NEW YORK (AP) — One of the nation's bank regulators is urging Americans not to withdraw large sums of cash and to beware of fraudsters claiming that banks are limiting customers' access to their money.
The Federal Deposit Insurance Corporation issued a statement Wednesday warning about an increase in scams trying to sow distrust in the U.S. financial system while the nation is dealing with the fallout of the coronavirus pandemic.
Read the full statement below
The agency says it has seen an uptick in calls, text messages, letters and emails from scammers pretending to be FDIC employees and trying to gain access to bank account and other personal information.
The FDIC is encouraging financial institutions to work with affected customers and communities.
These efforts may include, but are not limited to:
- Waiving certain fees, such as: Automated teller machine (ATM) fees for customers and non-customers, Overdraft fees, Late payment fees on credit cards and other loans, and Early withdrawal penalties on time deposits
- Increasing ATM daily cash withdrawal limits
- Easing restrictions on cashing out-of-state and non-customer checks
- Increasing credit card limits for creditworthy borrowers
- Offering payment accommodations, such as allowing borrowers to defer or skip some payments or extending the payment due date, which would avoid delinquencies and negative credit bureau reporting
- Working with consumers who are temporarily unable to work due to temporary business closures, slowdowns, or sickness.
WFTS Digital Staff contributed to this report