Bank failures can have a serious impact on a national and global economic scale. While a bank failure by itself may not put a business at risk, such a failure will complicate business continuity and operations. Steps can be taken to ensure the transition of accounts from a failed bank to an FDIC-managed successor bank go as smoothly as possible and to ensure the least amount of disruption to your business.
Wolters Kluwer Legal & Regulatory U.S. has prepared a Bank Failures Transition Checklist that outlines the steps to take if the bank used by your business should fail. It identifies important action items for you to follow in order to ensure continuing access to funds on deposit and for ensuring your obligations are met immediately after a bank failure.
The checklist covers the following key considerations:
- Transitioning to the New or Successor Bank
- FDIC Limitations
- Future Banking Agreement Considerations
The Bank Failures Transition Checklist: Continuing Operations After a Failure is the fourth installment in the Wolters Kluwer Legal & Regulatory U.S. Toolkit.
