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What to expect from your failed bank

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More than 150 American banks have failed this year and more are expected. What should customers expect? I’m Kristin Arnold with your Personal Finance Minute.

If you have a checking or saving savings account at a bank that fails, your desposits are insured by the FDIC up to 250-thosuand dollars.

For customers with insured balances , expect that you may have no access or limited access to funds for a few days while the FDIC completes the takeover of the bank.

Checking customers will likely need to order new checks from the new institution, but usually their old checks and debit cards will continue to work for a certain period of time, usually a few months. The only other roadblock savers may experience is "if you want to close the account and move it to another bank after the event happens, it can take longer because of all the paperwork.

The same 250-thousand dollar coverage goes for CDs and money market accounts. However, money market mutual fund are not insured and although the money is still there, you may have to wait longer to get it - depending on who buys the bank and whether they integrate that business or sell it to another institution.

To learn more, visit bankrate.com. I'm kristin arnold.

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