LAS VEGAS, NV, July 20, 2011
/24-7PressRelease/ -- Most Americans my not realize, but when a bank or savings and loan company is gets closed down the Federal Deposit Insurance Corporation (FDIC) is appointed receiver of the assets of that institution. The FDIC acts in two capacities when this closure happens. A bank failure is the closing of a bank by a federal or state banking regulatory agency. Generally, a bank is closed when it is unable to meet its obligations to depositors and others.
The first capacity of FDIC is that of the insurer of the bank's deposits. FDIC pays insurance to the depositors up to the insurance limit, which is $250,000. In the FDIC's second capacity, it acts as the "Receiver" of the failed bank and it becomes the FDIC's responsibilities is to sell the institution's assets to pay the depositors and its creditors.
The FDIC starts to sell all the assets of the Institution, just like a receiver would in Bankruptcy sales. If there is any excess cash generated by the sale of the assets, after expenses and the reserves are met, then this extra cash is given out in the form of dividends to the creditors, says Palonek, founder of Foundmoney.com, a company that helps reunite people with their lost or forgotten money and was the first company on the Internet to do so.
After August 10, 1993, the FDIC must distribute dividends according to the Federal Deposit Insurance Act, 12 U.S.C. § 1821(d)(11)(A). According to this Act, the priorities are as follows:
1. Administrative expenses of the Receiver;
2. Any deposit liability of the institution;
3. Any other general or senior liability of the institution;
4. Any subordinated obligations;
5. Any obligations to the shareholders or members (including holding companies and their creditors).
According to Palonek, it is very likely that, some accounts remain unclaimed, since there will be checks that were never cashed do to having the wrong address in the Institutions records.
In 2010, the FDIC reported 157 bank failures and so far this year there are 55. I There are 7 closures thus far in July while April saw the most at 13. Although the trend of Bank Closures is decreasing there will still be a great deal of unclaimed dividends and insured deposit monies that are waiting for the rightful owner of those accounts to make a claim, says Palonek.
Many Americans could use some extra cash right now to start to pay down their loans, mortgages or overdraft limits on their bank accounts. A quick and easy way to see if you many have some of these unclaimed accounts is to do an online web search at http://www.foundmoney.com. There you can see if you, a loved one, friend or neighbor has some unclaimed money just sitting there waiting for its rightful owner to make a claim for this cash.
"Wouldn't it be wonderful if you found a few thousands or just a just a few extra dollars right", says Palonek
Contact
Foundmoney at http://www.foundmoney.com
Edward Palonek at http://www.edwardpalonek.org
Each year, thousands of people lose track of their bank accounts, cash, stocks, bonds, refunds, royalties, safe deposit boxes and other property. People move and forget to furnish their bank, broker, employer or insurance company with a forwarding address. Foundmoney.com helps you locate that money.
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