Citibank has launched a new television advertising campaign stressing that the mutual funds it sells are not covered by federal deposit insurance.
The giant New York bank's commercials feature a shot of an ATM screen with the words "securities" and "not insured" prominently highlighted.
Since early this year, Citibank customers have been able to use ATMs to transfer money into and out of the bank's four Landmark money market funds.
Erasing Any Doubt
Banks have been under pressure from regulators and consumer groups to make double sure that consumers understand mutual funds aren't backed by the Federal Deposit Insurance Corp.
Maria Rullo, a Citibank spokeswoman, said the disclosures are consistent with the bank's basic approach to marketing securities.
Money Management Focus
"It's important our customers understand up front which of our accounts are covered by FDIC insurance and which are not."
The television ads, which recently began airing in the New York metropolitan area, are part of a campaign to draw attention to the bank's money management offerings.
The bank is also conducting a print campaign emphasizing the convenience of its consolidated statements, which now include information on securities and investments, as well as loans and deposits.