Question and Answer Guide
ANB Financial, NA, Bentonville, AR
The following questions and answers represent the most commonly asked questions by customers of the failed bank.
- Over $100,000: What if I have more than $100,000 in my accounts at ANB Financial, NA?
- Lose Any Money? Will I lose anything on my deposit account?
- Uninsured: Will I collect my uninsured deposits?
- What happened? What happened, why did the bank fail?
- Customer Impact: How does this action affect me?
- Claim Account(s): How do I claim my account(s)?
- ATM/Debit Card/Checks: Can I continue to write checks or use my ATM/Debit card?
- Final Statement: How will I get my final statement(s) from ANB Financial, NA?
- Interest: Will I continue to earn interest at the same rate?
- Internet Connection: Why doesn't my internet connection work?
- IRAs: What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
- Wire Transfer: Can funds be wired to me?
- Interest Checks/Cashier's Checks: My interest check or cashier's check bounced; what do I do? (OR) Can I cash my interest check or cashier's check?
- Records/Account Histories: What if I need information regarding my account during the time ANB Financial, NA was in business?
- Direct Deposits - Government Deposits: What will happen to my direct deposits?
- Automatic Payments/Online Billpay: Will my automatic payments through the online Billpay continue?
- Outstanding Checks: What will happen to the checks which have not cleared my account?
- Loans: How do I make my loan payments?
- FDIC Insurance: Where can I find out more information about Federal Deposit Insurance rules?
- Safe Deposit Boxes: How can I claim the contents of my safe deposit box?
- Unpaid Bill: I did some work for ANB Financial, NA and have not yet been paid. What should I do?
- Deposit Broker/Brokered Deposits: I am a deposit broker or I have a deposit through a broker. What do I need to do?
- Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information after the end of the year?
- Media: I represent a TV/Newspaper/Radio and would like some information.
- New Bank Insured? Is the new bank insured by the FDIC?
- Deposits Existing at Assuming Bank: I already have other deposit accounts with the new bank. When combined with the balances at this bank, my deposits exceed $100,000. Are all of my funds at both banks insured?
- Checks not honored: A merchant will not honor my check. What can I do?
- Early withdrawal penalty: Will I incur an early withdrawal penalty if I close my CD before maturity?
- Account Hold: I have been advised there is a hold on my account. What does that mean?
1. What if I have more than $100,000 in my accounts at ANB Financial, NA?
If you have more than $100,000 in your account (or $250,000 in your IRA), or if the total of your related accounts exceeds $100,000, your accounts may require review by a Federal Deposit Insurance Corporation (FDIC) Claim 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 $100,000. If you think you might have uninsured deposits, you should call the FDIC at 1-877-367-2719 to arrange for a telephone interview with a Claim Agent.
2. Will I lose anything on my deposit account?
Principal and interest on ANB Financial (ANB) insured accounts, through May 9, 2008, are fully protected by the FDIC, to at least $100,000. Your insured deposits will be transferred to Pulaski Bank and Trust Company and will continue to be insured to at least $100,000. Certain entitlements and different types of accounts can be insured in excess of the $100,000.
If you have more than $100,000 in your account (or $250,000 in your IRA), or if the total of your related accounts exceeds $100,000, your accounts may require review by an FDIC Claim 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 $100,000. If you think you might have uninsured deposits, you should call the FDIC at 1-877-367-2719 to arrange for a telephone interview with a Claim Agent.
3. Will I collect my uninsured deposits?
If it is determined that you have some uninsured funds, the FDIC will mail you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the sale of the assets of ANB Financial, NA. You may eventually recover some of your uninsured funds. Of course, you will receive full payment for your insured amount by transfer to Pulaski Bank and Trust Company.
When a financial institution is closed, and the 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 disposition 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 Banks
4. What happened, why did the bank fail?
As of Friday, May 9, 2008, ANB Financial, NA, Bentonville, AR was closed by the Office of the Comptroller of the Currency (OCC). Subsequently, the FDIC was appointed Receiver. According to regulatory policy, there is no advance notice given to the public. Please see the OCC press release for more information. The good news is that no one lost any insured deposit money as a result of the closure of ANB. To protect depositors, the FDIC Board of Directors approved the assumption of ANB’s insured deposits by Pulaski Bank and Trust Company, Little Rock, AR.
5. How does this action affect me?
All insured deposits have been transferred to Pulaski Bank and Trust Company. If you held an account at ANB Financial, NA, you now have an account at Pulaski Bank and Trust Company. The former ANB locations will reopen Monday at 8:30 am as branches of Pulaski Bank and Trust Company. Please note that you will have continued access to your money through your ATM/Debit card or by writing checks. The ATM machine may be unavailable for a short period of time on Friday to obtain closing numbers; however, it will be operational shortly after that is accomplished. You will be notified of any changes to your account, including any new signature cards or forms, by Pulaski Bank and Trust Company.
6. How do I claim my account(s)?
A deposit insurance payment of your account(s) up to the insured limit has already been transferred to Pulaski Bank and Trust Company, and your account will be handled as usual. Please be advised that if there is no activity in your account in the next 18 months, that money could be returned to the FDIC and eventually escheated to your state.
7. Can I continue to write checks or use my ATM/Debit card?
You will be able to continue using your personal checks at this time, and your ATM/Debit card will continue to work. The ATM machine may be unavailable for a short period of time on Friday to obtain closing numbers; however, it will be operational shortly after that is accomplished. You will receive a mailed notice from Pulaski Bank and Trust Company in the next week regarding your transferred accounts. You may receive new checks and new account numbers in the future, and the assuming bank will notify you of changes in the future.
