My bank was seized on Friday

[tenaya]

I'd heard that it was sold during the summer. I've been waiting for the name and policy changes but suddenly the Federal regulators seized it. We can still access our accounts and the accounts are insured but it's unsettling. PFF will be US Bank now.

Comments

[deej1957.livejournal.com]

What does it mean when a bank is seized? I think I'd be worried about my money, covered by insurance or not :-(

[tenaya.livejournal.com]

When I called to balance my check book, we were given the following website for further info:

http://www.fdic.gov/news/news/press/2008/pr08124.html

I know the bank was failing and was changing hands. I know someone who works for them and they had been told they would get a notice in Sept whether they would be offered a job with the new people and the letter still hadn't come by last week. She felt they were taking too long and that had drawn the attention of the feds. I guess the feds took action. I really don't understand it either. The checking accounts are insured. The CDs are insured. I think the the money market accounts are now insured but I don't have any of those.

The main thing is that we can still access our funds, write checks, use the debit cards and the ATMs. Supposedly it should be a seamless transfer. I suppose they will start closing branches. PFF has a bank in each city around here. US Bank has something in a Vons market in the next town over. Not very convenient.

[catalenamara.livejournal.com]

I haven't noticed any difference in service from my bank, WaMu, when JP Morgan Whatever took it over. The transition was pretty seamless. A lot smoother than it was when WaMu took over American Savings back 15+ years ago, which is where I'd previously banked; WaMu really screwed things up the first month. I hope everything works out smoothly for you. I hope US Bank keeps the current branches open - so far that seems to be what is happening with JP Morgan Whatever.

Interesting times...

[tenaya.livejournal.com]

Yeah, way too interesting. :::sigh:::

I hope they keep open the branch in my town. Time will tell.

[catalenamara.livejournal.com]

Yeah, way too interesting. :::sigh:::

I could really go for boring, routine and dull right now...

I hope your branch stays open.

[aizjanika.livejournal.com]

Yikes. My bank failed or...something, but it was bought out by, I think, Citibank or something like that. This is all pretty scary.