Facts About Banking

• How to research banks
• Make sure your bank is safe
• Check clearing times

How to research banks

• If you think a bank may have been bought or closed, look it up online to see a history with dates of acquisitions of the bank through the current owner.


• If you want to see a list of banks in the Chicago area, search for an institution at the National Information Center.

Make sure your bank is safe

Your bank is probably insured by the Federal Deposit Insurance Corporation (FDIC), an independent agency of the federal government. Almost all United States banks and savings associations have their deposits insured by the FDIC. The agency is named receiver if a bank fails. It is also the primary federal regulator of state-chartered banks that are not members of the Federal Reserve System.

Government regulatory agencies do not release their ratings on the safety and soundness of banks and thrifts to the public. As a public service, however, the FDIC publishes a list of companies that offer bank-ranking services for customers. NOTE: these companies are not endorsed or confirmed by the FDIC or the Federal Reserve System.

Related Links

• FDIC
• Bank and Thrift Rating Services for Consumers by FDIC Insurance
• A Guide to What Is and Is Not Protected by FDIC Insurance

Check clearing times

In 1987, Congress passed the Expedited Funds Availability Act, which limits the length of time that a financial institution may hold the funds from a deposited check. The law balances the risks that a financial institution faces from an uncollected check with the needs of customers and depositors.

Regulation CC: Availability of Funds and Collection of Checks