Quote:
Originally Posted by ADL Colin
If you look at the most recent bank failures though all the bank deposits (up to $100k ) were transferred to another institution immediately. Funds available that same week.
|
Example:
http://www.fdic.gov/bank/individual/failed/Hume.html
On March 7, 2008, Hume Bank, Hume, MO was closed by the Missouri Division of Finance and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
...
all insured deposit accounts have been transferred to Security Bank, Rich Hill, MO ("assuming institution") and will be available immediately. Your bank will re-open on Monday during regular business hours at the former Hume Bank main office and branch.
Principal and interest on insured accounts, through March 7, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts may be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.