Question and Answer Guide
All American Bank, Des Plaines, IL
The following list of responses to frequent issues or questions may assist you in understanding what is happening at All American Bank.
On Friday, October 28, 2011, the Illinois Department of Financial and Professional Regulation Division of Banking closed All American Bank, Des Plaines, Illinois. The Federal Deposit Insurance Corporation (FDIC) was then named the Receiver. International Bank of Chicago, Chicago, Illinois, acquired all the deposits and substantially all the assets of All American Bank from the FDIC as Receiver. The former bank will reopen during normal business hours as a branch of International Bank of Chicago.
YOUR MONEY IS SAFE! No one lost any money on deposit as a result of the closure of this bank. All deposits, regardless of dollar amount, were transferred to International Bank of Chicago.
ACCESS TO YOUR MONEY: You may continue to use your outstanding checks which will clear up to the balance in your account. Your ATM/Debit card will continue to work as usual. The total balance in your account(s), including checking, savings, money market, non-brokered Certificates of Deposit, and retirement accounts, has been transferred to the new bank and will be available for transactions during regular business hours at the former bank.
DIRECT DEPOSITS: All direct deposits, for example, social security checks, payroll, veteran's benefits, welfare and/or disability, unemployment or any payment you receive electronically will continue as usual.
AUTOPAYMENTS/BILLPAY/ONLINE BANKING: These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by the new bank.
INTEREST RATES: Interest on deposits accrued through close of business the day the bank was closed will be paid at your same rate. Current rates will be reviewed by the new bank and may be lowered; however, you may withdraw funds from any transferred account without early withdrawal penalty until you enter into a new deposit agreement.
BROKERED DEPOSITS: As an All-Deposits Transfer transaction, the total of all deposit accounts, including brokered deposits, has been assumed by International Bank of Chicago. If you are a customer who has a All American Bank deposit through a broker, you must contact your broker with any questions.
SAFE DEPOSIT BOXES: You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by the new bank.
OVERDRAFT LINES OF CREDIT: These lines have been transferred to the new bank. Please contact the new bank if you have additional questions regarding your accounts.
LOAN PAYMENTS: You should continue to make your payments according to the terms of your written contract. You may continue to make your payments at the branch office or send it to the same payment address with checks made payable to All American Bank.
ESCROW PAYMENTS: All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance was not paid, notify your loan officer immediately.
LOANS IN PROCESS: Please contact your current loan officer directly.
SHARES OF STOCK: Shareholders have a claim against the receivership; however, they have the lowest priority of claim. You should discuss this with an accountant and/or the IRS concerning the exact requirements necessary to recognize the investment as a loss for tax purposes. The FDIC does not require stockholders to file a claim with the Receiver. However, we recommend that you keep the FDIC informed of any address change, should we need to contact you in the future.
CLAIMS: Please send claims for unpaid bills to the following address:
FDIC as Receiver for All American Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
DEPOSIT INSURANCE INFORMATION: If you have accounts in both the failed and the new bank, they will be insured separately for at least six months following the merger of the banks. This will allow you time to restructure your accounts if necessary.
ADDITIONAL QUESTIONS: You may contact the FDIC Call Center at the number provided below with any additional questions:
FDIC Call Center
Toll free number 1-800-350-2746
Hours of Operation – Central Time
Friday, October 28, 2011: Until 9:00 p.m.
Saturday, October 29, 2011: 9:00 a.m. – 6:00 p.m.
Sunday, October 30, 2011: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.
SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting private information from you related to this event, please contact the call center above and you will be directed to the appropriate person.
For more information: www.fdic.gov/bank/individual/failed/allamerican.html