April 2, 2020

consumer news

FEDERAL DEPOSIT INSURANCE CORPORATION

The Federal Deposit Insurance 

Corporation (FDIC) is working with 

federal and state banking agencies and 

financial institutions to assist customers 

affected by the coronavirus disease 2019 

(COVID-19) global pandemic. The 

following information is more important 

than ever during these challenging times. 

Social Distancing & Mobile

Banking Technology

Advances in mobile banking technology 

enables you to exercise social distancing 

(https://directorsblog.nih.gov/2020/03/19/

to-beat-covid-19-social-distancing-is-amust/) and conduct banking transactions 

at the same time. Banking technology 

and services provide the convenience of 

conducting banking transactions with 

your computer, smartphone, or mobile 

computer device. If you aren’t using these 

services, ask your bank if the following

are available to you and how you can 

activate them.

COVID-19 and Your Financial Health

Money Transfer Services:

Person-to-person payment services and 

mobile payment apps have become part 

of everyday life for many people. Payment 

services and apps let you send money to 

people without having to write a check, 

swipe a card, or hand them cash.

Online Bill Pay Services: 

These programs generally allow you to 

sign up on your bank’s website to receive 

bills electronically from companies you do 

business with. Then you can review the bill 

and pay it online. 

Depositing checks using Remote 

Deposit Capture: 

Many banks allow customers to use 

Remote Deposit Capture (RDC), which 

allows customers to take a picture of a 

check with their mobile device and deposit 

that check electronically without ever 

visiting a branch or using an ATM. 

You can find additional tips on mobile 

banking technology by visiting: 

https://www.fdic.gov/consumers/

consumer/news/october2019.html.

Safest Place to Keep Your Money

Some banks may have adjusted hours or 

services to observe Centers for Disease 

Control (CDC) guidance on social 

distancing, but that doesn’t change the fact 

that an FDIC-insured account remains the 

safest place for you to keep your money. 

The FDIC’s Electronic Deposit Insurance 

Estimator (EDIE) https://edie.fdic.gov/

calculator.html can help you determine 

deposit insurance coverage based on 

accounts you already have with a bank 

or accounts you are considering opening. 

Find additional help using EDIE at 

https://www.fdic.gov/deposit/deposits/.

PHOTO: GETTY IMAGES

Keep yourself and 

your money safe
For more help or information, go to www.fdic.gov or 

call the FDIC toll-free at 1-877-ASK-FDIC (1-877-275-3342). 

Please send your story ideas or comments to Consumer Affairs 

at consumeraffairsmailbox@fdic.gov

As a reminder, keeping large sums of 

cash in your home is not advisable 

because it puts these funds at risk of theft, 

fire, flood, loss, or damage. Also, because 

of the physical interaction and exchange 

of currency, paper money has the potential 

of harboring germs and bacteria, another 

drawback of storing large sums of cash 

in your home (see https://www.nih.

gov/news-events/news-releases/newcoronavirus-stable-hours-surfaces). 

Financial Difficulty Resulting from 

the Pandemic 

Areas across the United States are 

undergoing temporary closure of 

schools, businesses, and events in an 

effort to reduce the potential exposure to 

COVID-19. Albeit necessary to contain 

the spread of this pandemic, many may 

experience loss of income because of 

illness or impacts to their workplace. The 

FDIC is encouraging banks to work with 

their customers experiencing the impact of 

COVID-19 by, for example, allowing them 

to skip loan payments with no adverse 

consequences, extending loan terms, and 

restructuring loans. Contact your bank 

to discuss your options before skipping 

any payments or taking any other action 

contrary to the terms of your loan. 

• If you do not think you can pay your

loan payments on time, immediately

contact your bank. Paying your debts

late or not at all can result in penalties,

interest charges, and damage to your

credit score. Your bank is likely able

to work with you on a solution, but it

is important to contact them as soon

as possible and explain your situation.

• If you have additional concerns

or a complaint with your bank, be

proactive. First, contact the bank

directly. If that is not effective,

you may contact the appropriate

federal or state regulatory agency

for help or guidance, including

the FDIC at https://ask.fdic.gov/

fdicinformationandsupportcenter/s/.

COVID-19 Related Scams

Unfortunately, some people may take 

advantage of COVID-19 by using 

fraudulent websites, phone calls, emails, 

and text messages. While claiming to offer 

“help,” they may be trying to trick people 

into providing Social Security numbers, 

bank account numbers, and other valuable 

personal information. Do not divulge 

your bank or credit card numbers or any 

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. Learn more about how to 

protect yourself from these scams from the 

March 2020 edition of Consumer News: 

https://www.fdic.gov/consumers/

consumer/news/march2020.html. 

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. Read more about 

fake checks in the August 2019 edition 

of Consumer News: 

https://www.fdic.gov/consumers/

consumer/news/august2019.html. 

The Federal Trade Commission (FTC) 

has additional information on COVID-19 

scams at https://www.consumer.ftc.gov/

features/coronavirus-scams-what-ftcdoing. 

Additional Resources:

https://www.fdic.gov/coronavirus/faqcustomer.pdf

https://www.consumerfinance.gov/

coronavirus/

https://www.nih.gov/health-information/

coronavirus

https://www.cdc.gov/coronavirus/2019-

ncov/prepare/prevention.html

https://www.cdc.gov/coronavirus/

2019-nCoV/index.html