Banking Frequently Asked Questions

The North Carolina Office of the Commissioner of Banks charters, licenses and regulates a variety of financial institutions within the State. Answers to many of your questions and concerns may be found in this section. Please use any of the links to the left for additional information. If you still need assistance, please call our office at (919) 733-3016 and we will be happy to assist you.

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The FDIC gathers deposit amount information each year as of June 30th. You can search for your local branch to determine the dollar amount of deposits that your local branch holds. You can access the search form at the FDIC's Summary of Deposits website. This service is not available for Credit Union branches.

Deposits are insured up to $250,000 for each insured entity by the Federal Deposit Insurance Corporation. For more detailed information regarding your deposits and FDIC insurance, visit FDIC where you can calculate your insurance coverage by using the Electronic deposit Insurance Estimator.

You can research both active and inactive banking institutions by using the National Information Center, a division of the Federal Reserve System, and the FDIC website to determine what happened to a financial institution. You can search by several different criteria to determine the current status of the bank.

Yes. Review the deposit account agreement for information about the bank’s funds availability policy.

You may wish to contact the State Treasurer’s Office in the state where the account was held. All states have programs requiring banks to transfer unclaimed funds to the state.

Yes. Banks are required by law to have a customer identification program as a security measure.

The bank must keep records for five years or longer at the bank’s discretion. 

Yes, the bank may charge a fee for this service.

Yes. Banks are allowed to charge non-interest charges and fees. Banks must disclose certain fees associated with an account when it is set up. Review the deposit account agreement for information about the bank’s policy and fees.

The bank can set its own interest rates on savings accounts as it is a private business.

No, if the money deposited into the account was in error, the bank does not need permission to remove the funds and deposit them into the correct account.

Federal law does not stipulate maximum amounts for fees that banks can charge for overdrafts. The decision is made by the bank. Banks must disclose fees when the account is set up and give advance notice if the fees change.

Yes. Banks have the authority to decide under what conditions they provide their products and services.

Yes, commercial bank may close accounts for any reason and without notice. 

Contact the bank at once and work with them to try to resolve the situation.

Yes. A bank can set an internal policy as to whether they will accept or exchange unrolled coins for currency.

Yes. The bank would have to notify customers of the branch closing by mailing notices before the closing date and posting a notice at the branch that is closing.