Banks Under Fire by the FDIC

More than a 100 complaints from depositors have flooded the offices of the Federal Deposit Insurance Corporation (FDIC) as callers protest being charged for fees issued by banks. The banks are charging customers alleged “FDIC fees” for deposit insurance assessments. According to the Credit Union Times, the FDIC has fired back against the banks by issuing a letter warning them against charging their customers such fees.

The letter stated that insured depository institutions are allowed to seek compensation from customers by charging a fee. Yet, specifically designating the fee for deposit insurance, or stating or implying that the FDIC is responsible for the fee, is adamantly discouraged by the FDIC.

Avoid the hassles of banking institutions, extra and hidden fees and misleading information by joining a federal credit union. This will ensure that you are a member, rather than just another customer.

Contact Us

For more information about joining a credit union, contact the Harlingen branch of Valley Federal Credit Union at (956) 425-5668 or the Brownsville branch at (956) 546-3108.