Comments on: What Happens When a Bank Goes Out of Business http://thefinancebuff.com/what-happens-when-bank-goes-out-of.html like a friend telling you about money ... Sun, 20 May 2012 11:06:24 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: louise http://thefinancebuff.com/what-happens-when-bank-goes-out-of.html#comment-3006 louise Wed, 09 Dec 2009 03:07:25 +0000 http://blog.thefinancebuff.com/?p=74#comment-3006 I have a problem. Need your input. Cal nat'l. bank in los angeles . I deposited $35,000. This bank cleared the check. Went to window to get out. Manager said will take 90 days for me to get out. I said no way! I called asst. to ceo/executive, downtown l.a., Erick, who said this is the way all banks work. I said no way. I told them that you cannot hold onto money. They finally gave in to giving me every friday for five weeks bits and pieces of my money back. Now , right before my cd ends and I collect interest, Erick the same asst. to the executive ceo; but this time it is to Mr. Davis , the new ceo of us bank. He does a dr. spin. In other words, he does not care nor will help customers. His boss , does not know. He tells me that you cannot get your interest on your cd because we are terminating all your accounts with our bank, including your cd ready to cash out. But the manager at the branch again does not want to go through (follow through) with the federal deposit insurance coverage (fdic). He told me that we couldn't hold onto you check this summer for ninety days but now we won't let you get your interest on your certificate of deposit. PLEASE HELP!!! Tell me what to do.......... The letter I received is a xerox copy of an emblem of cal nat'l. bank on the top with (no signature) and (no name typed in). But it says your accounts will be all closed Dec. 11, 2009. I have a problem. Need your input. Cal nat’l. bank in los angeles . I deposited $35,000. This bank cleared the check. Went to window to get out. Manager said will take 90 days for me to get out. I said no way! I called asst. to ceo/executive, downtown l.a., Erick, who said this is the way all banks work. I said no way. I told them that you cannot hold onto money. They finally gave in to giving me every friday for five weeks bits and pieces of my money back.
Now , right before my cd ends and I collect interest, Erick the same asst. to the executive ceo; but this time it is to Mr. Davis , the new ceo of us bank.
He does a dr. spin. In other words, he does not care nor will help customers. His boss , does not know. He tells me that you cannot get your interest on your cd because we are terminating all your accounts with our bank, including your cd ready to cash out. But the manager at the branch again does not want to go through (follow through) with the federal deposit insurance coverage (fdic). He told me that we couldn’t hold onto you check this summer for ninety days but now we won’t let you get your interest on your certificate of deposit.

PLEASE HELP!!! Tell me what to do………. The letter I received is a xerox copy of an emblem of cal nat’l. bank on the top with (no signature) and (no name typed in).
But it says your accounts will be all closed Dec. 11, 2009.

]]> By: tri tran http://thefinancebuff.com/what-happens-when-bank-goes-out-of.html#comment-925 tri tran Wed, 17 Sep 2008 19:25:40 +0000 http://blog.thefinancebuff.com/?p=74#comment-925 i use my interest to pay bills and if my bank bankrupt how can i con tinue to pay my billwith interest i use my interest to pay bills and if my bank bankrupt how can i con tinue to pay my billwith interest

]]> By: Kenneth Fink http://thefinancebuff.com/what-happens-when-bank-goes-out-of.html#comment-751 Kenneth Fink Tue, 29 Jul 2008 21:07:21 +0000 http://blog.thefinancebuff.com/?p=74#comment-751 thank you. I had been able to get answer from the FDIC or any bank I queried. Thanks. Ken Fink thank you. I had been able to get answer from the FDIC or any bank I queried. Thanks.

Ken Fink

]]> By: TFB http://thefinancebuff.com/what-happens-when-bank-goes-out-of.html#comment-749 TFB Tue, 29 Jul 2008 06:28:46 +0000 http://blog.thefinancebuff.com/?p=74#comment-749 The principal and accrued interest in your CD are insured up to the FDIC limit. The assuming bank has the option to hold you to the original rate and term OR cash you out (without penalty) and let you redeposit into their existing products or take your money elsewhere. It's their choice, not yours. The principal and accrued interest in your CD are insured up to the FDIC limit. The assuming bank has the option to hold you to the original rate and term OR cash you out (without penalty) and let you redeposit into their existing products or take your money elsewhere. It’s their choice, not yours.

]]> By: Kenneth Fink http://thefinancebuff.com/what-happens-when-bank-goes-out-of.html#comment-747 Kenneth Fink Mon, 28 Jul 2008 15:17:37 +0000 http://blog.thefinancebuff.com/?p=74#comment-747 what happens to your CD at an FDIC insured bank that fails? Is you CD principal returned? What about the interest? Do you have to pay penalties if they are paying you off early because of the failure (rather than your own request to get out of the CD early) or does the new bank honor the interest rate in the CD contract that you signed with the failing bank? what happens to your CD at an FDIC insured bank that fails? Is you CD principal returned? What about the interest? Do you have to pay penalties if they are paying you off early because of the failure (rather than your own request to get out of the CD early) or does the new bank honor the interest rate in the CD contract that you signed with the failing bank?

]]> By: Allan http://thefinancebuff.com/what-happens-when-bank-goes-out-of.html#comment-128 Allan Wed, 02 May 2007 16:00:00 +0000 http://blog.thefinancebuff.com/?p=74#comment-128 Awesome information! I've always wondered what would happen to a bank who bailed out. I was thinking, "Does the FDIC have enough money to insure that many people?" But I guess most of the time, it deals with other banks buying the deposits of the failed bank instead of just paying out the deposits to the account holders.<br/><br/>Allan<br/><a HREF="http://www.bankblog.info" REL="nofollow">The Information Bank</a> Awesome information! I’ve always wondered what would happen to a bank who bailed out. I was thinking, “Does the FDIC have enough money to insure that many people?” But I guess most of the time, it deals with other banks buying the deposits of the failed bank instead of just paying out the deposits to the account holders.

Allan
The Information Bank

]]> By: William http://thefinancebuff.com/what-happens-when-bank-goes-out-of.html#comment-71 William Mon, 19 Feb 2007 17:40:00 +0000 http://blog.thefinancebuff.com/?p=74#comment-71 Great post. As I noted in the Carnival of Personal Finance, I have started a Financial Education web site. If you would be interested in contributing some articles, shoot me an e-mail.<br/><br/>Bill Trent<br/>Stock Market Beat Great post. As I noted in the Carnival of Personal Finance, I have started a Financial Education web site. If you would be interested in contributing some articles, shoot me an e-mail.

Bill Trent
Stock Market Beat

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