Assuming that your bank is FDIC insured and your account totals no more than $250,000, you'd either be able to continue using your account, if the bank is sold or put into a conservatorship, or the FDIC would pay you for the account balance very quickly after the closing of the bank, if the bank is not able to be sold or kept operating. There are a number of questions and answers about FDIC insurance coverage on our Keeping Your Money Safe page.
Note: This page has been updated to reflect the temporary increase in deposit insurance limits. The "standard maximum deposit insurance amount" on FDIC and NCUSIF deposit coverage was increased to $250,000 beginning on 10/3/08, and the increase was made permanent on 7/21/10.
Published on BankingQuestions.com 9/24/08; updated 6/16/09 and 7/21/10.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Assuming that your bank is 