Please Replay Bank Takeover Procedures
We have some CDs at Corus Bank in Chicago, which is about to be closed down by the Feds. For all I know that's happening today, Sunday.
Our 12 month certs mature the end of Spetember. I believe we *own* what we put in plus what we've 'earned' up to the date the bank closes. Is that correct? (I don't want to discover I'm like the Madoff investors who believed they had what Bernie said they had on the statements he sent them!)
Once the bank folds, what happens to our investment? Do the Feds cash out to us at the time of failure? Do the CD's continue to earn the same APY until they mature? Less? Nothing? Do we have any choices that don't involve penalties?
Thank you, banking gurus.