|FDIC Call Center
Toll free number 1-800-350-2746
Hours of Operation – Eastern Time
|| Until 9:00 p.m.
|Saturday, July 10,
a.m. – 6:00
|Sunday, July 11,
|| Noon – 6:00
|| 8:00 a.m. – 8:00
Ideal Federal Savings Bank, Baltimore, MD was closed Friday, July 9, 2010,
by the Office of Thrift Supervision. Subsequently, the Federal Deposit Insurance
Corporation (FDIC) was named Receiver.
The FDIC will transfer insured deposits of Ideal Federal
Savings Bank, to Manufacturers and Traders Trust Company (M&T Bank), based
in Baltimore, MD. The FDIC has retained all loans.
No one lost any insured deposit money as a result of the closure
of Ideal Federal Savings Bank. To protect depositors, the FDIC
Board of Directors approved the transfer of Ideal Federal Savings Bank's
insured deposits by M&T Bank.
THE INSURED BALANCE IN YOUR ACCOUNT(S) HAS BEEN TRANSFERRED TO M&T
BANK AND WILL BE AVAILABLE FOR YOU TO CLAIM YOUR INSURED DEPOSITS. YOU CAN
CLAIM YOUR MONEY STARTING MONDAY, JULY 12 UNTIL SATURDAY,
BRANCH LOCATED AT 715 NORTH HOWARD STREET, BALTIMORE, MD. THE M&T BRANCH
HOURS ARE MONDAY THROUGH FRIDAY FROM 9:00 AM UNTIL 6:00 PM AND SATURDAY FROM
10:00 AM UNTIL 12:00 PM. INSURED DEPOSITS NOT CLAIMED BY JULY 24, 2010 WILL
BE MAILED BY TUESDAY, JULY 27, 2010, TO YOUR ADDRESS ON RECORD WITH IDEAL
FEDERAL SAVINGS BANK.
YOU CANNOT CONTINUE TO USE YOUR CHECKS.
ALL DIRECT DEPOSITS, INCLUDING SOCIAL SECURITY CHECKS, WILL CONTINUE AS USUAL.
To forewarn you of any scams, please be advised that you will not
receive any e-mail notification from the FDIC, the Receiver, or M&T
Bank to claim/unlock/unsuspend your account or to provide any private information.
Please be watchful
and resist any such scams to obtain information from you by individuals
or entities purporting to act on behalf of Ideal Federal Savings
Bank or the FDIC.
Over $250,000:What if I have more than $250,000 in my
accounts at Ideal Federal Savings Bank?
You should call the FDIC to schedule a telephone appointment
with an FDIC Claims Agent at 1-800-350-2746. If you have more than $250,000
in your interest bearing account, or if the total of your related interest bearing
accounts may require review by an FDIC Claims Agent.
If you have an interest bearing account or group of interest bearing accounts
that exceeds $250,000, you may need to complete certain declarations or affidavits
and provide documentation so that the FDIC can make an insurance determination
on your account(s).
If your deposits DO NOT exceed $250,000, or if your deposits are in
a non-interest bearing transaction account(s) you DO NOT need to complete these
or contact the FDIC.
An account hold may be placed on an account due to the need for additional
documentation from a depositor. For example, a Declaration for Trust form may
be required to attest to the parties involved in a trust. These forms can be mailed to
you, or you can access them online at:
Deposit Claims (www.fdic.gov/regulations/laws/forms/#DepositClaims).
If you have a question regarding the completion of required affidavits or declarations,
this website contains samples and instructions for completing the declarations.
If your question is not resolved by going to the website, please call 1-800-350-2746
and indicate you have a form completion question.
Account Hold: I have been advised there is a hold on my account. What does that mean?
It is possible a depositor’s account was held due to delinquent
loans where the depositor is the borrower or guarantor. Additionally,
any account pledged as collateral for a loan will continue to be held.
A letter will be sent informing you of any holds placed by the FDIC,
along with instructions on how to proceed. If you have any questions
regarding these holds, please call your loan officer or the FDIC at
the number provided in the letter.
Another reason an account hold may be placed is due to the need for
additional documentation from a depositor. For example, a Declaration
for Trust form may be required to attest to the parties involved in
the trust. Please contact the FDIC at 1-800-350-2746 to schedule a
Account Insurance Status: Is there a method to verify whether
my account(s) at Ideal Federal Savings Bank are fully insured?
A tool, Is My Account
Fully Insured? (https://www2.fdic.gov/drrip/afi/index.asp), is available
that allows failed bank customers the ability to verify whether their account
is fully insured or if they need to contact the FDIC. The link
to specific contact information is https://www2.fdic.gov/drrip/afi/index.asp.
This service will be available for use no later than the first business day
bank's failure. Once you enter your account number, your insurance
status for that account will appear. If there is a hold on your
account, it may be due to the need for the additional documentation referenced
in question number one. If there is a hold, you will
need to contact the FDIC at 1-800-350-2746 to schedule a telephone appointment.
