2020-11-esp.pdf

The Federal Deposit Insurance Corporation (FDIC) insures deposits in banks up to $250,000 per account owner per insured bank. Banks that are FDIC-insured must indicate this in their advertisements and at their branches.

Some banks, known as "traditional" banks, have physical locations where customers can visit to conduct transactions. These banks may offer services such as postal money orders, notary public documents, and safe deposit boxes, among others.

Other banks are based online and do not have physical locations, but may still provide mobile banking options.

Fintech companies offer various financial products and services, including deposit accounts that may be FDIC-insured or not. It is essential for consumers to understand the differences between traditional bank deposits and fintech offerings.

Consumers with deposits in FDIC-insured banks benefit from coverage under the FDIC's deposit insurance program. Before opening an account at a bank, it is crucial to verify that the bank is legitimate and not a fraudulent website created by criminals to attract people into transferring money or revealing personal information for use in identity theft.

The FDIC offers BankFind, which allows consumers to confirm whether a bank is insured by the agency.