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- Debt Consolidation Services - If you have a large amount of credit card and other debts, now may be a good time to consolidate your debt and lower your payments.
- Debt Settlement Help - Are you finding yourself unable to meet your monthly budget because of too many credit card payments? Negotiating your debts may or may not be the right choice to get help with your financial situation. Compare programs designed for helping people with similar debt problems.
- Personal Loan Company - Shopping for a personal loan online? Need to consolidate debt, but do not want to put up collateral (such as your home or car) as security? These loans are typically referred to as unsecured or signature loans, because only your signature may be required.
FDIC Insurance: You've Got Questions, We've Got Answers
Most of the calls and letters the FDIC receives from consumers — about 60 percent of them — are from people asking about their insurance coverage. Here are answers to some common questions that could be on your mind, too.
What are the FDIC's procedures for protecting depositors if a bank fails?
Federal law requires the FDIC to pay the insured deposits "as soon as possible" after an insured bank fails. In practice, the FDIC has paid insured deposits within a few days after a bank closes, usually the next business day. "The FDIC places a very high importance on ensuring that customers have quick and easy access to their insured deposits immediately after a bank fails," said Kathleen Nagle, Chief of the Deposit Insurance Section in the FDIC's Division of Supervision and Consumer Protection.
Most of the time, the FDIC makes payment to depositors by providing them with a new account at another insured bank. If arrangements cannot be made with another institution, the FDIC issues a check to each depositor.
The FDIC also is required by law to pay 100 percent of the insured deposits, including principal and interest, up to the federal insurance limits. The basic insurance coverage is $100,000 per depositor. However, a customer may qualify for more than $100,000 if there are accounts in different "ownership categories." For example, your share of any joint accounts at a bank is insured up to $100,000 separately from accounts you hold in your name alone. Also, certain retirement deposits qualify for $250,000 in coverage, not $100,000.
If your bank fails and you have deposits over the limit, you may be able to recover some of your uninsured funds. The final payment is determined by how much the FDIC recovers in selling the failed bank's assets, in a process that can take several years. "But remember," Nagle said, "the overwhelming majority of customers are within the insurance limit, and all deposits under the limit are always paid quickly and in full."
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Fall 2007 |
What are the FDIC's procedures for protecting depositors if a bank fails? | |
FDIC Consumer News is published by the Federal Deposit Insurance Corporation
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Last updated on 11/08/2007