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CGCPA
CGCPA, CPA
Category: Finance
Satisfied Customers: 3820
Experience:  40+ years experience in taxes and financial planning
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What is the typical percentage a bank pays the FDIC or the

Customer Question

What is the typical percentage a bank pays the FDIC or the failed bank for outstanding loans being transferred to the "new" bank/lender. I had a loan with Colonial Bank and now BB&T owns my loan and I would like to know how much they actually paid for my loan.
Submitted: 5 years ago.
Category: Finance
Expert:  CGCPA replied 5 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

There is no typical rate paid. It varies from one transaction to another and is determined by the financial situation of the failed bank. Here is a link to the documentation of the specific transfer you are involved in. From it you will be able to determine how much was paid for your loan.

http://www.fdic.gov/bank/individual/failed/colonial-al_P_and_A.pdf

Customer: replied 5 years ago.
For $30.00 I expected more than a web site. Charge my card for $10.00. thank you.
Expert:  CGCPA replied 5 years ago.
It is not a website but is the full contractual documentation on the specific transfer you requested. It is much too large to reproduce here. That is why I provided you a link to the specific page. The actual document is 128 pages long. As to refunding any money, I do not handle that. You will need to contact customer service for that.
CGCPA and other Finance Specialists are ready to help you
Customer: replied 5 years ago.
I lost the site info when I clicked on it. Can you send it once more. Again, I apologize for my comment on the service you rendered. I did not realize it was a multi-page answer.
Expert:  CGCPA replied 5 years ago.

Here is the link again. No issue with earlier remarks.

http://www.fdic.gov/bank/individual/failed/colonial-al_P_and_A.pdf

Customer: replied 5 years ago.
I found the site, but this has nothing to do with my question. I read all 120 pages and this is between the bank and the FDIC for arrangements to take over assets of a failed bank. My need is to find out what or close to what the bank paid for my loan. I am assuming that there is a percentage calculation in place for this matter.
Expert:  CGCPA replied 5 years ago.
Unfortunately there is not a price the bank paid the FDIC. Usually the FDIC accepts that the new bank will handle all the accounts of the old bank. Colonial was not paid. They were dissolved.