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Home >> Keeping Your Money Safe
Uninsured Deposits in 2008 Bank Closings
I just heard that Congress has increased deposit insurance coverage to $250,000, retroactive to January 1, 2008. I had uninsured deposits at IndyMac, which was closed. Will the retroactive coverage mean I may receive more of my funds back?
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 Congress included the retroactive increase in insurance limits for federally-insured banks and credit unions in the Dodd-Frank Wall Street Reform and Consumer Protection Act, which President Obama signed into law on July 21, 2010. The retroactive coverage affects uninsured depositors of these FDIC-member banks that failed between 1/1 and 10/3/2008:
- Hume Bank, Hume, MO
- ANB Financial, N.A., Bentonville, AR
- IndyMac Bank, FSB, Pasadena, CA
- First Priority Bank, Bradenton, FL
- The Columbian Bank and Trust Company, Topeka, KS
- Silver State Bank, Henderson, NV
According to the FDIC, checks for additional insurance coverage are being mailed July 22, 2010, and the number of uninsured depositors at the six failed institutions will drop from more than 10,000 to approximately 500. The law does not provide for the payment of interest on the amounts that depositors will recover.
If you have moved, you should contact the FDIC at once to notify it in writing (with your signature) of your current address: FDIC ATTN: Claims Department 1601 Bryan Street Dallas, TX 75201. For details on how the amounts of these additional insurance payments will be determined, read the FDIC's Q&A document.
Published on BankingQuestions.com 7/22/10
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