Checks/Debit Card: Can I continue to write
checks or use my Debit Card?
No. You will not be able to continue using your personal checks
or Debit Card at this time. You will need to go to the M&T
location and claim your funds and open account with M&T or another
bank of your choice.
Customer Impact: How does this failure affect me?
The effect of the failure on the average depositor of Ideal Federal Savings
Bank will be minimal, as the FDIC transferred the insured deposits
to M&T Bank. If you held an account at Ideal
Federal Savings Bank, your account balances have been transferred to M&T Bank.
And you can claim your insured deposits at 715 North Howard
Street, Baltimore, MD, starting on Monday, July 12, 2010.
If the balance in your interest bearing account(s) (this includes
any accounts in which you have an ownership) is less than $250,000,
or if your
deposits are in a non-interest bearing transaction account(s),
no action is required on your part at this time. Your insured account
balances will be transferred to M&T Bank and beginning Monday, July 12,
2010 you will be able to claim your insured deposits at M&T branch located
at the M&T branch located at 715 North Howard Street, Baltimore,
If you have more than $250,000 in your interest bearing account
(or $250,000 in your IRA), or if the total of your related
interest bearing accounts exceeds $250,000, your accounts may
require review by an FDIC Claims Agent. All accounts that appear
to be related are reviewed to determine ownership and insurance
coverage. Certain entitlements and different types of accounts
can be insured in excess of the $250,000. If you think you
might have uninsured deposits, please see question number one
for information regarding forms you may need to complete to
expedite this process.
If you had a loan with the bank, continue to make your checks payable
to FDIC as Receiver for Ideal Federal Savings Bank and mail
to the same address you have used in the past until you are instructed
Deposits Existing at M&T Bank: I already
have other deposit accounts with the new bank. When combined with
balances at this
bank, my deposits exceed $250,000. Are all funds insured?
The transferred deposits will be separately insured for at
least six months after the merger. This grace period gives a
depositor the opportunity to restructure his or her accounts,
Direct Deposits, Social Security: What will happen to my direct deposits?
The FDIC has arranged for all direct deposits, including
Social Security checks, to be redirected to M&T Bank. These
will be processed at the same time they have been processed
in the past. These direct deposits will be processed through
M&T Bank until Saturday, September 4, 2010. You should make
arrangements with another financial institution or M&T Bank
as soon as possible to ensure continued processing of your
direct deposit. You may contact M&T Bank at 1-410-462-5090.
Early withdrawal penalty: Will I incur an early withdrawal penalty if I close my CD before
Final Statement: When will I get my final
account statement(s) from Ideal Federal Savings Bank?
You will receive your account statements
at the same time you have received them in the past.
Interest: Will I continue to earn interest at the same rate?
Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?
Yes. Interest checks and cashier's checks will continue to clear. This
is because Official checks (those issued by institutions – for
example, cashier's checks, certified checks, money orders)
meet the definition of non-interest bearing transaction accounts. Under
the Temporary Liquidity Guarantee Program, non-interest bearing
transaction accounts are fully
IRAs: What if I have an Individual Retirement
IRA funds are insured separately from other types of accounts
up to $250,000.
If you close your IRA before maturity, you have 60 days to roll this over into
another retirement vehicle. You should consult IRS Publication 590 and/or your
tax advisor concerning the possible tax consequences of such distribution. IRS
Publication 590 may be obtained by contacting your local IRS office or via the
Internet at www.irs.gov.
Lose Any Money: Will I lose anything on my
Principal and interest on insured accounts, through Friday, July
9, 2010, are protected by the FDIC, to at least $250,000.
All transferred accounts are insured to at
Certain entitlements and different types of accounts can be insured
in excess of the $250,000.
If you have more than $250,000 in your interest bearing account (or
$250,000 in your IRA), or if the total of your related interest bearing
exceeds $250,000, your accounts may require review by an FDIC Claims
Agent. All accounts that appear to be related are reviewed to determine
and insurance coverage. See question number one for
forms you may need to complete to expedite this process.
Outstanding Checks: What will happen to the checks which have not cleared my account?
Checks that were drawn on Ideal Federal Savings Bank will be honored up
to your available balance or the insured amount through Friday,
July 9, 2010. Checks presented for payment after July 9, 2010,
will be returned.
Records/Account Histories: What if I
need information regarding my account during the time Ideal Federal
Savings Bank was in business?
Please contact a representative of M&T Bank branch
located at 715 North Howard Street, Baltimore, MD, to obtain
a copy of any records you may need.
Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information after the end of the year?
M&T Bank will be responsible for mailing your 1099 tax information. Your
1098 reporting will be done by the FDIC or the servicer of
your loan. You will be
notified of any changes in ownership or servicing of your loan.
Uninsured: Will I collect my uninsured deposits?
If you have a loan in the same name as your uninsured deposit
account, it may be possible to offset your uninsured amount against
your loan. You should discuss this with your Claims
Agent during your appointment.
