The FDIC is now offering consumer tips online. In conjunction with National Consumer Protection Week and officially kicking off on Monday, March 8, the watchdog group is serving up both daily and weekly pointers to help folks of all ages exercise their consumer rights.What's the FDIC? The Federal Deposit Insurance Corporation was created by congress in 1933 to insure consumers' deposits at 8,012 banks. The FDIC was established to restore public confidence in the banking system, specifically after the stock market crash in 1929. The FDIC isn't funded by any tax dollars. Banks and insured financial institutions fund its operations completely.
The weekly content addition is called "Consumer Tip of the Week." The site's hot topics include loans, saving money, using FDIC to protect your money and avoiding financial fraud.
Here's a recent tip: "You can protect yourself against a variety of financial frauds and scams by being extremely skeptical of unsolicited offers that involve 'updating' or 'confirming' personal information or requirements that you send a payment or provide bank account information before receiving anything in return."
Sheila Bair, FDIC Chairman states, "Consumer education is already a big part of what the FDIC does to increase the public’s knowledge of financial issues. We believe this new service--delivering simple, practical tips on an ongoing basis over the Internet--will make it easier and more convenient for people to stay informed about issues that may affect their financial decisions.”
Click here for lowdown on the FDIC's "Consumer Tip of the Week."
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