5.
I can’t reach my bank by phone or Internet. What should I do?
If your bank is located in the heavily storm damaged area and is not a part of a major regional or national institution, it may not be open for some time. You should contact one of the emergency service organizations, such as FEMA or the Red Cross, and request assistance.
6. What about the contents of my safe deposit box?
Most safe deposit boxes are held in the bank’s vault, which are fireproof and waterproof. If possible, contact the branch or office where your box was located to determine the condition of your box.
7. What happens if my bank has lost my records?
Be assured that banks are required to have extensive contingency plans for all types of disruptions to operations, including natural disasters. Banks have backup systems of records and other built-in duplications that are housed in safe locations so that financial records can be reconstructed and restored.
8. If my local bank was destroyed, is my money still insured?
Yes, your money is still insured by the Federal Deposit Insurance Corporation. Deposits with a FDIC insured bank or savings institution will continue to be protected up to $100,000. However, you should keep any financial records that you have in order to help reconstruct your accounts.
9. How can consumers deposit or cash any insurance checks they may receive?
By the time emergency relief and insurance payments are received the affected institutions should be prepared to process these payments for their customers. Should a customer’s primary financial institution not be ready to receive these payments it is anticipated arrangements will be made with neighboring institutions to handle these special consumer needs.
10. Will there be enough cash?
Be assured the Federal Reserve System has and will continue to meet the currency needs of the financial institution industry. The banking industry nationwide has more than sufficient resources to fill any shortfall.
11. Is my bank safe? Do you believe the affected banks will survive?
We are not aware of any bank that has closed due to the impact of a natural disaster. Consumers can also rely upon the guarantees provided by the FDIC,
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