Federal Deposit Insurance Corporation

[c w d]

I was looking for information pertaining to the rules under which a depositor can collect the contents of an account and how long the FDIC can take to pay a depositor. I found a nice pdf pamphlet, ironically, last updated in 2007 with a nice psychologically soothing blue color. I'm surprised it didn't have "DON'T PANIC" written on the cover in large friendly letters.

Anyway, from the little information the pamphlet provided it states that the FDIC must pay "as soon as possible" but, that in most cases it can take a few days. "As soon as possible" - I guess that means they can take as long as they want or need.

http://www.FDIC.gov/deposit/deposits/insured/yid.pdf

 

[Rufus]

I'm surprised it didn't have "DON'T PANIC" written on the cover in large friendly letters.

If it did, it might supplant "the great Encyclopedia Galactica as the standard repository of all knowledge and wisdom".

Nice reference to the works of Douglas Adams.

 

[Hamlet]

Soon the Emergency Broadcast System will be sending out this message, followed by where you are to report for your bread bowl.

http://www.youtube.com/watch?v=BaJSm7R6LiM

 

[Mztk1]

I printed it and wrapped it in my towel.

 

[Terrel L. Shields]

I believe that they will give you a check for under $100,000 within days. If over $100,000...figure 60 days or so I have heard. BTW, I understand that most IndyMac customers who had over $100,000 will get 50% back..no more. If you had an IRA over $250,000 ditto.
I cannot imagine anyone with over $100,000 in ANY one account would not get it to heck out of it NOW. ANY BANK, not just INDY BANK...BTW, anyone heard from Brad Ellis....he went down with the ship. I feel kinda bad for him.

 

[SANDY]

Does anyone know if you are really safe if you have more than $100k, but have it titled in different names on different accounts? Is it really safe then?

 

[Don Clark]

Having been the victim of bank card theft I can state that the money was returned to my account in about 3 days. Someone used my bank card number to buy electronic equipment in Japan. I have not been to Japan since the 1960's so it was not me. Bank was very helpful, cancelled that card, issued a new one in about 30 minutes, and money was in the bank in 3 days.

My wife had her check book stolen about 30 years ago. Bank called while a person who looked nothing like my wife tried to cash a check at the drive through. Cops were there before we could get there. Money was immediately put back into the account. The FDIC is as good as it gets.

 

[Greg Bell]

I was looking for information pertaining to the rules under which a depositor can collect the contents of an account and how long the FDIC can take to pay a depositor. I found a nice pdf pamphlet, ironically, last updated in 2007 with a nice psychologically soothing blue color. I'm surprised it didn't have "DON'T PANIC" written on the cover in large friendly letters.

Anyway, from the little information the pamphlet provided it states that the FDIC must pay "as soon as possible" but, that in most cases it can take a few days. "As soon as possible" - I guess that means they can take as long as they want or need.

http://www.FDIC.gov/deposit/deposits/insured/yid.pdf

Yes , I have stated on this forum that there is not a TIME FRAME to pay you back after the Bank goes belly up.When the FDIC runs out of cash you will get an IOU redeemable whenever they say so.Quick , Buy some beans and ammo..Also do not leave your cash in a Bank.Is it worth interest that does not keep up with inflation???

 

[Greg Bell]

P.S The FDIC has a whopping 58 Billion in it's account.How long do you think that will last???

 

[Mr Rex]

I hear the US mint is hiring printing press operators and adding a 2nd and 3rd shift.