Over $250,000: What if I have more than $250,000
in my accounts at Barnes Banking Company?
You should call the FDIC to schedule a telephone appointment with
an FDIC Claims Agent at 1-800-528-4893. If you have more than
$250,000 in your interest-bearing account, or if the total of your related
interest-bearing accounts exceeds
$250,000, your accounts may require review by an FDIC Claims Agent.
If you have an interest-bearing account or group of interest-bearing 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).
These forms can be obtained on line at www.fdic.gov.
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, or if your deposits are in a noninterest-bearing transaction account, you DO NOT need to complete these documents or contact the FDIC. The balance in ALL noninterest-bearing transaction accounts (checking accounts) is fully insured.
An account hold may be placed on an account 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 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,
please call 1-800-528-4893 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?
It is possible a depositor’s account was held due to delinquent
loans where the depositor is the borrower or guarantor. Additionally,
any account pledged as collateral for a loan will continue to be held. A letter will be sent informing you of any holds placed by the 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 1-800-528-4893 to schedule a telephone appointment.
Account Insurance Status: Is my account fully insured? Is there a method
to verify whether my account(s) at Barnes Banking Company 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
If there is a hold, you will need to contact the FDIC at 1-800-528-4893
to schedule a telephone appointment.
ATM/Debit Card/Checks: Can I continue to write checks or use my ATM/Debit card?
You will be able to continue using your personal checks and your
ATM/Debit card; however, any checks clearing after close of business
2010, will be returned. The ATM will not be available for a short
period of time on Friday for processing. However, it will be operational
thereafter and available as usual until January 29, 2010.
Over the closing weekend customers may withdraw up to $500 in cash at the branch locations during Saturday business hours. ATM customers may withdraw up to $200 per day over the closing weekend.
Automatic Payments/Online Billpay: Will my automatic payments through Billpay continue?
Billpay will be available over the weekend in a read-only mode; however,
it will be available for transactions on Tuesday morning, but only
until January 25, 2010 when it will be disabled. Any payments scheduled
your account by February 12, 2010 or they will be returned. However,
you should begin to make arrangements to transition to a new online
banking service as soon as possible since the service will be discontinued.
Brokered Deposits/Deposit Broker: I am a deposit
broker or I have brokered deposits. What do I need to do?
Brokered deposits will be held by the FDIC, and those insured deposits
will be paid off when the insurance determination is complete.
The FDIC offers an online 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
institution. Please read the following Deposit Broker's 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
1-800-528-4893 and indicate you have a form completion question.
If you are a customer who has a Barnes Banking Company deposit
through a broker, you must contact your broker with any questions.
Once the FDIC receives a balanced investor file along with all
the required documentation, from your broker, your insured funds
will be wired to them on your behalf.
Checks not honored: A merchant will not honor my check. What can I do?
Merchants are encouraged to honor Barnes Banking Company checks
as these will continue to clear. A copy of this document or
can be provided since both documents state insured deposits
have been received by DINB of Kaysville. Barnes Banking Company
checks will continue to clear up to the available balance
until close of business
February 12, 2010. Copies of this press release will be available
at the bank. Depositors or merchants can also call the FDIC
at 1-800-528-4893 or
staff at your former Barnes Banking Company branch locations.
Claim Account(s): How do I claim my account(s)?
A deposit insurance payment of your checking and/or savings account(s)
up to the insured limit has been transferred to DINB of Kaysville. Please
be advised that that the last business day to claim the money in your checking
and savings accounts is February 12, 2010. You should make sure that you
allow time for all items to clear before that date. A check will be mailed
to you for unclaimed insured balances after that date. Items presented after
that date will be returned.
Checks for your insured CDs and insured IRAs will be mailed on Tuesday,
January 19, 2010. Unclaimed monies will be escheated to the state after 18 months. Unclaimed property can be located by visiting www.missingmoney.com or
your state’s treasurer’s office or office of unclaimed property.
Customer Impact: How does this failure affect me?
You have until February 12, 2010 to close your checking and savings
accounts. If your deposits are in a noninterest-bearing
transaction account, the total balance of your account will
be received by DINB of Kaysville. Your
account will be available at the Barnes Banking Company branches
or by writing checks against your Barnes Banking Company
account to open an account
with another institution. You should allow time for all items
to clear before that date.
DINB of Kaysville has possession of your insured deposits and
will continue to operate the branches until close of business
February 12, 2010. You will have continued access to your money
through your ATM/debit card (until January 29, 2010) and by
writing checks. However, any checks that have not cleared by COB February
12, 2010, will be returned.
Insured CD and insured IRA balances will be mailed to you on Tuesday,
January 19, 2010.
If you have more than $250,000 in your interest-bearing account (or $250,000
in your IRA), or if the total of your related interest-bearing accounts exceeds
$250,000, your accounts may require review by an FDIC Claim Agent. All accounts
that appear to be related are reviewed to determine ownership and insurance coverage.
