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FDIC repayment schedule

17 years ago

If a bank goes under and it's deposits are not transferred to another bank, and the FDIC will be making restitution: how long does it take to get reimbursed? Does the FDIC have a specific time period in which they must return the money to the depositor? What is that time period?

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Comments (13)

western_pa_luann
17 years ago
Here's the FDIC website

http://www.fdic.gov/consumers/consumer/index.html
shay13
Original Author
17 years ago
Yeah, but what does prompt access mean? A relative told me they could take up to 90 years to pay the full amount back. I said "BS", a dinner is riding on this. Can you show me a place that says definitively the exact time limit allowed to get reimbursed by the FDIC?
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I refuse to press any buttons on the menu and eventually I'm switched to a live person! If you still had a rotary phone how could you press one? Here's a funny story about Beavers! STATE OF MICHIGAN Reply to: GRAND RAPIDS DISTRICT OFFICE STATE OFFICE BUILDING 6TH FLOOR 350 OTTAWA NW GRAND RAPIDS MI 49503-2341 JOHN ENGLER, Governor DEPARTMENT OF ENVIRONMENTAL QUALITY HOLLISTER BUILDING, PO BOX 30473, LANSING MI 48909-7973 INTERNET: http://www.deq.state.mi RUSSELL J. HARDING, Director December 17, 1997 CERTIFIED Mr. Ryan DeVries 2088 Dagget Pierson, MI 49339 Dear Mr. DeVries: SUBJECT: DEQ File No. 97-59-0023-1 T11N, R10W, Sec. 20, Montcalm County It has come to the attention of the Department of Environmental Quality that there has been recent unauthorized activity on the above referenced parcel of property. You have been certified as the legal landowner and/or contractor who did the following unauthorized activity: Construction and maintenance of two wood debris dams across the outlet stream of Spring Pond. A permit must be issued prior to the start of this type of activity. A review of the Department's files show that no permits have been issued. Therefore, the Department has determined that this activity is in violation of Part 301, Inland Lakes and Streams, of the Natural Resource and Environmental Protection Act, Act 451 of the Public Acts of 1994, being sections 324.30101 to 324.30113 of the Michigan Compiled Laws annotated. The Department has been informed that one or both of the dams partially failed during a recent rain event, causing debris dams and flooding at downstream locations. We find that dams of this nature are inherently hazardous and cannot be permitted. The Department therefore orders you to cease and desist all unauthorized activities at this location, and to restore the stream to a free-flow condition by removing all wood and brush forming the dams from the strewn channel. All restoration work shall be completed no later than January 31, 1998. Please notify this office when the restoration has been completed so that a follow-up site inspection may be scheduled by our staff. Failure to comply with this request, or any further unauthorized activity on the site, may result in this case being referred for elevated enforcement action. We anticipate and would appreciate your full cooperation in this matter. Please feel free to contact me at this office if you have any questions. Sincerely, David L. Price District Representative Land and Water Management Division _______________________________________________________________________ Dear Mr. Price: Re: DEQ File No. 97-59-0023; T11N, R10W, Sec 20; Montcalm County Your certified letter dated 12/17/97 has been handed to me to respond to. You sent out a great deal of carbon copies to a lot of people, but you neglected to include their addresses. You will, therefore, have to send them a copy of my response. First of all, Mr. Ryan DeVries is not the legal landowner and/or contractor at 2088 Dagget, Pierson, Michigan - I am the legal owner and a couple of beavers are in the (State unauthorized) process of constructing and maintaining two wood "debris" dams across the outlet stream of my Spring Pond. While I did not pay for, nor authorize, their dam project, I think they would be highly offended you call their skillful use of natural building materials "debris." I would like to challenge you to attempt to emulate their dam project any dam time and/or any dam place you choose. I believe I can safely state there is no dam way you could ever match their dam skills, their dam resourcefulness, their dam ingenuity, their dam persistence, their dam determination and/or their dam work ethic. As to your dam request the beavers first must fill out a dam permit prior to the start of this type of dam activity, my first dam question to you is: are you trying to discriminate against my Spring Pond Beavers or do you require all dam beavers throughout this State to conform to said dam request? If you are not discriminating against these particular beavers, please send me completed copies of all those other applicable beaver dam permits. Perhaps we will see if there really is a dam violation of Part 301, Inland Lakes and Streams, of the Natural Resource and Environmental Protection Act, Act 451 of the Public Acts of 1994, being sections 324.30101 to 324.30113 of the Michigan Compiled Laws annotated. My first concern is - aren't the dam beavers entitled to dam legal representation? The Spring Pond Beavers are financially destitute and are unable to pay for said dam representation - so the State will have to provide them with a dam lawyer. The Department's dam concern that either one or both of the dams failed during a recent rain event causing dam flooding is proof we should leave the dam Spring Pond Beavers alone rather than harassing them and calling them dam names. If you want the dam stream "restored" to a dam free-flow condition - contact the dam beavers - but if you are going to arrest them (they obviously did not pay any dam attention to your dam letter-being unable to read English) - be sure you read them their dam Miranda rights first. As for me, I am not going to cause more dam flooding or dam debris jams by interfering with these dam builders. If you want to hurt these dam beavers - be aware I am sending a copy of your dam letter and this response to PETA. If your dam Department seriously finds all dams of this nature inherently hazardous and truly will not permit their existence in this dam State - I seriously hope you are not selectively enforcing this dam policy, or once again both I and the Spring Pond Beavers will scream prejudice! In my humble opinion, the Spring Pond Beavers have a right to build their dam unauthorized dams as long as the sky is blue, the grass is green, and water flows downstream. They have more dam right than I to live and enjoy Spring Pond. So, as far as I and the beavers are concerned, this dam case can be referred for more dam elevated enforcement action now. Why wait until 1/31/98? The Spring Pond Beavers may be under the dam ice then, and there will be no dam way for you or your dam staff to contact/harass them then. In conclusion, I would like to bring to your attention a real environmental quality (health) problem: bears are actually defecating in our woods. I definitely believe you should be persecuting the defecating bears and leave the dam beavers alone. If you are going to investigate the beaver dam, watch your step! (The bears are not careful where they dump!) Being unable to comply with your dam request, and being unable to contact you on your dam answering machine, I am sending this response to your dam office. Sincerely, Stephen L. Tvedten
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joyfulguy
17 years ago
Take this info from a furriner with half a dozen grains of salt, but I`m pretty sure that someone on here or elsewhere said a while ago that it had taken about 3 months ... and included principal, but not interest.

