Over $250,000: What if I have more than $250,000
in my accounts at Advanta Bank Corp.?
If the total of your deposit
$250,000, your accounts may require review by an FDIC Claims Agent. You should call the FDIC to schedule a telephone appointment
with an FDIC Claims Agent at 1-800-537-4048.
If you have a deposit account or a group of deposit accounts that exceeds
$250,000, you may need to complete certain declarations or affidavits and
provide documentation so that the FDIC can make an insurance determination
on your account(s).
If you are an investor with a deposit broker, you may need to complete
one of these forms only if your investment exceeds $250,000. However, you
must mail your form to your deposit broker for submission to the FDIC.
If your deposits DO NOT exceed $250,000, you DO NOT need to complete these
documents or contact the FDIC.
A hold may be placed on an account that needs additional documentation
from a depositor. For example, a Declaration for Trust form may be required
to attest to the parties involved in a trust. These forms can be mailed
to you, or you can access them online at:
If you have a question regarding the completion of required affidavits or
declarations, this website contains samples and instructions for completing
the declarations. If your question is not resolved by going to the website,
please call 1-800-537-4048 and indicate you have a form completion question.
Account Hold: I have been advised there is a hold on my account. What does that mean?
Any account pledged as collateral for a loan or credit card balance
will continue to be held. A letter will be sent informing you of any
FDIC, along with instructions on how to proceed. If you have any questions
regarding these holds, please call your loan officer or the FDIC at
the number provided in the letter.
Another reason an account hold may be placed is due to the need for
additional documentation from a depositor. For example, a Declaration
for Trust form
may be required to attest to the parties involved in the trust. Please
contact the FDIC at 1-800-537-4048 to schedule a telephone appointment.
Account Insurance Status: Is my account fully insured? Is there a method
to verify whether my account(s) at Advanta Bank Corp. are fully insured?
A tool, Is My Account
Fully Insured? (https://www2.fdic.gov/drrip/afi/index.asp),
is available that allows failed bank customers the ability to verify
whether their account is fully insured or if they need to contact
the FDIC. This
service will be available for use no later than the first business
day after the bank's failure. Once you enter your account number,
your insurance status for that account will appear. If there
is a hold on your account, it may be due to the need for the additional
documentation referenced in question number one. If
there is a hold, you will need to contact the FDIC at 1-800-537-4048
to schedule a telephone appointment.
ATM and Debit Card Use: Can I continue to use
my ATM and Debit card?
No. All accounts have been closed. ATM and Debit cards have been deactivated
and will not work. The FDIC will mail deposit insurance checks
on Monday, March 22, 2010, to the address on record with Advanta Bank
Direct Deposits: What will happen to
direct deposits including Social Security payments?
The FDIC has arranged with Zions National Bank to accept Government ACH
deposits for Advanta Bank Corp. depositors. If you have a government
direct deposit including a Social Security payment, please call David Cooley
1-972-761-8638 for information on how to obtain your money for
government deposits from Zions National Bank after March 19, 2010.
Brokered Deposits/Deposit Broker: I am a deposit
broker or I have brokered deposits. What do I need to do?
Insured brokered deposits will be paid off when the insurance determination
is complete. The FDIC offers an on-line 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 in a failed FDIC-insured bank. Please read the
following Deposit Broker Processing Guide completely before contacting
the FDIC with questions:
Broker's Processing Guide (www.fdic.gov/deposit/deposits/brokers/index.html).
Should you have any questions regarding the completion of required
affidavits or declarations on behalf of your client, please
call 1-800-537-4048 and
indicate you have a form completion question.
If you are a customer who has an Advanta Bank Corp. deposit
through a broker, you must contact your broker
with any questions. Once the FDIC receives a balanced investor
with all the required
documentation, from your broker, your insured funds will be
wired to them on your behalf.
Claim Account(s): How do I claim my account(s)?
