How to Withdraw an IRA From a Failed Bank
- 1). Go to the branch. Talk to an FDIC representative about what is happening. They will explain which of the scenarios is occurring and what your options are.
- 2). Write a check, use an ATM card or close out accounts if the institution is still open. The goal of the FDIC is to keep operations running as smoothly as possible in most instances. If the FDIC is running the bank or a buyer is assuming the assets, you will be able to maintain your normal banking scenarios. For those who are over the $250,000 insured limit, you may want to take the surplus to a bank that you don't have accounts at to ensure you have FDIC insurance on all your money.
- 3). Contact the FDIC regarding your assets if the institution has closed its doors. You have 18 months to contact and claim your assets. If you had more than the $250,000 insured limit, you may only be able to recover assets up to that limit. Should the FDIC be able to liquidate enough assets, you may be able to obtain more. Go to FDIC.gov for information on claiming assets or send inquiries to:
FDIC
Attn: Claims Department - Unclaimed Funds
1601 Bryan Street
Dallas, TX 75201
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