I check on the status of my Freedom of Information Act (FOIA) request?

Accepted Answer

You can check on the status of a request by e-mailing or calling the FDIC. For information on how to check the status of your request, visit FDIC’s FOIA Service Center.

Question 52

Q: How can I get a copy of my credit report?

Accepted Answer

You are entitled to a free credit report every 12 months from each of the three major consumer reporting agencies (Equifax, Experian, and TransUnion).To learn more about credit reports, visit the Federal Trade Commission website (external) and the Consumer Financial Protection Bureau website.

Question 53

Q: How can I get a copy of the report banks use to determine whether I can open a checking account?

Accepted Answer

You have to request a copy of your report from the checking report company that compiled your report. Those companies include Chex Systems, Early Warning Services, Certegy, and Telecheck.More information on checking report companies can be found on the Consumer Financial Protection Bureau webpage.

Question 54

Q: How can I protect against fraud or scams?

Accepted Answer

Protect your personal and financial information. Understand that some people may take advantage of COVID-19 by using fraudulent websites, phone calls, emails, and text messages claiming to offer “help,” but may be trying to trick people into providing Social Security numbers, bank account numbers, and other valuable details. Do not divulge your bank or credit card numbers or other personal information over the phone unless you initiated the conversation with the other party and you know that it is a reputable organization. In addition, you should be cautious about online solicitations. Be on guard against imposters who contact you claiming to be government employees or volunteers and who ask for personal financial information or money. Reject offers to cash a check for someone in exchange for a fee, even if the bank makes the funds available to you right away, as it may later turn out that the check was fraudulent.Additional resources:Coronavirus (COVID-19) Information for Bankers and Consumers.10 Scams Targeting Bank Customers.Weathering a Financial Storm.Avoiding Fraud, Protecting Your Privacy: Best Practices for Young Adults.

Question 55

Q: How can I submit a Freedom of Information Act (FOIA) request?

Accepted Answer

You can file FOIA requests electronically, by writing to the FDIC, Legal Division, FOIA/PA Group, by sending your request through our Fax number or by sending your request via email.For information on FOIA requests, visit FDIC’s FOIA Service Center.

Question 56

Q: How can a bank account help you to monitor your savings and budget?

Accepted Answer

Having a bank account is a great tool to help you see the value of savings and also how to budget. You should track how much money you make and then see if you can split the money up to buy day-to-day items and pay bills, and still set some aside for your savings. To learn more, visit: FDIC Consumer News article.

Question 57

Q: How can a banking relationship help me improve my credit?

Accepted Answer

Banks can help meet your credit needs through a wide range of approaches, from promoting the importance of building a credit history and offering credit-builder loans or other tools, to incorporating a wide range of predictive data into underwriting, and collaborating with local communities on consumer education. Banks may find that adding affordable, entry-level credit products or a credit-building product makes it easier to more effectively meet a community’s diverse needs. To learn more, visit: FDIC Consumer News article.

Question 58

Q: How can a housing counselor help me and how do I find one?

Accepted Answer

Housing counselors can provide guidance on buying a home, renting, defaults, foreclosures, and credit issues. The Consumer Financial Protection Bureau’s Find a Housing Counselor tool (external) can help you find a housing counselor in your area.

Question 59

Q: How can credit scores and loan costs affect buying a car?

Accepted Answer

Your credit score also helps determine what kind of auto loans and interest rates are available to you. A higher credit score typically gives you a better interest rate on your loan.To learn more, visit: FDIC Consumer News article.

Question 60

Q: How can mortgage forbearance help during my financial hardship?

Accepted Answer

Mortgage forbearance is when your financial institution or lender agrees to allow you to temporarily make reduced mortgage payments or suspend your mortgage payments for a period of time. Forbearance may help you through your financial hardship by providing temporary relief. Forbearance does not cancel the amount you owe to your financial institution. You will have to repay any missed or reduced payments in the future.You can find additional information on the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which may provide additional forbearance options due to the coronavirus pandemic, by visiting the CFPB’s Help for Homeowners page. If you are having trouble paying or managing your mortgage, you can contact a U.S. Department of Housing and Urban Development (HUD)-approved housing counselor for help with your situation. To learn more, visit the CFPB’s Find a Housing Counselor tool.

Question 61

Q: How can my earnings contribute to my retirement and/or social security benefits?

Accepted Answer

Although retirement may seem a long time away, what you learn and earn today, during your working years, will determine how much you could receive in monthly Social Security benefits, when you can retire or if you become disabled and unable to work. The Social Security Administration has web pages dedicated to students and other young people who work. Learn how Social Security is with you from birth, when you get your first job, get married, and how Social Security will be there for years to come. Money management is an important skill to learn, and a bank account is a great tool to learn about spending, budgeting, and saving money for a successful future. To learn more, visit: FDIC Consumer News article.

Question 62

Q: How can the FDIC protect me if I have a banking related problem to resolve?

Accepted Answer

If you have a question or need banking related assistance, you can contact the FDIC at 1-877-ASKFDIC (1-877-275-3342) or visit FDIC.gov. The FDIC's Consumer Response Center (CRC) is responsible for investigating all types of consumer complaints about FDIC-supervised institutions and responding to consumer inquiries about consumer laws and regulations. If you have a dispute related to your bank, attempt to resolve your concern with the bank first. If you need assistance in facilitating a resolution with your bank, an FDIC Consumer Affairs Specialist is available to help with your banking related concerns. To learn more, visit: FDIC Consumer News article.

Question 63

Q: How do I create a custom peer group based on other financial criteria?

Accepted Answer

From the FDIC home page, under Resources, Data Tools, BankFind Suite. See the tutorial “Compare One Institution to Peer Group - Utilizing Search Criteria” in the Help section of the Suite. Click the Help icon to see all the available tutorials (BankFind Suite).

Question 64

Q: How do I create a deposit market share report?

Accepted Answer

From the FDIC home page, under Resources and Data Tools use Deposit Market Share Reports Summary of Deposits (SOD).Use FDIC Deposit Market Share Reports to view: Deposit market share reports Pro-Forma financial reports Market presence reports Growth rate reports See an example “How-to” in our tutorials section or directly at Create a Deposit Market Share Report (PDF)

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