But I have no idea whether that included the full interest amount, i.e., the amount accrued prior to the bust, or just interest in the interim from the time of the bust until they were paid off.

ole joyful

P.S. We have Deposit Insurance in Canada also, but only about five or six large banks that operate nationwide.

If one of them were to go down, I think that the possibility of all the depositers, GIC holders, etc. getting paid off in full is somewhat remote.

That said, they have been much more strictly regulated than in various countries and currently an international evaluating group said recently that they are about the most stable in the industrialized world.

Actually, several of them have had their share prices beaten down rather heavily and some of us think them to be a fair decent buy, currently - and pay about 5.5 - 8.3% dividends.

And dividends were taxed at a much lower rate until three years ago, then a different calculation method on income tax meant that the income tax rate on dividends paid by Canadian corporations was reduced substantially more.

Earlier, if that was the only income that a (so-called taxpayer) earned, there would be no income tax to pay until the dividend income was about $28,000.00 - 30,000.00, but in 2006, with the different method of calculation, the person who received up to $46,345.00 had no income tax liability.

What is better than putting your money into a bank ... (sorry, the keyboard on my new computer was writing question marks, earlier, I think, but now it thinks a question mark is Ã ... and earlier it would make quotation marks, but now what is supposed to be quotation marks looks like Ã (and the single one is Ã¨).

buying the bank (well, a piece of it) is better than putting your money in there ... and letting them earn more on it than you do.

o j
duluthinbloomz4
17 years ago
Quite a bit of info just by doing a simple search FDIC repayment timetable.

...According to past happenstances, the FDIC has made payment on insured funds within a few days. They make arrangements for a bank in good standing to open a new account for each recipient of insured deposits and send their money on the next business day.

In the event that the FDIC cannot send funds to a healthy institution, they issue checks directly to depositors. They indicate that this payable process can take up to three business days. And with certain type of accounts, such as living trusts or those opened by brokers, the FDIC may need more time to finalize the insurance payment. But suposedly this process shouldn't take more than one to two weeks.

