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These companies buy leftover inventory for a fraction of their retail value and then resell the goods in their own stores, generally for less than the full retail value, but more than they paid for them.
When New Frontier Bank of Greeley, Colorado, failed on Friday, April 10, 2009, it reopened the next Monday as Deposit Insurance National Bank of Greeley and continued checking services, including direct deposit, until May 8, when it was shut down for good.
Liquidation generally refers to the process of selling off a company’s inventory, typically at a big discount, to generate cash.
In most cases, a liquidation sale is a precursor to a business closing.
After that happens, generally speaking, any payments that haven’t cleared the account, including checks, will fail.
Those bounced checks won’t go against your credit, but account holders are responsible for making sure the bills are ultimately paid, not the FDIC.
Typically, customer accounts are closed and checks are mailed to account holders for the amount of their insured deposits.
In a typical bank failure and sale, you may see a different name on the bank’s door and some changes to your account’s terms and conditions, but you don’t have to do much to keep money flowing in and out of your checking account.Direct deposits into your account at the failed bank may also need to be quickly rerouted to a new account to avoid bouncing back.One bright spot: Former account holders who show up to branches will find FDIC staff inside, ready to answer questions and offer whatever assistance they can.Once all the assets have been sold, the business is shut down.In the accounting world, liquidation refers to the process of selling all of a company’s assets to generate cash to pay off creditors, or anyone the company owes money to. Other business assets that could be liquidated include: Liquidation sales often occur as part of a bankruptcy filing, but not necessarily.When this happens, the FDIC tries to sweeten the deal by offering just the deposit accounts for sale.