What (Swift Code) if Bank has been foreclosed?
Here is a snippet of news about recently closed banks in US:
“US authorities closed six banks on Friday, bringing the total number of foreclosures in 2011 to 34. The largest of the shuttered banks was Superior Bank of Birmingham, Alabama with about $3.0 billion in assets and $2.7 billion in deposits, the Federal Deposit Insurance Corporation said in a release.
The bank is the largest to be closed by regulators this year, as measured by total assets. In January, a New Mexico bank with $2.31 billion in assets was closed.
Most of the banks that have failed so far in 2011 have had less than $1 billion in assets.”
Let us try to figure out what would be the implications of this news on the bank account holders if they want to send or withdraw money form these banks internationally. From the news above it is evident that your bank fund and thereof other transactions would be overtaken by some larger entity and hence you would be doing all future or subsequent transaction via the swift code for this larger / overtaking entity.
More our learned readers can add to the conversation here. Thanks