By federal law, as of January 1, 2013, funds in a noninterest-bearing transaction account will no longer receive unlimited deposit insurance coverage, but will be FDIC-insured to the legal maximum of $250,000 for each ownership category. For more information, click here to visit the FDIC website.
FEDERAL BENEFIT PAPER CHECK PAYMENTS CHANGE
By March 1, 2013, people receiving federal benefit payments by paper check must switch to one of the following electronic payment options - direct deposit to a bank account or to a Direct Express debit card. Click here for more information at the GoDirect website.
NEW RULES FOR PURCHASING SAVINGS BONDS
According to the U.S. Treasury, as of January 1, 2012, paper savings bonds will no longer be sold at financial institutions. After this date, savings bonds must be purchased electronically through TreasuryDirect. Those currently holding paper savings bonds can continue to redeem the paper bonds at financial; institutions.
EMAIL SCAMS ABOUT IRS TAX PAYMENTS
Consumers should be aware of a scam e-mail about an electronic federal tax payment the e-mail claims they tried to make or which specifies the Electronic Federal Tax Payment System (EFTPS). The e-mail states that tax payments made by the e-mail recipient have been rejected.