The Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to financial institutions and depositors of these institutions. If a financial institution is closed, by a regulatory agency, the FDIC is appointed as Receiver and is responsible for the payment of insured deposits and the liquidation of the remaining assets. If you did not claim your funds previously you now have another opportunity to do so. Review the “How to claim your funds” section below and complete the attached form.
Why does FDIC have unclaimed funds?
When a failed financial institution (bank or savings and loan) with federal deposit insurance is liquidated, the FDIC resolution division is responsible for paying:
- Unclaimed insured deposits up to the insurance limit
- Dividends declared on excess deposits over the insurance limit
- Dividends declared on general creditor claims
- Funds distributed to the shareholders of the failed institution
In many instances these funds remain unclaimed because:
- The insured deposit is never claimed from the assuming financial institution
- The dividend check on the excess deposit amount is not cashed
- The dividend check on the general creditor claim is not cashed
- The check to the shareholder is not cashed
- A valid address is not on file and the dividend check has been returned to the FDIC
What funds are available?
The database for this site contains unclaimed funds for either unclaimed insured deposits (for receiverships established between January 1, 1989 and June 28, 1993), or for dividend checks issued which were undeliverable or never cashed. As receiverships are terminated, under Federal Law 12 U.S.C., 1822(e); see also Pub. L. No. 103-44, section 2(b) unclaimed insured funds can no longer be claimed and data will be removed from the website. Dividends, however, for uninsured portions of a deposit might be claimed post termination if a dividend check was returned for a bad address.