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Unclaimed funds
June 14, 2005 12:33 PM EST | Consumer Info | Email to Friend | Comments (0)
The Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to financial institutions and depositors of these institutions. If a financial institution is closed, by a regulatory agency, the FDIC is appointed as Receiver and is responsible for the payment of insured deposits and the liquidation of the remaining assets. If you did not claim your funds previously you now have another opportunity to do so. Review the "How to claim your funds" section below and complete the attached form.
Why does FDIC have unclaimed funds?
When a failed financial institution (bank or savings and loan) with federal deposit insurance is liquidated, the FDIC resolution division is responsible for paying:
- Unclaimed insured deposits up to $100,000
- Dividends declared on excess deposits over the $100,000 insured amount
- Dividends declared on general creditor claims
- Funds distributed to the shareholders of the failed institution
- The insured deposit is never claimed from the assuming financial institution
- The dividend check on the excess deposit amount is not cashed
- The dividend check on the general creditor claim is not cashed
- The check to the shareholder is not cashed
- A valid address is not on file and the dividend check has been returned to the FDIC
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