Question and Answer Guide
Dwelling House Savings and Loan Association, Pittsburgh, PA
FDIC Call Center
Toll free number 1-800-760-3639
Hours of Operation – Eastern Time
Friday, August 14, 2009: Until 9:00 p.m.
Saturday, August 15, 2009: 9:00 a.m. - 6:00 p.m.
Sunday, August 16, 2009: Noon - 6:00 p.m.
Thereafter: 8:00 a.m. - 8:00 p.m.
Is My Account Fully Insured? (closedbanks.fdic.gov/drrip/afi/Search)
Electronic Deposit Insurance Estimator: (edie.fdic.gov)
Dwelling House Savings and Loan Association, Pittsburgh, Pennsylvania was closed
August 14, 2009, by the Office of Thrift Supervision. Subsequently, the Federal
Deposit
Insurance Corporation (FDIC) was appointed Receiver. Share price does not trigger
a bank closing and was not the reason for this failure. According to regulatory
policy, there is no advance notice given to the public.
The good news is that no one lost any deposits as a result of
the closure of
Dwelling House Savings and Loan Association.
To protect depositors, the FDIC Board of Directors
approved the assumption of ALL of Dwelling House Savings and
Loan Association’s deposits
by PNC Bank, N.A., headquartered in Pittsburgh, PA.
The total balance in your account(s) has been transferred to PNC Bank,
N.A., and will be available for transactions during regular business hours at
the former
Dwelling House Savings and Loan Association's
office
starting on August 17, 2009.
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 PNC Bank, N.A., to claim/unlock/unsuspend
your account or to provide any private information. Please be watchful for and
resist any such scams to obtain information from you by individuals or entities
purporting to act on behalf of Dwelling House Savings and Loan Association.
DEPOSIT QUESTIONS
Over $250,000: What if I have more than $250,000 in my accounts at Dwelling House Savings and Loan Association?
All deposit accounts have been transferred in their entirety
to PNC Bank, N.A.
The former Dwelling House Savings and Loan Association office will reopen
for normal business hours on August 17, 2009, as a branch of PNC Bank,
N.A.
As an All-Deposit Transfer transaction, the total of all deposit accounts
have been assumed by PNC Bank, N.A., and will be available for business as usual.
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.
Claim Account(s): How do I claim my account(s)?
Your account(s) has already been transferred to PNC Bank, N.A. and your account(s) will be handled as usual. Any withdrawal or additional deposits will "claim" your account. Please be advised that if there is no activity in your account in the next 18 months, that money will be turned over to your state as unclaimed property in accordance with state law. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state's treasurer's office or office of unclaimed property.
Customer Impact: How does this failure affect me?
All deposits of Dwelling House Savings and Loan Association have been
transferred to PNC Bank, N.A., and it will be business as usual.
If you held an account at Dwelling House Savings and Loan Association,
you now have an account at PNC Bank, N.A.
that is available to you at your former Dwelling House Savings
and Loan Association office during regular business hours.
Please note: Customers of both banks should continue to use
their respective existing office until PNC Bank, N.A., is able
to fully integrate the deposit records of Dwelling House Savings
and Loan Association. You
will be notified in advance of this conversion.
The former Dwelling House Savings and Loan Association office
will reopen for normal business hours on August 17, 2009.
If you had a loan with the bank, continue to make your checks payable to Dwelling House Savings & Loan Association and mail to the same address you have used in the past until you are instructed otherwise.
Deposits Existing at PNC Bank, N.A.: 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, if necessary.
Direct Deposits - Government Deposits: What will happen to my direct deposits?
Direct Deposits, including Social Security checks, will continue as normal. If you need to change anything in the future, please contact or visit your former Dwelling House Savings and Loan Association location to make those arrangements.
Final Statement: When will I get my final account statement(s) from Dwelling House Savings and Loan Association?
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?
All interest accrued through August 14, 2009, will be paid at your same rate. PNC Bank, N.A. will review rates and provide further information soon.
Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?
Interest checks and cashier's checks will continue to clear.
