Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

FYI - Re: Notice Received Upon A Failed Bank Was Taken Over By Another

Saturday, January 30, 2010 - 7:52 PM
FYI - re: notice received upon a failed bank was taken over by another.

OneWest, which took over failed First Federal, notified those customers in January that, "As a commitment to you, for the next three months, if you would like to roll over or extend a CD, and if you find a rate at another bank that is higher then the posted rate at OneWest, I have instructed all branch managers to match any CD rate with a maturity of 6 months or more."

They also notifed that customers of the failed bank were required to "claim ownership" of deposits by June 18, 2011, or they would be returned to the FDIC.  Claiming ownership basically just entails using the account, either simply logging in online or doing any transaction on the account (deposit or withdrawal) by any means (ATM, check, debit card, direct deposit, etc.)  Or customers could just drop by a branch or send a fax.

"One West is honoring all interest rates, terms and conditions of your accounts as you had them with First Federal."  Further, "Whether you prefer to bank at your branch, by phone or online - we are available when you need us, just as before.  All First Federal branches remain open with the same friendly staff.  All automatic transfer, deposits or withdrawals set-up through your accounts will continue."

OneWest did, in fact, retain the First Fed staffs at the branches, so their transition has been very smooth and reassuring so far.
ekatekat75 posts since
Jan 22, 2010
Rep Points: 246