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As Wradical details most of the times the bank closes and the assuming institution (one that buys the old bank) will open the next business day with just a name change. You probably will not even know until you get some mail announcing the change.

Sometimes there is no buyer found by the time the chartering agency shuts down the bank. In that case the FDIC will be appointed as receiver and will either:

1) Shut the bank down and disperse the insured portion (usually available the next business day) and provide receiver certificates (IOU's) for the unisured. This portion is exposed to loss so make sure you maximize the insurance.

2) Operate the bank until a new buyer can be found.

In any of the three outcomes your FDIC insured portion will most likely be available the next business day.

d(Next Day)/dT
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