It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(f) PAYMENT OF INSURED DEPOSITS.-- (1) IN GENERAL.--In case of the liquidation of, or other closing or winding up of the affairs of, any insured depository institution, payment of the insured deposits in such institution shall be made by the Corporation as soon as possible, subject to the provisions of subsection (g), either by cash or by making available to each depositor a transferred deposit in a new insured depository institution in the same community or in another insured depository institution in an amount equal to the insured deposit of such depositor.
Thank you for contacting the Federal Deposit Insurance Corporation (FDIC).
Your email was received by the FDIC on May 6, 2008. The FDIC's Division of Supervision and Consumer Protection will respond to your complaint or inquiry in accordance with the following schedule:
• If the FDIC does not need to contact an FDIC-supervised bank for information to respond adequately
to your question or concern, you may expect to receive a response from the FDIC within 15 calendar
• If the FDIC needs to contact an FDIC-supervised bank for information, you may expect to receive a
response from the FDIC within 60 calendar days.
The FDIC supervises state-chartered banks that are not members of the Federal Reserve System. Questions or concerns about a financial institution that is not supervised by the FDIC, such as a bank with the words "National" or "Federal" in its name, will be forwarded to the appropriate federal regulatory agency for response. We will also provide you with contact information for that agency.
As part of its supervisory responsibility, the FDIC assists consumers with complaints by informing them of their rights under federal consumer protection laws and by reviewing the bank's actions to assess whether the bank has complied with such laws. The FDIC's authority to act on your behalf is limited to the enforcement of federal banking laws and regulations for banks supervised by the FDIC. The FDIC is not authorized to intervene when the matter involves a factual disagreement with the bank and no clarifying documentation is available, or if the matter is or has been the subject of litigation.
If you have submitted a complaint regarding an FDIC-supervised bank, your complaint may be forwarded to the bank for additional information. It is FDIC policy to fully review the available information after receiving the bank's response. While we conduct our review, you are free to try to resolve this matter by other means available to you. If you have additional questions or information concerning your complaint, you may contact the FDIC at the address provided below.
Federal Deposit Insurance Corporation
Division of Supervision and Consumer Protection
Consumer Response Center
2345 Grand Boulevard, Suite 100
Kansas City, MO 64108
Thank you for bringing this matter to our attention.
Originally posted by CPYKOmega
This is one of the many reasons I do not trust banks. An easy solution to this is get a safe. Find a safe location for your safe and put all your money in it. Having money in a bank nowadays is a big risk. I would rather have MY money in a safe place.
Originally posted by Rockpuck
reply to post by Dave Rabbit
Also the time frame that I have always heard was 1-6 weeks to get your funds, I will ask around the office to see if anyone knows an exact time frame.
Originally posted by Uphill
reply to post by Dave Rabbit
Dave, when you track down any official government documents, can you add those to the FOIA area of ATS, if they were obtained via FOIA requests? ...Although I don't know if the FOIA route would actually be successful; maybe only the whistleblowers will talk.
Thanks for this very thought-provoking discussion.
Countrywide agreed to sell itself in January after the largest U.S. mortgage lender couldn't overcome record losses and a cash shortage. Bank of America, the second-biggest U.S. bank by assets, said yesterday that the takeover is proceeding as planned.
Originally posted by jefwane
Countrywide hasn't failed yet (YET being operative word). There was some news on the wire this week that Bank of America might not honor Countrywides debt. Also there have been some analysts saying that BoA is going to have to renegotiate or walk away from that merger deal.
There was however a bank failure yesterday. I heard a rumor in one of the trading boards I frequent that FDIC was going to have 2 bank failures over Mother's Day weekend. The bank that failed was in Bentonville(home of China-Mart) Arkansas. Here is the link to the FDIC press release.
You may find one of there customers and find out how quick they were able to get there insured amount.