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I see you
Join Date: Nov 2002
Location: NJ
Posts: 29,964
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What happens when a bank fails?
I know FDIC insures our savings up to a limit. The limit is way over what I have in savings,but BAC is at a share price of 3.6 down from last years high of about 43.
If it were to fail do I remain liquid throughtout the process? What happens to my mortgage that is held by BAC? Any insight is appreciated.
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Si non potes inimicum tuum vincere, habeas eum amicum and ride a big blue trike. "'Bipartisan' usually means that a larger-than-usual deception is being carried out." |
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02-20-2009, 12:05 PM
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Stahlwerks.com
Join Date: Dec 2001
Location: Columbia, SC
Posts: 4,301
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My mortgage is currently held by the FDIC. All the finance guys I have talked to say just sit until they sell it to someone. Till then, I just keep making payments to the FDIC.
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John Helgesen Stahlwerks.com restoration and cage design "Honest men know that revenge does not taste sweet" |
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02-20-2009, 12:30 PM
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Registered
Join Date: Dec 2002
Location: Worcester County, MA
Posts: 853
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02-20-2009, 12:33 PM
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Registered
Join Date: Oct 2006
Location: Colorado, USA
Posts: 8,279
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This has been discussed in other threads, but you are fine.
You remain liable for your mortgage, of course. Your obligation is not affected by the solvency of the bank. Your money is FDIC insured, and the FDIC is actually fairly well organized when they go in and take over. After a few days, they will be at your branch, ready to had you a check. |
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02-20-2009, 12:52 PM
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I see you
Join Date: Nov 2002
Location: NJ
Posts: 29,964
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OK thanks guys.
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Si non potes inimicum tuum vincere, habeas eum amicum and ride a big blue trike. "'Bipartisan' usually means that a larger-than-usual deception is being carried out." |
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02-20-2009, 12:54 PM
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Seldom Seen Member
Join Date: Jan 2003
Location: California
Posts: 3,584
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A bank that I use for business accounts "failed" last week. Another bank bought its assets, the FDIC covered the deposits and it is business as usual, unless you were a creditor or shareholder.
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Why do things that happen to white trash always happen to me? Got nachos? |
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02-20-2009, 01:09 PM
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