FDIC Issues Colonial Bank A ‘Cease & Desist’ Order

Alabama Colonial Bank What does that mean for you the customer? Click here to find out.
by WKRG Staff
Published: Tue, June 09, 2009 - 4:02 pm CST
Colonial Bank has been issued a "cease and desist" order by the FDIC.

According to the order, Colonial Bank has "engaged in unsafe or unsound banking practices" and has committed "violations of law and/or regulations."

Now that sounds scary. But the bottom line for customers is your money is safe. As long as each account is less than $250,000, every penny is insured by the FDIC.
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vickistew Says:
Wed, Jun 10, 2009 at 4:09 pm

There is no reason to pull your money from the bank. FDIC insured means your money is covered- even if the FED took the bank over, it would still function as usual. Please educate yourself.

cmb1 Says:
Wed, Jun 10, 2009 at 12:56 pm

I would go and get all my money if it was in this bank!

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