IRAs: What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
Yes, all deposits, including IRAs have been transferred in their
entirety to PNC Bank, N.A. 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 deposit account?
No. All accounts have been transferred in their entirety to PNC Bank, N.A. and will be available starting on August 17, 2009.
Records/Account Histories: What if I need information regarding my account during the time Dwelling House Savings and Loan Association was in business?
Please contact a representative of your new bank at the former Dwelling House Savings and Loan Association office location 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?
PNC Bank, N.A. 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?
All deposits have been transferred in their entirety to PNC Bank, N.A. Therefore you have received your deposits in full.
Wire Transfer: Can funds be wired to me?
Please contact your former Dwelling House Savings and Loan Association office location to obtain information regarding your wire request.
LOAN QUESTIONS
Automatic Payments: Will my automatic transaction 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 notify your loan officer and we will 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 your loan officer.
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 your loan officer.
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 your loan officer immediately.
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 in process?
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 basis.
Lender and contact names: Who is my lender and has my loan contact changed?
Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same.
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, you have the right to independently refinance your loan with another lender.
Line of Credit Advances – Home Equity: Can I continue to perform 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 PNC Bank, N.A. to discuss establishing a borrowing relationship.
Loan in Process: I have a loan currently in process. How is my loan impacted?
Please contact your loan officer directly.
Loan Sweeps: Will my loan sweep be discontinued?
This will be determined on a case-by-case basis. Please contact your loan officer.
Payments: How and where do I make my payments?
You should continue to make your payments as agreed. Make checks payable to Dwelling House Savings and Loan Association and utilize the same payment address information. You may continue to make your payments at the branch.
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 Dwelling House Savings and Loan Association has control of the asset, and the borrower obtains refinancing of the outstanding balance on the account with another financial institution.
SBA Application in Process: What will happen to my SBA loan application in process?
The FDIC as Receiver for Dwelling House Savings and Loan Association will
not be originating any new loans.
If your loan has been approved by the SBA, but is not yet funded, please contact your loan officer. You will be directed to the proper SBA contact to help you locate another approved lender.
If your loan is in process, but is not yet approved by the SBA, we will release your SBA package on file with us to you. You will need to apply with another SBA-approved lender. Please contact your loan officer to make arrangements to retrieve your application from the bank.
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.
Offers to Purchase Other Real Estate: I was in the process of negotiating the purchase of real property held by Dwelling House Savings and Loan Association. Will my offer still be considered?
The FDIC, as Receiver has hired Prescient, Inc., to handle the management and disposition of real property acquired from the Institution. If you have questions regarding the status of your offer, please feel free to contact Prescient directly as follows:
Steve Murray
Prescient Asset Management
2600 Douglas Rd Suite 800
Coral Gables, Fl 33134
1-786-433-0322 or 1-877-520-1112
GENERAL QUESTIONS
All-Deposit Transfer versus Insured Deposit Transfer: Why do all deposits, insured or not, pass is some transactions but not in others?
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC is only able to transfer all deposits if the uninsured amounts are covered by the premium. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
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):
Deposit Insurance: (www.fdic.gov/deposit/index.html)
Are my deposits insured?: (www.fdic.gov/deposit/deposits/index.html)
EDIE: (edie.fdic.gov/)
You may also order any FDIC publication:
publicinfo@fdic.gov
FDIC Public Information Center
3501 North Fairfax Drive
Room E-1002
Arlington, VA 22226
703-562-2200 Phone
703-562-2296 Fax
Media: I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
New Bank Insured: Is the new bank insured by the FDIC?
Yes. Your transferred deposit at PNC Bank, N.A. is insured by the FDIC to at least $250,000, as established by law.
Safe Deposit Boxes: How can I claim the contents of my safe deposit box?
It is business as usual. You may go to the office and access your safe deposit box or make appointments by calling your former Dwelling House Savings and Loan Association office location.
Unpaid Bill: I did some work for Dwelling House Savings and Loan and have not yet been paid. What should I do?
Please send your bills to the following address:
FDIC as Receiver for Dwelling House Savings and Loan Association
1601 Bryan Street
Dallas, TX 75201