WASHINGTON – The Federal Deposit Insurance Corp. last week released some tips on how to choose and manage a checking or savings account.
The federally owned agency provided the following advice:
Choosing and using the right bank account: The FDIC encourages customers to think about how they want to handle their money on a daily basis and what they consider to be their longer-term financial goals before deciding on a particular bank account. “Consumers may want to reflect on how they pay for purchases and how often they make deposits. Comparison shopping can save consumers money because fees and interest rates will vary from institution to institution,” the group advises.
Precautions to take when depositing a check with your smartphone or tablet: With an ever-increasing number of customers who use "remote deposit capture,” the FDIC urges customers “to understand a bank's RDC policies and fees, monitor a bank account to confirm when funds from deposited checks will be available, and take other steps to avoid potential problems.”
When small charges can signal a big crime: As consumers are less likely to be suspicious of small charges, including those less than a dollar, thieves who fraudulently create counterfeit cards might conduct small transactions as a test to see if the purchases go through and are unnoticed by the true account holders ... before they start conducting big transactions. The FDIC urges customers to look out for unknown or suspicious small charges.
How to prepare financially for a disaster: The FDIC recommends having a disaster plan that includes “periodically reviewing property insurance coverage, building and maintaining an emergency savings fund, setting up direct deposit of paychecks or government benefits, and gathering and protecting important financial documents.”
The full report can be found on FDIC Consumer News fdic.gov.