Misconceptions about FDIC Insurance:

There is an idea floating around that the FDIC could take up to 99 years to pay depositors. In their Top 10 Misconceptions list, the FDIC website (www.fdic.gov) states that this is completely untrue.
western_pa_luann
17 years ago
"Can you show me a place that says definitively the exact time limit allowed to get reimbursed by the FDIC?"

uh, no.
I don't have the time to research something I care nothing about.

Sorry!
shay13
Original Author
17 years ago
Thanks to all with the helpful information.
western pa luann--I tried researching that information, but was not able to find it. Thanks to all the others who were helpful in their responses I did. I thought that was what this forum was for-to help those find information. I am so sorry that you felt the need to be sarcastic, I didn't ask you personally to do research for me. You could have saved yourself time however by just scrolling by my thread, rather than replying in such an assine way.
western_pa_luann
17 years ago
Not meaning to be sarcastic at all... I DID give you a link, but you asked for more, which I am not able to give. AND I apologized for not being able to do so!

"Can you show me a place that says definitively the exact time limit allowed to get reimbursed by the FDIC?"
That sure looks like you were asking for personal research!

There is no need to resort to name calling... especially when you misconstrued my intent.
duluthinbloomz4
17 years ago
Look, sometimes you're d***d if you do and d***d if you don't. Not to throw another "dog in this fight", but a widespread situation I see all around the GW forums is a segment who must not understand how to make use of internet search engines. Not casting any aspersions, so don't flame me, but sometimes it's easier to have someone do it for you (generic you) if you genuinely don't know, if you have no experience with doing independent research, or if you were raised to expect instant gratification without any effort on your own part.

You inquire, say, of Google something to the effect of FDIC Repayment Schedules and, voila!, pages and pages of answers appear. Same for the folks on the Annuals Forum who want to know what a red zinnia looks like - Google red zinnia and click on images and bingo! I'm being a bit facetious, but understanding the power of "key words" to use on search engines virtually brings the world of information to your computer monitor with not much more than a bit of typing and a click of the mouse.
shay13
Original Author
17 years ago
FYI--I had already pulled up the FDIC website and spent quite a bit of time looking for that specific information before I posted the question here. It never occurred to me to "google" FDIC repayment schedule, I just went straight to the FDIC website to try and find the information. After spending an enormous amount of time trying to find that information, I thought I could post the question here and someone would "know" the answer and give me a response. I did not intend for anyone to do my research for me--I just thought I could get a quick answer from such a knowledgeable group.
And yes, western pa luann, after reading your posts again, I still take your response as sarcastic. I'll tell it like it is, your response was rude! I know you may not care anything about my question, but in fact it affects me greatly. My bank just may be going under, and seeing how I dodged the stock market collapse by pulling out all of my money and putting it into CDs, now I am extremely worried about losing it altogether. If this was something you don't care anything about, why didn't you just scroll on by rather than responding so rudely? It took much more effort on your part to respond than it would have to just scroll on by...
marzhere
17 years ago
Shay13,

I also spent time reading the FDIC website and couldn't find a straight answer...

I think you would have gotten a better and/or more understanding response if you'd have mentioned that you'd already read the FDIC website and couldn't find the answer.

Additionally, I did think your "Can you show me a place that says definitively the exact time limit allowed to get reimbursed by the FDIC?" sounded slightly demanding.
western_pa_luann
17 years ago
"why didn't you just scroll on by rather than responding so rudely?"

Because I was not responding rudely!

I AM sorry you took it that way...
and I am also sure you will not accept THIS apology, just as you did not accept my last one!
dadoes
17 years ago
Just a comment that means nothing in the grand scheme of things ... I also thought Western_PA_Luann's response was snippy and unnecessary, and I did not feel Shay13's question was demanding. This is an open forum, and I took the question as being directed to anyone who could help.

The uh interjective and additional comment "I don't have the time to research something I care nothing about." is what makes for the snippiness.

Better to say simply "I'm sorry, I don't know the answer." Or even better than that, don't respond at all, leave it for someone else.
shay13
Original Author
17 years ago
Thank you dadoes, I was beginning to think I was being overly sensitive! Thanks for all the responses, I found the information for which I was seeking. I had conducted a search on the FDIC website as well as a search of this forum before posting my question. I'm sorry I did not make this clear beforehand. And, I'm sorry if my follow up to my original question was considered demanding. That was not my intentions at all. It sure makes one think twice before asking for help.

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