25 Bank Failures Nationwide So Far In 2011....

By
Real Estate Agent with United Brokers Group/Carver Home Team

Bank closure are down from 2010, but the FDIC is still moving to close down some failing banks. Two such banks in Oklahoma and Wisconsin that received federal bailout money were shut down this week.

See the Associated Press article here: http://finance.yahoo.com/news/Regulators-close-small-banks-apf-1081228040.html?x=0  

The FDIC expects the cost of resolving failed banks to total around $52 billion from 2010 through 2014.

Depositors' money, which is insured up to $250,000 per account isn't at risk. The FDIC insures these accounts and is backed by the government. That insurance cap was made permanent in the financial overhaul law enacted last July.

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Comments (3)

Morris Massre
Pembroke Pines, FL
Real Estate Instructor Broward County Florida

I think it is safe to say we can expect more.

Mar 12, 2011 03:15 AM
Laura Gray
RE/MAX Realty Group - Gaithersburg, MD

Dean

 

If you access the FDIC's website you can see a running list of banks that are in the process of being closed and the ones that have closed so far this year. The $250,000.00 limit only came into play recently , after it was apparent that some banks had accounts held by overseas clients.

Mar 12, 2011 03:18 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

See, this is why I advise all of my clients to open accounts at 2 banks at a minimum. I have gone through a bank seizure by the government, and it's a royal PITA. Can't access any money for maybe 2 weeks. Plus, all your checks bounce.

Mar 15, 2011 05:32 AM