The following list of responses to frequently asked questions may assist you in understanding what happened at First Republic Bank.
On Monday, May 1, 2023, First Republic Bank, San Francisco, CA was closed by the California Department of Financial Protection and Innovation. The Federal Deposit Insurance Corporation (FDIC) was then appointed Receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with JPMorgan Chase Bank, National Association (N.A.), Columbus, OH, to assume all of the deposits and substantially all of the assets of First Republic Bank.
IS MY MONEY SAFE?
Yes! 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 JPMorgan Chase Bank, N.A.
DO I HAVE ACCESS TO MY MONEY?
Yes! You may continue to use your same checks, and they 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 markets, certificates of deposit, and retirement accounts, has been transferred JPMorgan Chase Bank, N.A. and will be available for transactions daily.
WHAT HAPPENS WITH MY DIRECT DEPOSITS?
All direct deposits, for example, social security, payroll, veterans’ benefits, disability, unemployment or any payment you receive electronically will continue as usual.
WILL MY AUTOPAYMENTS/BILL PAY/ONLINE BANKING STILL WORK?
Yes! These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by JPMorgan Chase Bank, N.A.
WILL I RECEIVE INTEREST ON MY CERTIFICATES OF DEPOSIT (CDs)?
Yes! Interest on deposits accrued through April 30, 2023, will be paid at your same rate. First Republic Bank’s rates will be reviewed by JPMorgan Chase Bank, N.A., and you will be notified in writing of any changes. You may withdraw funds from any transferred account without early withdrawal penalty until you enter into a new deposit agreement with JPMorgan Chase Bank, N.A.
WHAT HAPPENS WITH MY BROKERED DEPOSITS?
All brokered deposits, including the Cede & Co deposits, have been assumed by JPMorgan Chase Bank, N.A. If you are a customer who has a First Republic Bank deposit through a broker, you must contact your broker with any questions.
HOW WILL I GET MY 1098/1099s FOR TAX REPORTING?
JPMorgan Chase 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.
CAN I STILL USE MY SAFE DEPOSIT BOX?
You will have access to your safe deposit boxes. Any changes will be communicated by JPMorgan Chase Bank, N.A.
CAN I OVERDRAFT MY ACCOUNT OR USE A LINE OF CREDIT?
Lines of credit have been transferred to JPMorgan Chase Bank, N.A. For questions on use of existing credit lines and overdrafts, or new lending, please contact them directly.
DO I CONTINUE TO MAKE MY LOAN PAYMENTS?
You should continue to make your payments according to the terms of your written contract. You may continue to send your payments to the same payment address with checks made payable to First Republic Bank. You will receive a letter advising you of any changes.
If you need to contact an FDIC Loan Representative you may:
- Send an email to FDIC_Loans@fdic.gov.
- Contact us at FDIC.gov or the support center link:
https://ask.fdic.gov/fdicinformationandsupportcenter/s/.
WILL MY ESCROW PAYMENTS STILL BE MADE?
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.
I HAVE A LOAN IN PROCESS, WHAT DO I DO?
Please contact your current loan officer directly.
WHAT IF FIRST REPUBLIC BANK OWES ME MONEY, HOW DO I FILE A CLAIM?
Creditors must submit claims in writing, together with proof of the claim. To access the FDIC Claims Portal online, go to FDIC.gov and type in “Claims Portal” in the search box. To file a claim via mail, please send it to the following address:
FDIC as Receiver for First Republic Bank
600 N. Pearl Street, Suite 700
Dallas, Texas 75201
Attention: Claims Agent
WHAT IF I HAVE A DEPOSIT ACCOUNT AT JPMORGAN CHASE BANK, N.A.?
If you have accounts in both First Republic Bank and JPMorgan Chase Bank, N.A., 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.
SHOULD I BE WORRIED ABOUT SCAMS?
If you are concerned about becoming a victim of fraud, be advised that you will not receive any communication from the FDIC requesting any private information. Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating they are acting on behalf of First Republic Bank, JPMorgan Chase Bank, N.A., or the FDIC.
I HAVE MORE QUESTIONS.
Please contact the call center at the number provided below with any additional questions:
CALL CENTER: 1-888-408-0288
HOURS OF OPERATION (Pacific Time Zone)
Monday through Friday: 4:00 AM – 10:00 PM
Saturday 6:00 AM – 8:00 PM
Sunday 7:00 AM – 5:00 PM
Additional information: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/.