Certain entitlements and different types of accounts can be 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
If you had a loan with the bank, continue to make your checks
payable to Barnes Banking Company and mail to the same address
you have used in the past until you are instructed otherwise.
Direct Deposits, Social Security: What will happen to my direct deposits?
You should make arrangements with another financial institution. Direct
Deposits, including Social Security checks, will continue until close of
business February 12, 2010. But, to avoid delay of your direct deposits,
make arrangements as soon as possible.
Early withdrawal penalty: Will I incur an early
withdrawal penalty on my closed CD?
Final Statement: How will I get my final
account statement(s) from Barnes Banking Company?
DINB of Kaysville will mail your account statements at the same time you
have received them in the past. Customers who have not closed their
accounts by close of business February 12, 2010, will receive a
final statement at
Interest: Will I continue to earn interest at the same rate?
No. All interest on insured deposits accrued through Friday, January 15,
2010 will be paid at your same rate. Interest
will not continue to accrue after that date. All CD and IRA
insured account balances will
be mailed to your address of record with Barnes Banking Company
on Tuesday, January 19, 2010.
If you deposited funds through a broker, the interest will
accrue and be paid through Friday, January 15, 2010.
Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?
Interest checks and cashier's checks will continue to clear past
February 12, 2010 as those will be issued to customers closing
customers are highly encouraged to cash these checks as soon
as possible. Official checks (those issued by
institutions – for example, cashiers’ checks,
certified checks, money orders) meet the definition of noninterest-bearing
transaction accounts. Under the Temporary Liquidity Guarantee
Program, noninterest-bearing transaction accounts are fully insured.
Internet Connection: Will my Internet connection
to Barnes Banking Company work?
Over the weekend, the website will be available in a read-only mode. Online
transactional service will resume on Tuesday morning, but ONLY
through Monday, January 25, 2010. After that time, online transactional
service will be disabled. Barnes Banking Company had a number
of avenues for customers to access funds, and each
avenues will be available when final processing is completed.
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any scams to obtain information from you.
IRAs: What if I have an Individual Retirement
Account (IRA)? Will this be considered another rollover?
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
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
checks for the insured amount will be mailed to your address of record with the
bank on Tuesday, January 19, 2010.
Lose Any Money: Will I lose anything on my
Principal and interest on insured accounts, through Friday,
January 15, 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 interest-bearing account (or $250,000
in your IRA), or if the total of your related interest-bearing accounts
exceeds $250,000, your accounts may require review by an FDIC Claim 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 this process.
Outstanding Checks: What will happen to the checks which have not cleared my account?
Checks that were drawn on Barnes Banking Company that did not clear before
the institution closed will be honored up to your insured amount or available
balance until close of business February 12, 2010. You should allow time
for items to clear before that date.
Records/Account Histories: What if I need
information regarding my account during the time Barnes Banking Company
was in business?
Please call or visit your branch to request any records you may need. After
February 12, 2010, please call 1-800-528-4893.
Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information after the end of the year?
DINB of Kaysville will be responsible for mailing your 1099 tax information.
Your 1098 reporting will be done by the FDIC as Receiver for Barnes Banking
Company or the servicer of your loan. You will be notified of any changes
in ownership or servicing of your loan.
Uninsured: Will I collect my uninsured deposits?
If you have a loan in the same name as your uninsured deposit account,
it may be possible to offset your uninsured amount against your
loan. You should discuss this with your Claims Agent during your
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 Barnes Banking Company. 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. 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).
Of course, you will receive immediate full payment for your insured checking and savings accounts through DINB of Kaysville. You will
receive a check for full payment of your insured CDs and insured IRAs
from the FDIC.
If you have a deposit through a broker, your insured funds will be wired to your
broker on your behalf once the FDIC receives all required documentation from your broker.
Wire Transfer: Can funds be wired to me?
As of Tuesday, January 19, 2010, your checking and savings account
funds can be wired at your request. Any outgoing wire fees will be waived. Please
contact your former Barnes Banking Company branch location regarding your wire
request. Checks for insured CDs and insured IRAs will be mailed to you, and
you will receive them by the end of the week.
Automatic Payments: Will my automatic transaction payment still occur on its assigned date?
Any automatic payments from your account will continue until close of
business February 12, 2010. We encourage you to check your
account the day after your scheduled draft to verify the transaction. If
did not occur, please notify your loan officer. You should make
arrangements with your new bank as soon as possible.
Construction Loan Draws: Will construction draws continue? Will my project be completed?
Each loan is being reviewed independently, and you should direct your
questions to your loan officer. Funding decisions will be made
on a case-by-case basis.
Construction Loan Voucher Control: Will my subcontractors be paid as before?
Each loan is being reviewed independently and will be determined on a
case-by-case basis. You should direct your questions to your loan officer.
Escrows: Will you continue to pay my escrows?
All services previously performed related to your loan will continue.
Should you receive notification that any portion of your taxes or insurance
were not paid, please notify your loan officer immediately.
Fees: Are there any changes to fees or charges due to this event?
