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Consumer Alert
FDIConnect.com should not be confused with Federal Deposit Insurance Corporation
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[05/29/2019] The Department of Business Oversight (DBO) has been notified of a website, FDIConnect.com, that advertises itself as a bank-deposit broker that can obtain higher interest rates on bank deposits for consumers. FDIConnect.com is not licensed as a bank and is not insured by the Federal Deposit Insurance Corporation (FDIC).  Further, FDIConnect.com should not be confused with FDICconnect.gov, the official FDIC channel for FDIC-insured institutions.  The DBO notes that the choice of lettering in the name of the business and its advertising could be confusing.

The DBO urges consumers to exercise caution before responding to any website seeking deposits or promoting savings accounts or other offers. To check whether a financial service provider is licensed in California, or to file a complaint, go to the DBO website at www.dbo.ca.gov or call 1-866-275-2677. [Source]

 

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FDIC Insurance Coverage

FDIC insurance covers all types of deposits received at an insured bank, including deposits in a checking account, negotiable order of withdrawal (NOW) account, savings account, money market deposit account (MMDA), time deposit such as a certificate of deposit (CD), or an official item issued by a bank, such as a cashier's check or money order.

FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are purchased at an insured bank.

Accounts will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category. 

For more information about FDIC insurance coverage, visit: www.fdic.gov/deposit/covered/

Use the FDIC's Electronic Deposit Insurance Estimator to calculate insurance coverage.

 

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