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Brokered CD Depositors of Failed ANB Financial Having to Wait


I've seen the FDIC state that you should only have to wait a few days at most to receive your insured deposits at a failed bank. Several readers who have gone through recent bank failures have supported this. I came across this TheStreet.com article which shows there can be exceptions.

I posted a few times on the bank failure at ANB Financial. In this last post I reported on one this blog's readers who had a $400K CD at that bank. The article describes those who had brokered CDs at this bank. Brokered CDs are sold to customers by brokerage companies like Charles Schwab (see FDIC article for more info on brokered CDs). The problem in this case is that the brokered CDs were registered at ANB Financial in the name of the broker. So the FDIC needs the brokers to provide detailed customer account information. The article states that Schwab customers may be waiting up to a month for their money.

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Anonymous   |     |   Comment #1
I have a brokered ANB CD at Schwab and I've been told I will have to wait 4-6 weeks for my money. I'm not a happy camper. I won't ever buy another brokered CD again. I've researched all the banks in which I had brokered CDs and sold the one I had with IndyMac. Fortunately I got par.
Banking Guy
Banking Guy   |     |   Comment #2
Thanks for sharing. Sorry to read about the delay. Please let us know how it goes. Hopefully, the money will be returned sooner than what they said.