What to do if my bank is on a problem list?
atomic_daredevil asked:
The bank I currently do my checking at is on a problem list. What happens to my money if the federal reserve closes it down? Should I take my money out now? Also my mortgage is with this bank what happens to it?
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The bank I currently do my checking at is on a problem list. What happens to my money if the federal reserve closes it down? Should I take my money out now? Also my mortgage is with this bank what happens to it?
July 18th, 2010 at 6:57 pm
DON’T PANIC
Your money is safe if you don’t exceed FDIC limits (something like $250,000).
If the FDIC or OTC closes your bank on Friday, it will reopen on Monday. Your account numbers, passwords, credit cards, ATM and debit cards, and checks will still work. Gaytheist Buddha
July 18th, 2010 at 7:20 pm
1) unless you have more than $250,000 with this bank (highly doubtful) your money is insured by the FDIC.
2) Your mortgage would be sold off to a new lender.
3) If my bank was on the list, I would be opening up a new account. Ryan M
July 21st, 2010 at 8:55 pm
My opinion, never borrow from the same place you store. If you get behind sometimes they have the right to freeze your account until you pay. Not always, but it can be in the fine print of the personal guarantee (the Note)
So yes I would move my checking account but not worry about the mortgage, just keep paying so you don’t get foreclosed on. If the bank goes under some other bank will probably buy your mortgage. marla