Why does FDIC have unclaimed money?
When a failed financial institution (bank or savings and loan) with federal deposit insurance is liquidated, the FDIC resolution division is responsible for paying: – Unclaimed insured deposits up to $100,000 Dividends declared on excess deposits over the $100,000 insured. amount.Dividends declared on general creditor claims – Funds distributed to the shareholders of the failed institution. In many instances these funds remain unclaimed because: – The insured deposit is never claimed from the assuming financial institution The dividend check on the excess deposit amount is not cashed The dividend check on the general creditor claim is not cashed The check to the shareholder is not cashed. – A valid address is not on file and the dividend check has been returned to the FDIC. Unclaimed Money at the Holocaust Claims Databases www.claims.state.ny.us This is the address for the Holocaust Claims Processing Office (HCPO). Although this office is managed by the State of New York, it is free an
