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FDIC Consumer News - Fall 2001
Special Report on FDIC Insurance
7. Sorry, that is incorrect.
The correct answer is "True."
If your bank fails and you have funds exceeding the $100,000 insurance limit,
the FDIC will start by giving
you a document called a "receivership certificate" indicating the amount of your
uninsured deposits.
Then, depending on various factors—including the cost of the bank failure minus
how much the FDIC
recovers liquidating your bank's assets—you still can recover some or, in rare
circumstances, all of your
uninsured funds. The liquidation process can take several years, so it's
important for uninsured
depositors to make sure the FDIC has your correct address.
See
full story...
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