8. How will I get my final statement(s) from ANB Financial, NA?
You will receive your next statement at the same time you have received it in the past.
9. Will I continue to earn interest at the same rate?
All interest accrued through May 9, 2008, will be paid at your same rate. Pulaski Bank and Trust Company will be reviewing rates and will provide further information soon.
10. Why doesn't my Internet connection to ANB Financial, NA work?
Online service is expected to resume in read-only mode later Friday evening. Transactional access will be available later on Monday. ANB Financial, NA had a number of avenues for customers to access funds, and each of those avenues had to be closed off so that a final accounting could be completed.
11. What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
Yes. IRA funds are aggregated together and insured separately from other types of accounts up to $250,000.
12. Can funds be wired to me?
Please contact Pulaski Bank and Trust Company at 1-888-226-5262 to obtain information regarding your wire request. The bank will open at 8:30 am on Monday morning.
13. My interest check or cashier's check bounced; what do I do? (OR) Can I cash my interest check or cashier's check?
Interest checks and cashier's checks will continue to clear up to the insurance limit. Outstanding cashier's checks and interest checks are eligible for deposit insurance coverage and will be added back to any other of your account balances with the same ownership capacities to determine your insurance coverage. If a portion of an interest check or cashier's check exceeds the insurance limits, a stop payment order may have been issued on that check. If you believe that a check in your possession exceeds the deposit insurance limits, you can call the FDIC at 1-877-367-2719 to schedule an appointment to speak to an FDIC Claim Agent.
14. What if I need information regarding my account during the time ANB Financial, NA was in business?
All deposit account histories and records are in the process of being passed to Pulaski Bank and Trust Company. Please contact a representative of Pulaski Bank and Trust Company Customer Service at 1-888-226-5262 to obtain a copy of any records you may need.
15. What will happen to my direct deposits?
Direct Deposits will continue as normal. If you need to change anything in the future, please contact Pulaski Bank and Trust Company to make those arrangements.
16. Will my automatic payments through Billpay continue?
The Billpay feature on your account is temporarily disabled over the weekend. The feature is expected to resume later on Monday when online banking services continue.
17. What will happen to the checks which have not cleared my account?
Checks that were drawn on ANB Financial, NA that did not clear before the institution closed will be honored up to your available balance or the insured amount.
18. How do I make my loan payments?
You should continue to make your payments according to the terms of your note. The terms will not change under the terms of the loan contract because they are contractually agreed to in your promissory note with the failed institution. Checks should be sent to the same address until further notice. You will be notified by mail of any changes.
19. Where can I find out more information about Federal Deposit Insurance rules?
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE).
20. How can I claim the contents of my safe deposit box?
It is business as usual. You may go to your branch and access your safe deposit box or make appointments by calling Pulaski Bank and Trust Company at 1-888-226-5262.
21. I did some work for ANB Financial, NA and have not yet been paid. What should I do?
Please mail a statement to:
FDIC as Receiver for ANB Financial, NA
1601 Bryan Street
Dallas, TX 75201
Attn: Claims Department
22. I am a deposit broker or I have a deposit through a broker. What do I need to do?
The FDIC offers an online 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 in a failed FDIC-insured institution.
Deposit Broker Processing Guide
If you are a customer who has a ANB Financial, NA deposit through a broker, you must contact your broker.
23. Who will send my 1098 and/or 1099 information after the end of the year?
Pulaski Bank and Trust Company 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.
24. I represent a TV/Newspaper/Radio and would like some information.
Please speak with:
David Barr of the Office of Public Affairs at 202-898-6992 or dbarr@fdic.gov.
25. Is the new bank insured by the FDIC?
Yes. Your deposit at Pulaski Bank and Trust Company is insured by the FDIC, and each depositor is insured to at least $100,000, as established by law.
26. I already have other deposit accounts with the new bank. When combined with the balances at this bank, my deposits exceed $100,000. Are all of my funds at both banks insured?
The accounts transferred to Pulaski Bank and Trust Company will be separately insured for six months after the failure. For additional information, please go to Are My Deposits Insured.
27. A merchant will not honor my check. What can I do?
A copy of this document or the press release PR-33-2008 can be provided as it states deposits have been transferred, and it is business as usual. Copies of this press release will be available at the bank. Depositors or merchants can also call 1-877-367-2719.
28. Will I incur an early withdrawal penalty if I close my CD before maturity?
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Pulaski Bank and Trust Company by either making a deposit to or a withdrawal from your account, provided the deposits are not pledged as collateral for loans.
29. I have been advised there is a hold on my account. What does that mean?
A letter will be sent informing you of this hold, along with any instructions. One of the most common reasons for a hold 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 a trust. These forms can be mailed to you, or you can access them online under Forms, Deposit Claims and Asset Sales. There will also be a supply available at the bank.
If there is a hold for this reason, you should call the FDIC to schedule an appointment with an FDIC Claim Agent to ensure completion of the proper form: 1-877-367-2719.
Another reason for a hold may be due to delinquent loans where the depositor is the borrower or guarantor. Of course, any accounts pledged as collateral for a loan will continue to be held. FDIC staff will be available at the Rogers, AR and out-of-state locations to meet with borrowers who have holds. If you have any questions, please call 1-877-367-2719.
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 personal 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/anb.html