Legal Question in Banking Law in New Jersey

Bank account higher than FDIC insured amount

I had $110,000 in my bank (NetBank, based in Georgia).

FDIC insures only up to $100,000, so my $10,000 out of the FDIC insurance.

Another bank bought the NetBank, but I am not sure if NetBank declared the bank bankruptcy.

I have received the FDIC certification letter that NetBank owns me $110K, and FDIC covered $100K and FDIC recovered another 50% = $5K.

I am loosing $5K. Are there any options I have to get my $5K back? I live in NJ.

Thanks a lot!!!


Asked on 10/17/07, 9:15 am

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: Bank account higher than FDIC insured amount

If Netbank is in bankruptcy, there is probably not much chance that you will receive more than you have from FDIC. If you want to test the waters, you can file a proof of claim with the bankruptcy court. Then you will at lease receive notices from the court.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 10/17/07, 11:51 am


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