Banking Issues
From KatrinaLegalRelief
What do I need to do if my bank was destroyed?
- The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller, the Office of Thrift Supervision, and the Conference of State Bank Supervisors are reminding the public that deposit insurance is in full force and that money in FDIC or NCUA insured banks are protected.
- Try calling your bank phone number as many banks have provided information via telephone.
- You may also contact FEMA or Red Cross for assistance if you are not able to reach your bank.
How should I go about banking at a place of relocation?
If you are trying to bank in an area of relocation, it will be concerned as to whether you have sufficient funds in your account. It will need to contact your bank to verify funds. Also, you may have your bank wire funds to the relocation bank and establish an account there.
What if I have lost my identification and/or banking information?
- The U.S Department of the Treasury has encouraged banks to ease identification normally needed to make banking transactions.
- Banks are encouraged to call the Social Security Administration’s hotline (1-800-772-1213) with the customer’s information to verify identification.
- Please see other relevant portions of this manual such as Document Replacement and the Banking Appendix containing bank contact information
- Banks will be granted flexibility should a check forgery reclamation action arise.
Will my deposits and/or drafts still be functioning normally? What if I am not able to pay them?
- Regulators are encouraging banks to work with customers that were heavily affected by Hurricane Katrina.
- The FDIC has asked banks to allow some loan payments to be skipped without affecting credit history, extend the term of loans, and to restructure loans.
- Do NOT skip a payment without trying to contact your bank first. Please see the Banking Appendix containing bank contact information.
What happens if I had property in a safety deposit box at my bank? Will insurance cover it?
- Deposit insurance does not cover contents in your safety deposit box. Contact your bank to determine whether contents are salvageable.
- Many banks’ safety deposit boxes are within vaults and are well protected from water and fire damages.
Can I still have replacement documents and/or monthly account statements sent to me at a temporary address?
- Yes. As long as you have a fixed address, you can contact the U.S. Postal Service either by phone, 1-800-ASK-USPS, or online, www.usps.gov, and request that your mail be sent to a fixed address.
How will I get my Social Security check?
- If you are not in your area, you may want to open an account in the area you are in and contact the Social Security Administration ("SSA") with your banking information.
- SSA is also experiencing some difficulty in those areas affected by Hurricane Katrina and banks are being asked to honor- after prudent verification- handwritten, typewritten, and laser SSA checks issued in Louisiana, Mississippi, and Alabama offices.
What are the policies for cashing U.S. Treasury Checks for FEMA Disaster Assistance and Federal benefit payments? (For institutions/depositories)
- This policy will remain in effect until 60 days after September 14, 2005 (Monday, November 14, 2005).
- Because of the difficulty in comfirming the identities of those receiving U.S. Treasury checks, the U.S. Department of the Treasury is providing assistance for those institutions who have conducted prudent investigations into an individual's identity.
- A depository will not be liable for cashing a Treasury benefit or check bearing a forged indorsement if:
1) the depository verifies an identity by calling the number provided by the issuing agency, and 2) the depositoty has used prudent effort in verifying the identity such as: inspecting bills and leases, checking other forms of I.D. including passports, and conducting an electronic search and searching public databases or other online sources.
- Please view the security features on Treasury checks by visiting http:///fms.treas.gov/checkclaims/index.html. Please contact the Federal Reserve's Bank of Richmond's Treasury Check Assistance should any questions arise as to the authenticity of a U.S. Treasury check: (804) 697-2605.
- For more information, please view the official notice at: http://fms.treas.gov/katrina_notice_depository_institutions.html.
- Also, for clarification of customer identification/"Know Your Customer" Standards, please visit:
http://www.federalreserve.gov/boarddocs/srletters/2005/sr0515.htm.
Please contact the following for more information:
- Federal Deposit Insurance Corporation (FDIC), www.fdic.gov, 1-800-ASK-FDIC
- Federal Reserve, www.federalreserve.gov, 1-800-827-3340
- Social Security Administration, www.socialsecurity.gov, 1-800-772-1213
- Mississippi Department of Banking, www.dbcf.state.ms.us, 1-601-359-1031 or
- 1-800-844-2499
- Louisiana Office of Financial Institutions, www.ofi.louisiana.gov, 1-225-925-4660 or 1-866-783-5530
- State of Alabama Banking Department, www.bank.state.al.us, 1-334-242-3452