The FDIC will mail your deposit insurance check on Monday, March 22, 2010,
to your address on record with Advanta Bank Corp. Please be
advised that this money will be turned over to your state as
unclaimed property if this
check is not cashed within 18 months. Unclaimed property can
be located by visiting www.missingmoney.com or
contacting your state treasurer's
office or office of unclaimed property.
Customer Impact: How does this failure affect me?
All accounts have been closed, and the FDIC will mail your deposit insurance
check to your address on record with Advanta Bank Corp. If
you have more than $250,000 in a deposit account
(or more than $250,000 in your IRA),
or if the total of your related deposit accounts exceeds
$250,000, your accounts may require review by an FDIC
Claims Agent. All accounts
that appear to be related are reviewed to determine ownership
and insurance coverage. Certain entitlements and different
types of accounts are insured
in excess of the $250,000. If you think you might have uninsured
deposits, please see question number one for information regarding
forms you may
need to complete to expedite this process.
If you have a loan or credit card balance with the bank, continue to make your
payable to Advanta Bank Corp. and mail to the same address you have
used in the
past until you are instructed otherwise.
Early withdrawal penalty: Will I incur an early
withdrawal penalty if my CD was cashed before maturity?
Your CD will automatically be closed, and the FDIC will mail your deposit
insurance check on Monday, March 22, 2010. You will NOT be assessed an
early withdrawal penalty.
Final Statement: When and how will I get
my final account statement(s) from Advanta Bank Corp.?
Within one week of the closing, the FDIC will mail your final statement
to your address on record with Advanta Bank Corp.
Interest: Will I continue to earn interest at the same rate?
No. All interest on insured deposits accrued through Friday, March 19,
2010, will be paid at your same rate. This will be included
in the deposit insurance check you will receive from the FDIC. No interest
will be paid
after March 19, 2010.
Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?
No, these checks will not clear; Interest Checks, that have not been cashed,
will be replaced with a new check issued by FDIC that will be mailed on
March 22, 2010, to the address on record with Advanta Bank Corp.
Accrued interest through March 19, 2010, will be included in
your deposit insurance check that will be mailed on Monday, to
the address on record
with Advanta Bank Corp. If you have more than $250,000 in
your deposit account, or if the total of your deposit accounts
exceeds $250,000, your
accounts may require review by an FDIC Claims Agent before
you are mailed a check. You should call the FDIC to schedule
a telephone appointment with
an FDIC Claims Agent at 1-800-537-4048.
Cashier's checks, certified checks, and money orders may be exchanged
for a replacement check by contacting the FDIC at 1-800-537-4048.
Internet Connection: Will my Internet connection
to Advanta Bank Corp. work?
No. All accounts are closed, and online banking services are not operational.
IRAs: What if I have an Individual Retirement
From the date a check is issued to you from your IRA, you have 60
days to roll this over into another retirement vehicle. You should
consult IRS Publication 590 and/or your tax advisor concerning the
possible tax consequences of such distribution. This publication
specifically addresses this situation; therefore, you should review
it carefully. IRS Publication 590 may be obtained by contacting your
local IRS office or via the Internet at www.irs.gov.
IRA funds are insured separately from other types of accounts up to
$250,000. IRA deposit insurance checks will be mailed separately on
22, 2010, to your address on record with the failed bank.
Lose Any Money: Will I lose any money
in my deposit account(s) at Advanta Bank Corp.?
No. Principal and interest on insured accounts, through Friday, March
19, 2010, are protected by the FDIC, to at least $250,000. Certain
entitlements and different types of accounts can be insured in excess
of the $250,000.
If you have more than $250,000 in your deposit account (or $250,000
in your IRA), or if the total of your related deposit accounts exceeds $250,000,
your accounts may require review by an FDIC Claims Agent. All accounts that
appear to be related are reviewed to determine ownership and insurance coverage.
See question number
one for information regarding forms you may need to complete to expedite
Records/Account Histories: What if I need
information regarding my account during the time Advanta Bank
Corp. was in business?
Please contact the bank at 1-800-788-2632 to request a copy of your
records or you may call the FDIC at 1-800-537-4048.
