National City bank closing?I have a bank account with National City and I believe that their chain of bank offices are going to close. I have money in bonds in a safety box in their vault. If for any reason the bank would close would I still be able to get my safety box from the vault? | |
Don't sweat any money you may have stored in the bank in accounts or in a safety deposit box. When a bank, s&l or depository closes, almost 100% of the time another bank, etc, will come in and assume the assets (and sometimes the liabilities) of that bank. As long as your deposits fall under the max for FDIC insurance about the only thing you will notice if they do go belly-up is that one day there will be a new sign hanging over the door.
Where did you read that? I just checked Google News and found nothing more than articles about it being in trouble. Nothing that said the branches are actually going to close.
Anyway, would the guesses of random people on the internet really affect what you do? If you’re worried, pick a new bank that isn’t in so much trouble and move your business there.
If National City does close, FDIC will protect your accounts (have no clue if it covers safety deposit boxes). However, it does take time to recoup your money through FDIC. If you are really worried or don’t have money elsewhere you could rely on, moving to a new institution is a good idea.
I maintain accounts at a bank & a credit union, for other reasons, but given the current financial climate, I enjoy the piece of mind that they probably won't both close shop leaving me with no access to my money.
i have National city bank ive heard nothing of them closing
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