Failed Bank Information
Information for Ideal Federal Savings Bank, Baltimore, MD
- Press Release
- Is My Account Fully Insured?
- Paying Agent
- Question and Answer Guide
- Banking Services
- Loan Customers
- 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, July 9, 2010, Ideal Federal Savings Bank, Baltimore, MD was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (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 checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, 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-150-2010) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at 202-898-3876 or LaJuan Williams-Young.
III. Is My Account Fully Insured?
This link will allow you to verify the insurance status of each of your accounts. This link will be available for use no later than the first business day after bank failure.
Simply enter your account number in the search screen. If you receive the message that "your account is fully insured" a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides you contact information.
IV. Paying Agent
All insured deposit accounts have been received by Manufacturers and Traders Trust Company (M&T Bank), Baltimore, MD ("paying agent") and will be available immediately. From Monday, July 12, 2010, through Saturday, July 24, 2010. Depositors can claim their deposits at the M&T branch located at 715 North Howard Street, Balitmore, MD.
Principal and interest on insured accounts, through Monday, July 12, 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 interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing 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 1-800-350-2746. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.
Please return the forms to the FDIC by FAX (facsimile) or mail at the number or address listed for the failed institution.
FDIC Call Center
Hours of Operation
All Hours are Eastern Time
Friday, July 9, 2010: Until 9:00 PM
Saturday, July 10, 2010: 9:00 AM – 6:00 PM
Sunday, July 11, 2010: 12:00 PM – 6:00 PM
Thereafter: 8:00 AM – 8:00 PM
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 Ideal Federal Savings Bank. This means that you will eventually recover some of your uninsured funds.
To find out more about FDIC Deposit Insurance:
Checks that were drawn on Ideal Federal Savings Bank will be honored up to your available balance or the insured amount through July 9, 2010. A hold may be in place on deposit accounts due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will be held. You may view more information about M&T Bank by visiting their web site at www.mtb.com.
V. Banking Services
You will not be able to write checks or use your Debit Card.
Your insured deposit accounts will be transferred to M&T Bank and beginning Monday, July 12, 2010 you will be able to claim your insured deposits at the M&T branch located 715 North Howard Street, Baltimore, MD.
Your direct deposits have been redirected to M&T Bank. These direct deposits will be processed through M&T Bank until Saturday, September 4, 2010. If you have any questions or special requests, you may contact a representative of M&T Bank at 1-410-462-5090.
VI. Loan Customers
If you had a loan with Ideal Federal Savings Bank, you should continue to make your payments as usual. The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable to FDIC as Receiver for Ideal Federal Savings Bank and sent to the same address until further notice. If you have further questions regarding an existing loan, please call the FDIC at 1-800-350-2746.
For all questions regarding new loans and the lending policies of , please contact your branch office. Please see A Borrower's Guide to an FDIC Insured Bank Failure for additional information.
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 Ideal Federal Savings Bank after Friday, July 9, 2010 and have not been paid, you do not have a claim against Ideal Federal Savings Bank. 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 Ideal Federal Savings Bank prior to Friday, July 9, 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 Ideal Federal Savings Bank 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: Ideal Federal Savings Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent
Please note: There are time limits for filing a claim, your claim must be filed on or before 10/13/2010.
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 our office informed of any address change, should we need to contact you in the future.
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
No dividends have been declared at this time.
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.General Disclaimer