| The Federal government
administers insurance funds responsible for
protecting depositors from losses when banks fail.
There has been at least one bank failure every year
since 1934, with more than 1,400 banks and 700
savings institutions closing between 1982 & 1992
alone. In just the last two years, almost 300 banks have closed,
including the largest failure 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. You may be entitled to collect
insurance proceeds (up to $250,000 per
account) from government regulators.
Currently
available for claim are some 543,000 insured accounts
worth several hundred million dollars. Unclaimed
funds may be recovered after years of inactivity -
even if a passbook is lost or destroyed - but there
is a time limit on many types of claims.
To
trace an unclaimed, insured account at a failed bank
or credit union order our Special Report: Bank Account Search
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