20110417

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.
A newly chartered bank subsidiary of Community Bancorp LLC of Houston, Texas, called Superior Bank, NA will assume the failed bank's deposits, the FDIC said.
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

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How to Find a Swift Code

Decoding Swift Code - Know how about Bank Swift Codes.

The best place to find your swift code is the swift website - swift.com. Once you go there you can use the search box to find the swift code for your specific Bank Branch if you have little idea about what the swift code for the bank in that particular country is. If you do not have any clue our swift code blog is here.
If you do, just enter the bank code and suffixed country code, say IN for India and US for United States there in box and press Return. You will find the list of Branches that are linked to Swift international and have been assigned any swift code or BIC number to that branch of the bank. Sometimes it also shows the swift codes for the bank which are not active any more they are not shown in the same color as others.
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