DOH! This is a first. Today I received a letter from the FDIC telling me that Waterfield bank where I have my emergency slush fund savings account, which holds more than pocket change, has just been shut down by the Office of Thrift Supervision. If the FDIC didn't exist, I would be in serious trouble right about now ...

Didn't you have a really good motorcycle ride this weekend? Conservation of Suck (tm)?

Conservation of Karma(tm)?

I'm going to deal with this issue tomorrow and will report back what I find. Apparently I should be able to just withdraw the funds as I normally would.

From the account login screen:

FDIC Information for Waterfield Bank, Germantown, MD
On Friday, March 5, 2010, Waterfield Bank of Germantown, Maryland, was closed by the Office of Thrift Supervision. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect depositors, the FDIC has created Waterfield Bank, FA. It will remain open for 30 days. All acccounts at the new Waterfield Bank, FA are insured by the FDIC. To reduce any disruption to you, those funds will remain available to you throughout this period.

You will continue to have access to your account, and payments to you and by you will continue to be processed as usual while Waterfield Bank, FA remains open. As soon as possible during this period, you should make arrangements to transfer your account to another insured bank or thrift. If you have not made such arrangements by April 5, 2010, the FDIC will mail you a check for the full balance of your account.

You may continue to use your ATM and Debit cards until March 31, 2010. Daily withdrawal limits at ATMs remains unchanged from the previous bank limits.

You will have continued access to your insured checking and savings account funds by using your same checks and ATM/Debit cards.

If you have a CD or IRA, the FDIC will mail a check to your mailing address on record with Waterfield Bank. Checks will be mailed on Monday, March 8, 2010. A letter will be sent to IRA customers outlining their rollover responsibilities.

The FDIC wishes to make this transition as convenient as possible for the depositors of Waterfield Bank.

Please select the link below to read more about this event:
http://www.fdic.gov/bank/individual/failed/waterfield.h...

banks are closing/failing at an alarming rate

failed bank list:

http://www.fdic.gov/bank/individual/failed/banklist.htm...

I'm still waiting on chevy chase & capital one
take over.

I still have money there just because they are across the street nice & convenient
unlike NRL credit union only has 3 branches
so it's not easy to get cash on weekends

I refuse to pay ATM fees.

@Yermo Looks like the process has been done correctly to help depositors, assuming that it works as described. This is a huge improvement from 25 years ago. I had a high school classmate who had her savings in a S&L that failed. I forget how much she had, a thousand dollars - her car fund. She ended up getting small checks - $20, $30 at a time - as the government sold off the banks assets.

The NRL Credit Union is right across the street too, five days a week. You just have to plan a little to make sure you go on Friday before you leave.

The only time I pay ATM fees is when I'm on travel for work and don't have much choice. And those fees are reimbursable on my travel claim.

@Mike Ouch! Yea, it sounds like it's much better now. I'll post an update once I have the funds transferred.