alt.social-security-disability

In article ,
"Six String Stu" wrote:

> "Cymbal Man Freq." wrote in
> message news:46d2e061$0$18833$4c368faf@ ...
> > ?
> >
> The collecting of the balance I wouldnt know. Litigation? Most likely.

If the bank fails, then either the FDIC will arrange with another bank
to take over the accounts, or it will liquidate the bank and pay off on
insured accounts (total of less than $100,000). In neither case will
litigation be necessary.

If you have more than $100,000 on account, and the FDIC liquidates the
bank, the amount over $100,000 is an unsecured obligation. You'll be
lucky to get pennies on the dollar when the bank's remaining assets are
distributed.

According to the FDIC Web site, the last time a bank failed and another
bank did _not_ assume accounts was 14 Feb 04, the Dollar Savings Bank of
Newark, . Before that, there were four such failures in 2002.

> As for switching banks and having the deposits sent to that new bank is
> pretty simple. Just find a bank, open the account and make the call to SSA
> informing them of the new change while providing the appropiate tracking
> numbers.

--
. Manno | dfmanno@
The America I believe in does not torture people.
The America I believe in does not run secret prisons.
The America I believe in would shut down Guantanamo Bay.
(Amnesty International USA)