Tax Reporting - 1098/1099s: Who will send
my 1098 and/or 1099 information?
The FDIC will be responsible for mailing your 1099 tax information. Your
1098 reporting will be completed by the FDIC or the servicer
of your credit card account. You will be notified of any
changes in ownership or servicing of your credit card account
Uninsured: Will I collect my uninsured deposits?
If you have a credit card account balance in the same name as your
uninsured deposit account, it may be possible to offset your uninsured
credit card balance. You should discuss this with your Claims Agent
during your appointment.
If it is determined that you have some uninsured funds, the FDIC
will mail you a Receivership Certificate. This certificate entitles
you to share proportionately in any funds recovered through the
sale of the assets of Advanta Bank Corp. You may eventually recover
some of your uninsured funds as assets are liquidated.
When a financial institution is closed, and the Federal Deposit
Insurance Corporation ("FDIC") is appointed as receiver,
one of FDIC's responsibilities is to sell the institution's assets
to pay the depositors and its creditors. The money generated by
the sale of these assets will flow through the Receivership, and
periodic dividend payments will be made to proven claimants when
excess cash is available. For an explanation of the dividend process,
go to FDIC Dividends
from Failed Banks (http://www2.fdic.gov/divweb/index.asp).
Wire Transfer: Can funds be wired to me?
No, regretfully, we cannot wire your funds.
CREDIT CARD ACCOUNT BALANCES
Credit Card Account Balances: How has the Advanta
Bank Corp. failure affected my credit card balance?
There is no change to your credit card account balance. You should continue making your payments as in the past. All prior contacts remain the same. The terms of your credit card agreement have not changed. Credit card account questions can be directed to 1-800-705-7255.
Payments: How and where should I make my payments?
You should continue to make your payments as you have in the past. Make
checks payable to Advanta Bank Corp. and use current payment address
All-Deposit Transfer versus Insured Deposit Transfer: Why
do all deposits, insured or not, pass is some transactions but
not in others?
When a buyer cannot be found for a failed bank, the FDIC honors its obligation
to insured depositors by mailing them a deposit insurance check.
FDIC Insurance: How can I find out more about Federal Deposit Insurance rules?
You may access our website, which contains deposit insurance information and
an Electronic Deposit Insurance Estimator (EDIE):
You may also order any FDIC publication:
|FDIC Public Information Center
3501 North Fairfax Drive
Arlington, VA 22226
Media: I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
What happened? Why did the bank fail?
The Utah Department of Financial Institutions closed Advanta Bank Corp.
Friday, March 19, 2010. Subsequently, the Federal Deposit Insurance Corporation
(FDIC) was appointed Receiver. According to regulatory policy, there is no
advance notice given to the public.
The good news is that no one lost any insured deposits because of the closure
of Advanta Bank Corp. An assuming bank could not be located; therefore,
the FDIC will fulfill its obligation to insured depositors by mailing
them checks for their insured deposits. These checks should be received
within one week of the closing.
Shareholders: I am a shareholder.
What happens to my shares?
The Advanta Bank Corp. had no publicly owned stock. Equity shareholders
were invested in the holding company, Advanta Corporation headquartered
in Draper, UT, and not in the bank. Please do not file
a claim with the Receiver, rather contact the holding company with
questions you may have:
Welsh and McKean Roads
P.O. Box 844
Spring House, PA 19477-0844
Unpaid Bills: I have not been
paid for work or services provided to Advanta Bank Corp.
What should I do?
Please send your invoice with a proof of claim to the following address:
Deposit Insurance Corporation
Receiver: Advanta Bank Corp.
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
Work for FDIC – Contract or Employment: How
can I apply to work for FDIC as a contractor or employee?
You may access information about doing business with the FDIC
You must also register in the Central Contractor Registration database at www.ccr.gov.
Entry into the database is not a guarantee that a contractor will receive
a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to ProcurementOpportunities@fdic.gov.
Please include a statement of your corporate capabilities, contact information
and Minority or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit Careers
at FDIC (www.fdic.gov/about/jobs/index.html).