Have other FIDO customers purchased CD's from ANB Financial, NA, Bentonville, AR?

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garyp 05-17-2008, 12:10 PM | Post #2518897 | 1 Replies

The bank has gone down the tubes. Here's an announcement from FDIC:

http://www.fdic.gov/bank/individual/failed/anb.html

FIDO Fixed Income Dept is closed till Monday, when I will call them. But, have other FIDO customers been thru this situation where a bank fails and the investor must recover their FDIC insurance? Does FIDO handle it, or are there forms to fill out?

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FIDO Response

garyp 05-21-2008, 5:23 AM | Post #2520196

I spoke with a FIDO rep yesterday and they are handling all the FDIC paperwork. Cash should be deposited in 2-8 weeks. So I guess no interest during that time, but I'm not sure.

This is my first case of a bank (where I had a CD) going bankrupt and being taken over. I had heard some horror stories of paperwork requirements; it's good to know FIDO is handling it.

While looking into this situation I stumbled on other news. This situation may occur again over the next few years at other banks.