As coronavirus outbreak threatens economy, FDIC assures customers money is safe
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One of the nation's regulators responsible for protecting U.S. bank deposits assured Americans that their money is safe in federally insured banks, even as the coronavirus pandemic threatens to cause an economic catastrophe that rivals the 2008 financial crisis.
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The Federal Deposit Insurance Corporation (FDIC) issued a statement Wednesday reminding Americans that FDIC-insured banks remain the "safest place to keep their money."
"Since 1933, no depositor has ever lost a penny of FDIC-insured funds," the agency said its statement.
The agency also issued a warning about an increase in scams while the nation deals with the fallout of COVID-19, the disease caused by the novel coronavirus. The FDIC said it has seen an uptick in calls, text messages, letters and emails from scammers pretending to be agency representatives. The scammers often falsely claim that banks are limiting access to deposits, or that there are security issues with bank deposits.
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In addition, the scammers ask customers for personal information including bank account numbers, Social Security numbers, birthdays and other details that can be used to commit fraud.
Established in 1933 in response to the large number of bank failures during the Great Depression, the FDIC insures up to $250,000 per depositor at thousands of federally backed U.S. banks.