Failed Bank Information
Information for Advanta Bank Corp., Draper, UT
- Press Release
- Is My Account Fully Insured?
- Acquiring Financial Institution
- Question and Answer Sheet
- Banking Services
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Balance Sheet Summary
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any Phishing Scams to obtain information from you.
On Friday, March 19, 2010, Advanta Bank Corp., Draper, UT was closed by the Utah Department of Financial Institutions, and the FDIC was named Receiver. No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a savings account, you may have Certificates of Deposit, an IRA, a Social Security direct deposit and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.
II. Press Release
The FDIC has issued a press release (PR-058-2010) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact David Barr at 1-202-898-6992.
III. Is My Account Fully Insured?
FDIC provides a tool that will allow you to verify the insurance status of each of your accounts. That status will be available no later than the first business day after bank failure.
Click the link below and enter your account number in the search screen. One of two messages will appear:
- "Your account is fully insured" along with a link will that provides additional information or
- a message advising you to contact the FDIC along with contact information.
IV. Acquiring Financial Institution
An acquiring institution could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts.
Principal and interest on insured accounts, through March 19, 2010, are fully insured by the FDIC, up to the insurance limit of $250,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $250,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.
All deposit accounts that exceed the $250,000 insurance limit and/or all deposit accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-800-537-4048. The Claims Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.
FDIC Call Center
Toll free number 1-800-537-4048
Hours of Operation – Mountain Time
Friday, March 19, 2010: Until 9:00 p.m.
Saturday, March 20, 2010: 9:00 a.m. - 6:00 p.m.
Sunday, March 21, 2010: Noon - 6:00 p.m.
Thereafter: 8:00 a.m. - 8:00 p.m.
If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of Advanta Bank Corp. This means that you may eventually recover some of your uninsured funds.
To find out more about FDIC Deposit Insurance:
- Visit EDIE the FDIC's Electronic Deposit Insurance Estimator
- View the FDIC Deposit Insurance Coverage Video
Your CD(s) will automatically be closed, and you will receive a check up to the insured amount from the FDIC. You will not be assessed an early withdrawal penalty. Any account pledged as collateral for a loan or credit card balance will continue to be held.
VI. Banking Services
On Friday, March 19, 2010, all accounts have been closed and you will receive a check up to your insured amount and a final statement from the FDIC. You will no longer have access to the website and online services.
VII. Possible Claims Against the Failed Institution
Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to Advanta Bank Corp. after Friday, March 19, 2010 and have not been paid, you do not have a claim against Advanta Bank Corp. Please follow your normal billing procedures by providing an invoice as instructed.
If you or your company provided a service or product, leased space, furniture, or equipment to Advanta Bank Corp. prior to Friday, March 19, 2010 and have not been paid, you may be entitled to a claim against the bank. If you provided a product to or a service for Advanta Bank Corp. prior to the bank's failure for which you have not been paid and you have not received communication, please contact:
Federal Deposit Insurance Corporation
Receiver: Advanta Bank Corp.
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before 6/23/2010.
The Advanta Bank Corp. had no publicly owned stock. Equity shareholders were invested in the holding company, Advanta Corporation headquartered in Draper, UT, and not in the bank. Please do not contact or file a claim with the Receiver, rather contact the holding company with any questions you may have:
Welsh and McKean Roads
P.O. Box 844
Spring House, PA 19477-0844
VIII. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
IX. Dividend Information
X. Brokered Deposits
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.