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Need Release of Insurance Policy from Closed Bank
I have an insurance policy that was collateral for a loan. The loan was paid off at least fifteen years ago. I discovered that the bank did not update their records, and they are now closed. The insurance company cannot release my insurance unless a member of the Board of Directors who formerly worked at the bank will say that the loan has been paid off. I dont know how to contact them. Can you help me?
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 Retrace the steps that got you here. If you know the successor bank, contact them. They may have the records, but that is iffy. You may be able to provide your insurance company with a letter from the successor bank that they bought the assets and liabilities of the XYZ Bank, and they have no record of the debt, therefore you have no debt secured by that policy.
If you don't know the successor bank, you may be able to ask another bank who bought them out, or the banks regulator. If they were a national bank the OCC would be the agency to go to, otherwise, go to the FDIC. If this was a large bank, getting a director to give you this statement is almost a lost cause. You didn't say how long ago the bank changed or if it was acquired or closed. Closures are not common, so we hope the new bank will help you out.
Published on BankingQuestions.com 11/06/08
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