U.S.: What to do When Your Bank Closes
August 2, 2008
Friday has come and gone. In quiet style, another U.S. bank has been closed by the FDIC: First Priority Bank of Bradenton, Florida. The appearance of reality is that a number of banks will fail in the short-term without warning. What do you do when your bank is closed by the FDIC? Don’t panic by storming the doors. Assuming that you follow the $100,000 account rule, Uncle Sam has you covered. The FDIC has provisions to make your life much simpler without losing your cool.
In the case of First Priority Bank, all non-brokered deposits (more details) have been transferred to SunTrust Bank. The bank will re-open on Monday during regular business hours at the former First Priority Bank main office and branch locations and money usage is uninterrupted. The change is designed to be transparent and you maintain the right to withdraw your money based on available funds during any business day. After all, the FDIC doesn’t want a loss of confidence on their hands. You are well covered.
The first best thing to do is the visit the FDIC website. You will find a press release about any closed banks on the front page of the FDIC website near the top. On the press release, you will find a link that will allow you to verify the insurance status of each of your accounts. This link will be available for use no later than the first business day after bank failure.
There is a linked list of any affidavits, forms and any declarations that may relate to your bank closing along with complete instructions, assuming that you need them. In a pinch, you can call the FDIC Call Center at 800-837-0215 during posted hours, which are generally quite generous.
That is all there is to the initial process. In the case of First Priority Bank, insured funds are now in the receivership of SunTrust Bank. You aren’t required to do a thing to protect your insured money. Of course, proper money management considering insurance coverage limits is always your best protection. Avoiding brokered accounts is probably good medicine as well during these troubled times to avoid needless complexity.
Buck up soldier. Unless you are a careless millionaire, you are probably well taken care of right now. But how many millionaires have bundles sitting in a bank at low or no interest? Mr. Joe Average is well protected for checking and savings. Having a fit, should you choose to have one, ought to be reserved for more serious economic situations. ~ E. Manning
check out “What Bank Fraud Means to Depositors”
New Article: Starting August 9, find out about insurance coverage over $100K limits.
check out “Insurance Over $100K FDIC Coverage? Yes!”
Lots more banks will fail before this is over!
Just the beginning.
Current Administration and Congress corrupt to the bone. Bank failures evidence of completely inept
government policy and oversight, not to mention massive greed on the part of lenders and many buyers
that were generating fiction while filling out their
loan appliations. Shame on everyone.
Infrastructure crumbling, US influence and dollar collapsing, waging two wars it can’t win and always talking about waging one with Iran it couldn’t win.
The banks will fail and you will need id theft protection so get yours like I got mine here:
==> http://www.lockdownmyid.com
Then, convert all your cash to tangible sellable items you can ither sell or trade with.
Stock up on cmapbells chunky soups and dry rice, water, toilet paper etc…
$100,000 insurance is a joke. It is not enough. Especially when you are practically forced to keep your money in a bank.
This is akin to having a serial killer with bodies buried under the floor telling you…ignore that strong smell coming from under the rugs “just trust me”
Funny how banks fail will all the ridiculous fees they charge
It’s the kikes, stupid!
We are all complaining, but what proactive moves are we making? Are we emailing or Senators and Representatives? Are we signing petitions. If we don’t want to lose our freedoms, we best get busy!
the jewish bankster is laughing all the way to the bank,er federal reserve.
I find all these headaches from FDIC closing banks not necessary at all. I spend all of my money when I get my paycheck. Keeping my $ in bank and it earn less interest than the inflation takes away. I will loss a lot less money in the long run by spending now. Money in the bank worth less in the future than spending it right now. Tell me that ain’t the truth.
I am going out right now to buy that 56″ plasma tv I always wanted.
[...] institution, including savings, checking, certificates of deposit and money market accounts. This assumes that your accounts are non-brokered. When you register with the bank directly, make sure that your deposits are non-brokered and will [...]
Actually Mr. Bigg, you are wrong. Considering your logic , the rate at which these products (like a 56 plasma) depreciates is more of a liability than the lost value of your money being stored in a bank, taking into account inflation. Therefore you are losing money by not saving and purchasing now, as opposed to saving and purchasing later. You should contact a financial advisor, and then read this book, http://www.readtheanswer.com/index.php?RTA=web2
Unlike a normal business, we as clients have little or no knowledge of the current status or potential failure of these institutions. Insuring our funds leaves little security.
Most of us spend our valuable time trying to create money, now we’re having to dedicate some of this time to saving our own. There is only so many hours in a day.
Please posters, stop complaining about banks….you can’t trust them so put your money in cash, coins, metals or any capital item that you can get cash quickly. If you trust banks or FDIC, you deserve whatever happens. Remember, FDIC insures up to 100K IF YOU CAN GET IT…..I went through this in 1980’s when the S&L’s failed and had misery trying to get my insured money out.
Trust banks or the government and you will lose….look who’s running for president….would you give them your money ??????
All is well until the FDIC has money left, then what? keep printing it, I guess.
Ron Paul and Paris Hilton for 2008; statesmen, not politicians.
13 Knot Hemp Neckties for the traitorous politicians, revenuers, IRS; don’t forget the criminal corporate US government that is foreign.
Expatriate with your statements at your nearest embassy. Keep your USA Citizenship and drop that foreign US citizenship. It might be pretty cool as if the IRS will stop their BS with me.
RN stepping back into my enjoyable reading and studies. Banner Desert Hospital in Mesa Arizona would not let me volunteer and work for free as a nurse unless I provided a hard copy SS# and filed a W-4; all after they said I had the job as a telemetry nurse.
Unemployed RN Tom