Photo by Matthew Bisanz

Is Your Money Safe? FDIC Raises Awareness About Deposit Insurance

The Federal Deposit Insurance Corporation (FDIC) is launching an awareness campaign to increase the public’s knowledge about the significant protections offered by deposit insurance.

“Know Your Risk. Protect Your Money” is intended to inform and engage those who lack confidence in the U.S. banking system, or use alternative banking services or products that may appear to be FDIC-insured but are not.

According to FDIC Chairman Martin J. Greenberg, “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.”

Americans are Worried

A Gallup poll following three regional bank failures found that roughly 50 percent of Americans were concerned with the safety of their deposits at 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,” according to a FDIC statement.

“More than 99% of deposit accounts in the U.S. today are under this deposit insurance coverage limit and are fully protected by the FDIC.”

Clearing Up Confusion

The FDIC has been facing issues of the misuse and misleading representations of their name and/or logo. Deposit insurance has also been facing this issue, raising confusion among the public about the accountability of non banks 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 logo used for this campaign is a piggy bank which is placed in an obviously risky situation, representing the many Americans that are putting their money at risk. The advertisements state, “Know  Your Risk. Protect Your Money” to further push this message.

The digital campaign will run through November and will resume in January 2024 for tax season.