“Consumers today have a variety of options for where they can put their money. Evidence suggests many people may be confused whether their funds are protected by deposit insurance,” said FDIC Chairman Martin J. Gruenberg. “In light of concerns raised by the bank failures earlier this year, this is an important moment for the FDIC to reach out to the public and ensure that more consumers understand deposit insurance and how it protects their money.”
Following three regional bank failures earlier this year, a Gallup poll found nearly half of Americans surveyed are worried about the safety of their money deposited into banks and other financial institutions. This uncertainty also suggests a significant percentage of those surveyed are unaware money deposited into an FDIC-insured bank is protected up to at least $250,000. More than 99 percent of deposit accounts in the U.S. today are under this deposit insurance coverage limit and are fully protected by the FDIC. Since the FDIC’s creation 90 years ago, no depositor has lost a penny of their insured deposits.
The FDIC has also observed an increasing number of instances online where firms or individuals have misused the FDIC’s name or logo, or have made false or misleading representations about deposit insurance, raising confusion among consumers about the insurability of nonbanks and crypto-assets. To determine if an institution is FDIC-insured, you can ask a representative of the institution, look for the FDIC sign at the institution, or use the FDIC’s BankFind tool. Learn more about FDIC deposit insurance and which financial products are covered.
The FDIC’s public awareness campaign features a piggy bank, which is commonly associated with money and personal savings, placed in potentially risky situations. Recognizing that many Americans may be putting their money at risk, the advertisements emphasize, “Know Your Risk. Protect Your Money.” The campaign consists of digital display ads, including web banners, as well as search engine marketing and sponsored social media that connect consumers to deposit insurance information and resources on the FDIC’s website in English and Spanish. The digital campaign will run through November and will resume in January 2024 with the start of traditional tax filing season and when many consumers receive refund payments.
For more information or to access campaign resources and toolkits, please visit FDIC.gov/news/campaigns/know-your-risk and follow on social media at #IsYourMoneyInsured.
MEDIA CONTACT:
Julianne Breitbeil
202-340-2043
JBreitbeil@FDIC.gov
FDIC: PR-83-2023
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