CONTENT

  DEPARTMENTS



  DETAILS
Legend for Icons
 Article    Q&A

 Podcast  Video

 Blog  Discussions

PDF    Powerpoint
BankingQuestions.com Web

  Home >> Keeping Your Money Safe  
Bank Closed; Can't Pay Loan: What to do?

My bank was closed down. I can't make payments online. How do I handle this situation? I owe $1500.


If your bank was closed, most often another bank assumes the assets and liabilities of the institution, the FDIC does, or the FDIC liquidates the failed bank and you'd receive your insured deposits. Only the last option here would take more than a couple of days for you to have access to your money. You should be able to get a new internet banking account, a check, or a money order/cashier's check which could be mailed to your creditor.

If for some reason your funds are not available, send this information to your lender(s) and make arrangements on when you believe you will be able to repay them. Someone at the bank/FDIC should be able to give you a good idea as to when this would be.

Published on BankingQuestions.com 4/07/10