What happens to my box contents if a financial institution is closed and goes out of business?
If anything happened to cause a financial institution to close, the consumer's box contents would be safe and accessible. Historically, when this situation occurs, another financial institution would purchase the deposits, loans, assets, facility and all rented safe deposit boxes. These new owners will welcome the opportunity to provide financial services to all existing depositors and box renters. In the very rare instances when there are no buyers, the regulators will close the facility and immediately post a notice on the front door with a contact person's name and phone number. The renters can call this individual to set up an appointment to redeem their box contents. The regulators will never seize these safe deposit valuables.
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If anything happened to cause a financial institution to close, the consumer's box contents would be safe and accessible. Historically, when this situation occurs, another financial institution would purchase the deposits, loans, assets, facility and all rented safe deposit boxes. These new owners will welcome the opportunity to provide financial services to all existing depositors and box renters. In the very rare instances when there are no buyers, the regulators will close the facility and immediately post a notice on the front door with a contact person's name and phone number. The renters can call this individual to set up an appointment to redeem their box contents. The regulators will never seize these safe deposit valuables.
