How to Reclaim Funds From FDIC When an Insured Bank Closes

Member

By Julia Fuller
User-Submitted Article

Article Rating: (4 Ratings)

Is your money safe?

Did the televised lines of bank depositors trying to withdraw their money when the IndyMac bank failed, make you worry about the safety of your hard earned savings and retirement account? Have you heard that "The Federal Deposit Insurance Corporation (FDIC)" is going to reimburse up to $100,000 of each family's money 100 percent and may also provide 50 cents on a dollar beyond that $100,000? The FDIC was founded to maintain public confidence in nation’s financial system. The FDIC brags that since its inception in 1933 no depositor has lost a single cent of insured funds. So how does a depositor reclaim funds from FDIC when an insured bank closes?

How to Become Fiscally Fit
Fiscal fitness is vital at any time, but especially during periods of sluggish economic growth and inflati… More
How to Create a Snapshot of a Financial Situation
Knowing your financial situation by assessing your assets and liabilities helps to determine your future f… More
How to prevent major losses from a bank failure
The recent failure of IndyMac has shed new light on the need to make sure all of your deposits are FDIC in… More
How to Check for a Bank's Credit Rating
When a consumer looks to open a checking account, they don’t always think to look into the bank’s history.… More
How to Reclaim Funds From FDIC When an Insured Bank Closes
Did the televised lines of bank depositors trying to withdraw their money when the IndyMac bank failed, ma… More
How to Learn From the Bear Stearns Bailout
In spring, 2008, the Bush Administration directed the Federal Reserve to underwrite $30 billion dollars of… More
How to Make Sure Your Bank Deposits Are Insured
In this dwindling economy you need to protect your money. Simply putting your money in a bank is not enoug… More
How to Select a Bank
Choosing a bank can be a complicated process. You want to a select a trustworthy bank that will provide yo… More
How to Protect Your Money in Case of a Major Blackout
Major blackouts, such as the New York City blackout of 2003, can pose a special threat to banks and other … More
How to Know FDIC Rules
FDIC is an acronym for the Federal Deposit Insurance Corporation, which is an independent agency of the Un… More

Difficulty: Moderately Easy

Instructions

Things You'll Need:

Computer or telephone
FDIC insured bank
Savings, checking acct
IRA account

Step 1

Go to the website or call

Determine if your bank or financial institution is insured by the FDIC, Federal Deposit Insurance Corporation. You can do this by going to the following website http://www4.fdic.gov/IDASP/main_bankfind.asp and typing in your bank' s name and location. Or call Toll-free numbers:
• 877-ASKFDIC (877-275-3342)TDD: 800-925-4618 during hours of operation: 7:00 am - 8:00 pm ET Monday - Friday, and 9:00 am - 5:00 pm ET.
Step 2

Bank Statement of accounts

Find out if your type of deposit is insured. You can check by going to this website http://www.fdic.gov/deposit/investments/index.html or calling the number in step one. The FDIC insures the following types of accounts. They insure checking, savings, money market deposit accounts,
Certificates of Deposits CDs, and SavingsLink Accounts.
Step 3

Fill out the form

Fill out the "Customer Assistance form" located at the following website. https://www4.fdic.gov/STARSMAIL/index.asp
Step 4

Collect your lost money

Collect your money from the FDIC that was temporarily lost from your bank closing because a federal or state banking regulatory agency closed it down.
Step 5

Have account numbers, names of owners, and beneficiaries

Find out how much of your money is insured by the FDIC by going to this site. http://www4.fdic.gov/EDIE/ Be sure to have your account balances, names of account owners, and name of beneficiaries for your personal accounts. For business accounts have account balance, business name, and Employer Identification Number (EIN#).

Tips & Warnings

If you have more than $100,000 in savings put it in different banks, not different branches or different accounts at the same bank.
Only deposit money in banks insured by the FDIC.
Money in Stocks and Bonds, Annuities, and Mutual Funds may not be insured.
Deposits lost by fire or fraud are not insured.
Money in Teasury Bills and Life insurance policies may not be insured.

Resources