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selfdestruct2 (37.47)

Getting scared ?

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October 16, 2011 – Comments (3)

I'm famous for "stating the obvious", so here goes. Certain banks have closed and there's been talk that more closings are on the way. I'm assuming that once a bank closes its doors for good, all of said bank's safe-deposit boxes are no longer safe or accessible.  ???

3 Comments – Post Your Own

#1) On October 16, 2011 at 6:39 PM, catoismymotor (34.17) wrote:

When Bank A closes it is run by the FDIC until it can be handed over to healthy Bank B. You'll still have access to your box at your location. You may have a limited window of time in which to remove your items to move them to a new bank if Bank A's location is not viable by Bank B. If you veg-out, can't get out of prison in time or get stuck at a Hindi wedding your box will be emptied and your contents held at a secure site for so many days until you can make arrangements to pick up the contents. Should the window of time close you forfeit your rights to your former goodies. Your ex-items will end up being sold at a semi-annual auction along with exotic cars and fur coats seized by the DEA.

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#2) On October 16, 2011 at 6:56 PM, TheDumbMoney (42.33) wrote:

Here is a list of all failed banks boing back to 2000.  It is very common.  http://www.fdic.gov/bank/individual/failed/banklist.html

Cato pretty much has it right.  The only way you lost anything in a safety deposit box is if you veg out.  The closed bank is usually sold to another bank or to a group of investors by the FDIC, and often the FDIC utilizes a statute called to FIRREA to extinguish many of the non-depository liabilities (lawsuits, bond debt, etc.) of the old bank before it is sold.  The whole point of the FDIC system is that the deposits and safety deposit boxes of consumers remains safe.  The FDIC deposit insurance used to be aroun $100,000 I think, and I think it is now $250,000 per individual.

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#3) On October 16, 2011 at 9:03 PM, selfdestruct2 (37.47) wrote:

ty

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