AmTrust Online Banking
Business, including AmTrust Online Banking, will continue and all branches are open as usual despite the fact that AmTrust Bank of Cleveland, Ohio was closed by the Office of Thrift Supervision (OTS) on 12/04/2009. The Federal Deposit Insurance Corporation (FDIC) was subsequently appointed as Receiver.
AmTrust Bank became the 128th FDIC-insured institution to fail in the nation this year and the second in Ohio joining Peoples Community Bank, West Chester which closed 07/31/2009. AmTrust Bank had total assets of approximately $12.0 billion and total deposits of approximately $8.0 billion as of 10/27/2009 but still took a dive.
To protect AmTrust depositors, the FDIC entered into a purchase and assumption agreement with New York Community Bank (NYCB) of Westbury, New York which assumed all of the deposits of AmTrust Bank. The 66 branches of AmTrust Bank are still open for business as branches of New York Community Bank. Your AmTrust deposits will continue to be insured by the FDIC so there is no need for you to change your banking relationship to retain your deposit coverage. Customers should continue to use their existing branches until NYCB can fully integrate the deposit records of AmTrust Bank.
As a depositor, you can still access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed as usual. Checks drawn on AmTrust Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. All outstanding checks will be paid against your available balance as if no change has occurred. You can contact your branch office if you are having problems with merchants refusing to accept your check so that an account representative could clear up any confusion about the validity of your checks.
Interests accrued through 12/04/2009 will be paid at your same rate and will be notified of any changes after NYCB reviewed the rates. You can still use the services which you previously had access to such as safe deposit boxes, night deposit boxes, wire services, etc. ATMs and online banking services remain available.
Rest assured with AmTrust Online Banking, business is still as usual just the responsibility has changed.
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Filed under: Certificates of Deposits, Checking Accounts, Credit Cards, Debt and Mortgages, Money Market Accounts, Online Banks, Savings Accounts
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