Fees will be discontinued as of January 15, 2010.
Foreclosures: Will the FDIC continue foreclosures in process?
At this point, all foreclosure actions have been suspended to properly
evaluate the loans and the borrower’s ability to repay. We intend
to sell all loans, and the new owner will determine the best method to
collect them. There may be instances where FDIC will continue with the
foreclosure process; however, this will be done on a case-by-case basis.
Lender and contact names: Who is my lender and has my loan contact changed?
Your loan is currently owned by the FDIC and is being serviced by all
of the same personnel with whom you have worked in the past. All prior
contacts remain the same.
Loan Sales: Will my loan be sold?
Your loan may be sold at a future undetermined date. If that occurs,
you will be notified in advance through written correspondence. If you
are concerned about whom your future lender or servicer will be, you
have the right to independently refinance your loan with another lender.
Line of Credit Advances – Home Equity: Can I continue to perform advances on my line of credit?
All lines of credit, including Home Equity Lines of Credit (HELOCs) and
overdraft lines of credit, have been suspended at this time and have been
retained by the Receiver. It is our intention to sell your loan. The Receiver
is not a bank. It does have the ability to fund some short-term needs if
in the best interest of the Receiver; however, any funding and issuance
of a check is not immediate. You are encouraged to seek financing from
another bank. They will be able to better serve your needs on an ongoing
Loan in Process: I have a loan currently in process. How is my loan impacted?
Please contact your loan officer directly.
Loan Sweeps: Will my loan sweep be discontinued?
This will be determined on a case-by-case basis. Please contact your loan officer.
Overdraft Line of Credit: Will my overdraft line of credit continue to cover my overdrafts?
No. These lines have been retained by the FDIC and have been frozen. You
will need to establish a new overdraft line of credit with your new bank.
Payments: How and where do I make my payments?
You should continue to make your payments as agreed. Make checks
payable to Barnes Banking Company and utilize the same payment address
information. You may continue to make your payments at the branch or by phone via check
or credit card.
Pre-payment Penalty: If I refinance with another lender, will my pre-payment penalty be waived?
Any pre-payment penalty will be waived as long as FDIC as Receiver for
Barnes Banking Company has control of the asset, and the borrower obtains
refinancing of the outstanding balance on the account with another financial
SBA Application in Process: What will happen to my SBA loan application in process?
DINB of Kaysville will not be originating any new loans.
If your loan has been approved by the SBA, but is not yet funded, please
contact your loan officer. You will be directed to the proper SBA contact
to help you locate another approved lender.
If your loan is in process, but is not yet approved by the SBA, we will
release your SBA package on file with us to you, and you will need to apply
with another SBA-approved lender. Please contact your loan officer to make
arrangements to retrieve your application from the bank.
What Happens Now: What will happen to my loan?
Your loan may be sold at a future undetermined date. If that occurs, you
will be notified in advance through written correspondence.
All-Deposit Transfer versus Insured Deposit Transfer: Why do all deposits, insured or not, pass is some transactions but not in others?
The FDIC is required by law to employ the least-cost resolution measure
for each failed financial institution. The most frequent result had been
for the FDIC to transfer only the insured deposits in a Purchase and Assumption
transaction; however, the temporary increase in the deposit insurance limit
has assisted in the transfer of all deposits more often in the past year.
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:
New Bank Insured: Is the new bank insured by the FDIC?
Yes. Your deposit at DINB of Kaysville is insured by the FDIC, and each
depositor is insured to at least $250,000, as established by law.
Safe Deposit Boxes: How can I claim the contents of my safe deposit box?
You have until February 12, 2010 to empty your safe deposit box. To avoid
congestion at the end of this period, you should find another safe
deposit box provider as soon as possible. Please be advised if you do not clear your safe deposit boxes before that date, the box will be drilled under dual control. The contents will be escheated to your state according to state law. You will receive a letter at the address listed on the bank's record prior to your box being drilled. Unclaimed property can be located by visiting www.missingmoney.com or by contacting the State Treasurer's office or the office of unclaimed property.
If you paid a deposit to Barnes Banking Company for your Safe Deposit Box, that deposit was a liability of the Barnes Banking Company, not the FDIC nor the DINB. You may file a claim with the FDIC to recover the deposit just as other creditors may file. The forms will be available at the bank branches.
Shareholders: I am a shareholder. What happens to my shares?
Barnes Banking Company had no publicly owned stock. Equity shareholders
were invested in the holding company, Barnes Bancorporation, Kaysville,
UT, and not in the bank. Please do not file a claim with the Receiver, rather,
contact the holding company with any questions you may have:
c/o Curtis Harris
33 South Main Street
Kaysville, UT 84037
Unpaid Bill: I did some work for Barnes Banking Company and have not yet been paid. What should I do?
Please send your bills to the following address:
Federal Deposit Insurance Corporation
Receiver: Barnes Banking Company
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 at
You must also register in the Central Contractor Registration database at
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).