[dmuth]

> If a bank shuts down and goes into FDIC receivership, it re-opens the next day.

Have I got a story for you.

What you described normally happens.... Unless the bank fails so hard that no buyer for it is found, and then the FDIC insurance kicks in.

I know, because it happened to me back in 2012. :-) My bank failed, and they were in such bad shape that nobody wanted to buy it! I got an email on a Saturday morning stating that my bank had failed. Here's a copy of said email: https://imgur.com/a/HR42BxZ

The following Thursday, the check from the FDIC for the contents of my bank account arrived in the mail.

[dcchambers]

While going through that process was probably stressful and scary, it's honestly a bit refreshing to see that "the system" works as intended.

I think the average American takes the words "FDIC Insured" for granted, assuming that the worst (bank failure & closure) will never happen. It's nice to see some proof that things will be OK if/when that happens.

[dmoy]

Ah you're right, I forgot the absolute edge case where it takes them a couple business days due to USPS latency.

That is a pretty rare case though - almost always they find a buyer.

And yes, like you said, it's still not too much of an inconvenience because they're very fast about it.

NOTE: SIPC on the other hand - that can be very slow. FDIC=super fast. SIPC= ???? gremlins ????

[matkoniecz]

Perspective of check for 250 000$ with entire bank account being suddenly mailed is quite horrifying.

Hopefully noone was burned by that.

[kevindong]

Friday, 2012-10-26: NOVA Bank has failed

Monday, 2012-10-29: checks will be issued and mailed no later than this date

That's just an incredible feat of bureaucracy.

[phaedrus]

Now that's wild.