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FDIC's Consumer News: Credit Card Tips, Tax Tips and FDIC Insurance Quiz

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FDIC's Consumer News: Credit Card Tips, Tax Tips and FDIC Insurance Quiz

The FDIC just published its Winter 2013/2014 Consumer News which provides advice on various banking topics. Most of the tips are probably well-known to those who are financially savvy. However, there are some useful reminders of federal regulations and protections. I've included a few excerpts that I found most useful.

Credit Card Tips

The FDIC offers several credit card tips in choosing and using them. Most relevant to the FDIC is what should be done when you’re having problems resolving a credit card dispute with a credit card issuer. Here’s an excerpt from the FDIC article:

"If you're having trouble resolving a complaint with the credit card issuer you can consider taking your concerns to the institution's federal regulator," pointed out DCP Director Mark Pearce. "Doing so not only can assist a consumer with a legitimate complaint, but it also provides the regulator with important information on consumer concerns and trends in general."

The FDIC and other banking regulators can't settle contract disputes between a bank and a consumer, but they often can assist consumers in other ways, such as helping people understand confusing information, contacting the issuer and initiating a formal review process, and/or taking supervisory actions if the institution is in violation of a law or regulation. To find the regulator for an FDIC-insured institution, you can use our online directory at http://research.fdic.gov/bankfind or call the FDIC toll-free at 1-877-ASK-FDIC (1-877-275-3342).

10 Ways to Protect Your Personal Information and Your Money

Most of these 10 ways are well known if you regularly follow banking news. Here’s one good reminder from the FDIC article:

8. Periodically review your credit reports to make sure someone hasn't obtained a credit card or a loan in your name. Ask for a free copy from each of the nation's three major credit reporting agencies (also known as credit bureaus) because their reports may differ, but spread out the requests during the year. For more information and to order a report, go to www.AnnualCreditReport.com or call toll-free 1-877-322-8228.

Money and Banking Tips for the Tax Season

Here’s one tip from this FDIC article that may help some:

low-income, disabled, elderly and non-English speaking taxpayers can receive free tax-preparation assistance by trained, certified volunteers through the IRS-coordinated Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. For details, start at www.irs.gov/Individuals/IRS-Free-Tax-Return-Preparation-Programs.

Test Your Deposit Insurance IQ

If you’re familiar with the FDIC rules, the last three questions of this quiz should provide at least a little challenge. Can you answer #7 ?

7. You have three different joint accounts at the same bank — one for $250,000 with your spouse, another for $250,000 with your sister, and a third for $250,000 with your brother. Because you own each account with a different person, each account qualifies for $250,000 of insurance. True or False?

Other Topics

The FDIC winter consumer news also has some tips on avoiding debt problems with credit cards and some tips on home equity line of credit (HELOC). If you find something interesting, please leave a comment.



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Comments
13 Comments.
Comment #1 by Anonymous posted on
Anonymous
Very good insight...especially on the bank regulator contact.  On credit reports, I recommend for a married couple to calendarize requests every two months for making an individual request (or if single every 4 months)...and it be done by US Mail.  There is no need to request them "all at once" or to inform "them" of your eaddress.  The letter also directs the credit entity to not provide any promotional info, etc. w/o written authorization....  All of this also reduces junk mail, too!

6
Comment #2 by MidAtlantic posted on
MidAtlantic
I agree with the practice of checking every two months for a married couple, but why do it by US Mail? It works fine via annualcreditreport.com

5
Comment #12 by Anonymous posted on
Anonymous
Why provide "them" with eaddresses that can be hacked, used, etc.?

2
Comment #3 by lou posted on
lou
False..........

1
Comment #4 by Anonymous posted on
Anonymous
You have three different joint accounts at the same bank — one for $250,000 with your spouse, another for $250,000 with your sister, and a third for $250,000 with your brother. Because you own each account with a different person, each account qualifies for $250,000 of insurance. True or False

Please explain.

2
Comment #5 by lou posted on
lou
Because each joint owner is allowed $250,000 of insurance. In this example, one of the joint owners has $375,000 of insurance, one half of the 3 CDs he owns with the three different co-owners.

3
Comment #6 by paoli2 posted on
paoli2
Per FDIC:  Each co-owner's shares of every joint account that he or she owns at the same insured bank are added together with his or her other joint account shares at same bank and the total is insured up to $250,000.00
So how could any of the co-owners end up with $375,000 insurance at same bank?

1
Comment #7 by Anonymous posted on
Anonymous
His part is $375,000 but $125,000 is not insured.

2
Comment #8 by lou posted on
lou
Yes, I should have said $125,000 is not insured.

2
Comment #9 by 51hh posted on
51hh
Deposit Insurance Q. #7: A good question with a good answer.

2
Comment #10 by Anonymous posted on
Anonymous
Just don't apply for Obamacare if you don't want to be duplicated as a twin from Mexico. Most everyone, sooner or later will be hacked and the real ID info stolen. That web site is not secure at all and most doctors and hospital employees can see all your private info on their screens.

6
Comment #11 by paoli2 posted on
paoli2
And you are not being a whistleblower and making this important info public?  People are practically being forced into Obamacare against their wills and what are they supposed to do?  Where are you when Fox News needs you?

3
Comment #13 by Anonymous posted on
Anonymous
Where are you when Fox News needs you? Just listen to Sean Hannity or Neil Cavuto on Fox. They hammer Obamacare throughout  their broadcast. Or listen to Larry Kudlow beat-up Obamba.

It really entertaining.

1