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FDIC's Consumer News: Protecting Your Money and Saving at Your Bank


FDIC's Consumer News: Protecting Your Money and Saving at Your Bank

The FDIC just published its Spring 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.

Tips for Safe Shopping, Buying and Paying

With all the news over the last several months about data breaches, it makes sense that the FDIC would provide some tips on this topic. Here are a few tips that you might not have heard before:

From the article "Safe Shopping, Buying and Paying: How to Protect Your Money":

Take additional precautions with your tablet or smartphone before conducting online transactions. Consider opting for automatic updates for your device’s operating system and "apps" (applications) when they become available to help reduce your vulnerability to software problems. Use a password or other security feature to restrict access in case your device is lost or stolen.

From the article "Person-to-Person (P2P) Payments Online: What to Know Before You Click and Send That Money":

Your rights and dispute resolution: Know what the service's user agreement says about resolving errors and disputes. For example, what will happen if the service pays the wrong person or the wrong amount? And, what if you caused the error by mistyping the recipient's e-mail address or the amount you wanted to send? That can easily happen, especially when you're typing on a small mobile phone.

From the article "More About How to Protect Yourself From Data Breaches":

Contact your bank or credit card issuer immediately to report a problem. Debit card users in particular should promptly report a lost card or an unauthorized transaction. Unlike the federal protections for credit cards that cap losses from fraudulent charges at $50, your liability limit for a debit card could be up to $500, or more, if you don't notify your bank within two business days after discovering the loss or theft.

More Ways to Save at the Bank

Two of these articles are deposit related and two are loan related. I’ll just touch on the two deposit-related ones.

Most of the tips in the article "Saving and Investing for Your Future: Questions to Ask Yourself Now" are common sense like having savings goals and an emergency savings fund. However, it did mention some new info on the myRA that President Obama first mentioned at his State of the Union speech:

The myRA account is a simple, safe and affordable retirement savings program that is backed by the U.S. government. Savers can open an account with as little as $25, there are no fees, the account will earn interest at a variable rate, and the investment is protected so the account balance will never go down. To learn more about myRA, go to www.treasurydirect.gov/readysavegrow/start_saving/myra.htm.

The second deposit-related article covered checking accounts. The only thing I have to mention about this article is that it failed to mention credit unions. In its answer for the question "Which banks should I consider for a checking account", it failed to mention credit unions which are just as safe as banks and also have great checking account options.

The two loan-related articles in the FDIC Spring consumer news cover mortgages and refinancing loans. If you find something interesting, please leave a comment.

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Anonymous   |     |   Comment #3
Password can not protect you from hackers, they intercept it with your other data because all of you info goes via broadcast, so anybody with right equipment can see everything what you do. Opt out of any Wifi devices you have, otherwise, nothing else will protect you. Most hackers know about the 2.4 GHz UHF broadcast and can get all the info they need from the air, there is no need to hack your devices.
Anonymous   |     |   Comment #4
KEN,   none of the drop down boxes work for the site.  All I can view are 1-year CDs with no way of changing the terms.  Not impressed with the changes in the site so far.
Anonymous   |     |   Comment #5
We need to be protected from the Feds.
Anonymous   |     |   Comment #6
WHY IS THIS SITE STILL NOT WORKING???   Drop down boxes for FORUM, CD, ect DO NOT WORK......   WHY????
Ken Tumin
Ken Tumin   |     |   Comment #8
Sorry about the problem, but my technical partner is unable to see this. What browser and browser version are you using? And what Windows version or Mac version are you using? Often these types of problems are specific to a browser version, and because of this, it's very difficult to fix.
Anonymous   |     |   Comment #7
Been getting this for weeks when trying to search for rates for a specific financial institution:

"An Unexpected Error Has Occurred   We apologize for this inconvenience. The site admin has been notified of the problem."
Anonymous   |     |   Comment #9
I am not having these problems, but as I mentioned in a previous post, the changes made to the rate search are not as good as the older version.
Anonymous   |     |   Comment #10
None of the drop down boxes open up, whether I am using Windows XP or Windows 7, or IE 8, IE 11, so something that was done while updating your website messed that up for users using those versions.  Thanks Ken
Anonymous   |     |   Comment #11
Ken,  My suggestion for at least circumventing the problem, until your tech can figure this out is to have the things available in the drop down boxes available to select once one clicks on on of the tabs.  So, for the Forum tab, if I can get the drop down to work, at least I would like to be able to select, my recent entries once I get into the Forum.  For CDs, it would be nice to be able to change the CD length, to something other than 1 year, once I have clicked on the CD tab.  Appreciate your effort to do something from your end Ken