FDIC's Spring 2010 Consumer News: Using Agents or Brokers to Place Bank Deposits

The FDIC just released its Spring 2010 Consumer News. Some excerpts that I thought would be useful to highlight include:

1. New Realities, New Directions for Credit Cardholders

   Under the new law, no fees may be imposed for making a purchase or other transaction that would put your account over the credit limit unless you explicitly agree, in advance, that the credit card company can process these transactions for you and charge a fee.

2. The New Consumer Protections on Credit Cards: An Overview

   Periodic statements must be mailed or delivered at least 21 days before the payment due date.

3. Using an Agent or Broker to Place a Bank Deposit? Ask These Questions First

   If the agent is dishonest and steals the money, your only recourse is against the agent - not the FDIC insurance fund or the bank where the agent said the money was deposited

4. Advice for Seniors: Understand the Risks and Costs of Borrowing With a Reverse Mortgage

   Be aware that not all reverse mortgages carry insurance and other protections from the federal government.

5. News Briefs

   The FDIC has issued updated versions of two brochures that help explain how deposit insurance works and how to estimate the coverage on your deposits

Refer to my March post for highlights of the FDIC's Winter 2009/2010 Consumer News.