As the official receiver of failed banks, the FDIC provides the public with information about which banks have failed by publishing an online list. The FDIC failed bank list includes the name of the bank, location, certification number and name of the bank that purchased the failed bank.Continue Reading
The FDIC typically notifies customers of a failed bank only after the agency has taken control over the bank and is appointed conservator. The FDIC acts quickly to sell bank assets, which allows bank customers to continue normal banking activities, including using the same bank-issued cards and checks. In cases in which the FDIC is not able to find a buyer, it sends each depositor a check to cover the amount of money in the account. This action is taken in accordance with banking laws, which insures depositors for amounts of up to $250,000. If there are uninsured deposits involved, the agency does its best to recover monies, though this process may take years.
The FDIC monitors banks closely and often knows in advance when one is about to fail. The agency typically closes and reopens a failed bank within a few days. In its role as bank watchdog, the FDIC oversees thousands of banks in the United States and trillions of dollars in monetary assets.Learn more about Banks