FDIC Insurance News
FDIC advice on how to be fully protected is available free
With banks and the economy in the news so often lately, people are becoming more concerned about the safety of their money. The good news for consumers is that federal deposit insurance coverage has increased significantly, primarily as the result of a temporary boost in the basic insurance limit from $100,000 to $250,000 per depositor through December 31, 2009.
The Federal Deposit Insurance Corporation has made available a special edition of the FDIC Consumer News (the Fall 2008 issue) entitled “Your New, Higher FDIC Insurance Coverage: How You Can Be Fully Protected,” which can be read or printed at www.fdic.gov/consumers/consumer/news/cnfall08. This newsletter will provide an explanation of the new FDIC Insurance changes along with tips and information to help bank customers better understand their insurance coverage and how to be sure all their deposits are fully protected. For additional information visit either of the following two links:
Notice to Our Customers: The FDIC Transaction Account Guarantee Program guarantees insurance coverage for certain transaction accounts above $250,000 until Dec. 31, 2009. Accounts at our bank that would be eligible for this expanded coverage would be checking accounts and NOW accounts. The FDIC will charge the bank an additional assessment for providing this coverage. Peabody State Bank has chosen not to participate in the FDIC’s Transaction Account Guarantee Program because none of our customers have balances above $250,000 in qualifying accounts. All customers of Peabody State Bank will be insured through December 31, 2009 for accounts up to $250,000 under the FDIC’s general deposit insurance rules. |
FREE CREDIT REPORTS
A recent amendment to the federal Fair Credit Reporting Act requires each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide you with a free copy of your credit report, at your request, once every 12 months. But there's only one online source authorized to do so. That's annualcreditreport.com .
Some other sites claim to offer "free" credit reports, but may charge you for another product if you accept a "free" report. Peabody State Bank has added this link to it's own website for your convenience and security. You will find the link listed in the Banking Services page and the Loan Services page. For additional information concerning free credit reports, how to order them by phone or mail, you may visit http://www.ftc.gov/bcp/conline/edcams/freereports/index.html.
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