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Failed Bank Compensation

How the scam works:

In the United States whenever a bank collapses, the clients are able to withdraw their money for up to 30 days after the official announcement.

If they leave their money in after the bank has failed, the Federal Deposit Insurance Corporation (FDIC) takes care of compensation afterwards and clients can get a check from the government to cover the money, up to $250,000.

Scammers send out messages to customers of failed banks, claiming to be FDIC representatives and warning them that the ATM cards have been disabled and the accounts have been frozen. In order to be able to claim their money, victims are required to provide all their personal information: birth date, Social Security Number, etc.

How to avoid:

Since FDIC doesn’t ask for information this way and you're not sure what to do, always contact the bank or the FDIC directly. Other countries have different regulations, please check your own (in Canada no bank has failed since 1923).

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