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Bank Failed

August 16th, 2009 at 06:05 pm

My beloved bank died Friday.
Only had 2 credit cards and one brokerage account tied to checking so the transition to a new bank shouldn't be too overwhelming.

The account paid 4% interest monthly, so there had been no need for a separate savings account. I've been researching rates and am leaning toward opening a savings account at Discover, which is paying 2% now. Same rate as what they are offering on a one-year CD, but without tying up the funds for a year. Can't find anything better so far.

I feel sad for the employees; they were always friendly and helpful, and knew us all by name.

3 Responses to “Bank Failed”

  1. baselle Says:

    Is your bank being assumed by another bank, or is it the one that's being taken over by the FDIC itself? - Its kind of scary - the Community Bank of Nevada is being assumed by FDIC itself, something that I rarely see.

  2. Lylic Says:

    CBoN was my bank. Offered to 166 buyers, but no takers.

  3. scfr Says:

    Do you have another account elsewhere, or was CBoN your only bank?

    Many of us will be interested in hearing how things go, specifically how long it takes to get your $$ from the FDIC.

    Lots of us have been through bank failures where the bank was taken over by another bank (Wachovia & WaMu for example ... I had accounts at both) but this is the first time I've read of an SA blogger whose bank was taken over by the FDIC.

    I hope all goes very smoothly ... Fortunately the FDIC spent quite a bit of time training & hiring extra people for these scenarios.

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