If it is determined that you have some uninsured funds, the FDIC will
mail you a Receivership Certificate. This certificate entitles you
to share proportionately in any funds recovered through
the sale of the assets of Ideal Federal Savings Bank. You may eventually
recover more of your uninsured funds as assets are liquidated.
When a financial institution is closed, and the Federal Deposit Insurance
Corporation ("FDIC") is
appointed as Receiver, one of FDIC's responsibilities is to sell the
institution's assets to pay the depositors and its creditors. The
money generated by the sale of these assets will flow through the
Receivership, and periodic dividend payments will be made to proven
claimants when excess cash is available. For an explanation of the
dividend process, go to
FDIC Dividends from Failed
Of course, you will receive immediate full payment
for your insured
amount by transfer to M&T Bank.
Wire Transfer: Can funds be wired to me?
Please contact M&T Bank branch at 715 North Howard Street, Baltimore, MD,
information regarding your wire request.
Automatic Payments: Will my automatic payment
still occur on its assigned date?
You should experience no disruption in this service. We encourage you
to check your bank account the day after your scheduled draft
to verify the transaction. If the transaction
did not occur, please contact the FDIC at 1-800-350-2746 to
research your loan.
Construction Loan Draws: Will construction draws continue? Will my project be completed?
Each loan is being reviewed independently and will be determined on a
case-by-case basis. You should direct your questions to the
FDIC as Receiver by calling 1-800-350-2746.
Construction Loan Voucher Control: Will my subcontractors be paid as before?
Each loan is being reviewed independently and will be determined on a
case-by-case basis. You should direct your questions to the FDIC
as Receiver by calling 1-800-350-2746.
Escrows: Will you continue to pay my escrows?
All services previously performed related to your loan will continue.
Should you receive notification that any portion of your taxes
or insurance were not paid, please notify the FDIC at 1-800-350-2746
Fees: Are there any changes to fees or charges due to this event?
No. The current fee structure will remain the same.
Foreclosures: Will the FDIC continue foreclosures
At this point, all foreclosure actions have been suspended in order to
properly evaluate the loans and the borrowers' ability to
repay. It is our intention to sell all loans, and
it will be up to the new owner to determine the best method
of collection on the loan.
There may be instances where FDIC will continue with the
foreclosure process, but this will be done on a case-by-case
Lender and contact names: Who is my lender and has my loan contact changed?
Your loan is currently owned by the FDIC. Please contact the FDIC by
Loan Sales: Will my loan be sold?
Your loan may be sold at a future date. If that occurs,
you will be notified in advance through written correspondence.
If you are concerned about whom your future lender or servicer will be,
have the right to independently refinance your loan with
Line of Credit Advances – Home Equity: Can
I continue to obtain advances on my line of credit?
All lines of credit, including Home Equity Lines of Credit (HELOCs),
have been suspended at this time and have been retained by
the FDIC. You may contact M&T Bank to discuss establishing
a borrowing relationship.
Loan in Process: I have a loan currently in process. How is my loan impacted?
Please contact the FDIC by calling 1-800-350-2746.
Loan Sweeps: Will my loan sweep be discontinued?
This will be determined on a case-by-case basis. Please contact the FDIC
by calling 1-800-350-2746.
Overdraft Line of Credit: Will my overdraft line of credit continue to cover my overdrafts?
No. These lines have not been transferred to M&T Bank.
Payments: How and where do I make my payments?
You should continue to make your payments as agreed. Make checks payable
to FDIC as Receiver for Ideal Federal Savings Bank and utilize
the same payment address information.
Pre-payment Penalty: If I refinance with another lender, will my pre-payment penalty be waived?
Any pre-payment penalty will be waived as long as FDIC as Receiver for
Ideal Federal Savings Bank has control of the asset, and the
borrower obtains refinancing of the outstanding balance on
the account with another financial institution.
What Happens Now: What will happen to my loan?
Each loan is currently being reviewed independently to determine the best
action for that individual loan. Your loan may be sold at a
future date. If that occurs, you will be notified in advance
through written correspondence. If you are concerned about
whom your future lender or servicer may be, you have the right to
independently refinance your loan with another lender.
All-Deposit Transfer versus Insured Deposit Transfer: Why
do all deposits, insured or not, pass in some transactions
but not in others?
When a buyer cannot be found for a failed bank, the FDIC honors its obligation
to insured depositors by mailing an insurance check.
FDIC Insurance: How can I find out more about Federal Deposit Insurance rules?
You may access our website, which contains deposit insurance information and
an Electronic Deposit Insurance Estimator (EDIE):
You may also order any FDIC publication:
|FDIC Public Information Center
3501 North Fairfax Drive
Arlington, VA 22226
Please contact the Office of Public Affairs:
New Bank Insured: Is the new bank insured by the FDIC?
Yes. Your transferred deposit at M&T Bank is insured by the FDIC to at least $250,000, as established
Unpaid Bill: I did some work for Ideal Federal
Savings Bank and have not yet been paid. What should I do?
Please send your bills to the following address:
Ideal Federal Savings Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent