Unclaimed Accounts, CDs and IRAs at Closed Banks and Failed Credit Unions
The federal government, under the terms of the Financial Institutions Reform Recovery & Enforcement Act of 1989 (FIRREA), administers insurance funds responsible for protecting depositors from losses when banks fail.
► There has been at least one bank failure every year since 1934. More than 1,400 banks and 700 savings institutions closed between 1982 and 1992 alone, and over four hundred banks have failed during the current economic crisis including the largest ever, Washington Mutual (WaMu), with $182 billion in deposits.
Did you have an account at a closed bank or credit union? Don’t assume that because your bank, savings and loan or credit union no longer exists that unclaimed funds are lost forever. Your account may have been transferred to a successor bank or a government custodian after a merger or acquisition, or you may be entitled to collect insurance proceeds – up to $250,0000 per account.
► Unclaimed accounts may be recovered after years of inactivity, even if a passbook is lost or destroyed. To search for an unclaimed, insured account at a failed bank or credit union complete the form below.