FDIC Insurance may keep your deposit safe in bank failures.
You may know that deposits up to $100,000 were insured against loss by the FDIC in case of bank failure, and that Congress has upped that coverage to $250,000. Here’s a release from the FDIC detailing the increase (pdf).
But what if your bank has failed and you’re not sure who assumed control or where you money is?
Well, I just found this (somewhat) handy tool at the FDIC website called “Is My Account Fully Insured?”
The tool provides a means to verify whether their bank was FDIC before it failed. Just select your failed bank from the drop down list and hit submit. I said it’s “somewhat” useful because:
“This service will be available for use no later than the first business day after a bank failure and will remain posted for 30 days. After 30 days the data will be removed. This service is only available for banks that failed after July 1, 2008.”
But it still may be of use to you. Here’s some sample results:
For WAMU, Henderson, NV:
“The full balance of each of your deposit accounts has been transferred to JPMorgan Chase Bank, National Association, Columbus, Ohio. To inquire about your deposits accounts call JPMorgan Chase Bank at your local branch office.”
But for IndyMac Bank, F.S.B., Pasadena, CA:
“This tool will only display the status of your account at bank failure and remain posted for 30 days.
Your data has been removed.”
Not so useful, huh? Some banks give detailed info with phone numbers and contact info for a next step. I suppose it’s better than nothing?
Check it out for yourself.
Photo by cramsay23
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