What happens to your money in a savings account if a bank goes out of business? and Commercial and Agricultural Bank of Texas $3.00 (three dollars) private scrip

What happens to your money in a savings account if a bank goes out of business?

If you have money in a savings account in a bank, what happens to your money when the bank goes out of business??


bank best answer:

Answer by David W
Federal and state banks are members of the Federal Deposit Insurance Corporation (FDIC). If your account balance is $ 100,000 or less, it is insured by the full faith and credit of the US government. There may be a few days delay, but you will get your money.

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Commercial and Agricultural Bank of Texas .00 (three dollars) private scrip


Image by SMU Central University Libraries
Title: Commercial and Agricultural Bank of Texas .00 (three dollars) private scrip

County of Origin: Brazoria County

Town of Issue: Columbia

Currency Type: Private Scrip

Denomination: .00

Bank Issuer: Commercial and Agricultural Bank of Texas

Imprint: Draper, Toppan, Longacre & Co. Phila. & NY

Date Issued: ca. 1835

Notes: This private scrip was issued in Columbia by The Commercial and Agricultural Bank of Texas. In the lower-left corner of note is a vignette of a man shearing a sheep. Men in a sailboat are depicted in the upper-center of the note. In the upper-right corner is a vignette of cattle and sheep in a pasture. The note is denominated in dollars and pesos. The plate designation ''A'' appears in two locations in the middle of the note. The Commercial and Agricultural Bank of Texas was the only bank ever authorized in Texas prior to the organization of National Banks in 1865. The bank was chartered to Samuel M. Williams by the Mexican Government on April 30, 1835. Because of charter requirements, the bank was never opened at Columbia although notes and other fiscal papers were prepared. The bank did open at Galveston in 1848 and did issue currency for a short time. Notes on the bank are rare, and the examples recorded were reconstructed from Louisiana notes of the CSA era which had been printed on the reverse.

Signatures: [blank] Cash.'; [blank] Prest.

Dimensions: 18.5 x 7.5 cm.

File: BrazoriaColumbia0000036_opt.jpg

Rights: Please cite Southern Methodist University, Central University Libraries, DeGolyer Library when using this image file. A high-quality version of this file may be obtained for a fee by contacting degolyer@smu.edu.

For more information, see: digitalcollections.smu.edu/cdm/ref/collection/tbn/id/186

View the Rowe-Barr Collection of Texas Currency digitalcollections.smu.edu/all/cul/tbn/

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