first time getting FDIC insurance

[pico]

just recieved a letter from my broker that some bank in NV just went bust and can't pay my CD. since it is under 100k, FDIC covers the amount. didn't realize the bank went bust until i get the letter. it is automated so it seems as if the CD matured on time.

i wonder how much FDIC shell out recently.

[punchmaster]

just recieved a letter from my broker that some bank in NV just went bust and can't pay my CD. since it is under 100k, FDIC covers the amount. didn't realize the bank went bust until i get the letter. it is automated so it seems as if the CD matured on time.

i wonder how much FDIC shell out recently.

Mind giving the name of the bank Pico-Pico?

[HedgeHog]

Had a similar experience with NetBank's failure, but ING stepped in and bought them. FDIC Insurance is now up to $250k as part of the bailout package. Your money is safe, but could take 30 days or so to collect.

[MonkeyF0cker]

I would assume it's either Silver State Bank or First National Bank of Nevada. Silver State Bank was recently overtaken by Nevada State Bank upon their failure. However, the FDIC handled their loans.

[pico]

Mind giving the name of the bank Pico-Pico?

Silver State Bank, Henderson Nev

they definitely defaulted on the CD...not sure if they're still in business.

[pico]

the letter was sent out on sept 11, 2008...creepy

the letter says, "On Sept 5, 2008, Sil St bk, was closed by the nevada financial institutions division and the FDIC"

[EBSB52]

just recieved a letter from my broker that some bank in NV just went bust and can't pay my CD. since it is under 100k, FDIC covers the amount. didn't realize the bank went bust until i get the letter. it is automated so it seems as if the CD matured on time.

i wonder how much FDIC shell out recently.

As much as you dislike a gov-ran society, sort of socialist, seems if the feds are gonna insure it, might as well run it. It basically amounts to extrotion of the US gov if the gov isn't able to get in and ensure its safety.