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.
Bank Failed
August 16th, 2009 at 06:05 pm
August 17th, 2009 at 12:42 am 1250469731
August 17th, 2009 at 01:09 am 1250471370
August 17th, 2009 at 12:51 pm 1250513478
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.
August 28th, 2018 at 11:30 am 1535455847