FDIC: First Republic Bank, San Francisco, CA - Frequently Asked Qustions (2024)

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The following list of responses to frequently asked questions may assist you in understanding what happened at First Republic Bank.

On Monday, May 1, 2023, First Republic Bank, San Francisco, CA was closed by the California Department of Financial Protection and Innovation. The Federal Deposit Insurance Corporation (FDIC) was then appointed Receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with JPMorgan Chase Bank, National Association (N.A.), Columbus, OH, to assume all of the deposits and substantially all of the assets of First Republic Bank.

IS MY MONEY SAFE?

Yes! No one lost any money on deposit as a result of the closure of this bank. All deposits, regardless of dollar amount, were transferred to JPMorgan Chase Bank, N.A.

DO I HAVE ACCESS TO MY MONEY?

Yes! You may continue to use your same checks, and they will clear up to the balance in your account. Your ATM/Debit card will continue to work as usual. The total balance in your account(s), including checking, savings, money markets, certificates of deposit, and retirement accounts, has been transferred JPMorgan Chase Bank, N.A. and will be available for transactions daily.

WHAT HAPPENS WITH MY DIRECT DEPOSITS?

All direct deposits, for example, social security, payroll, veterans’ benefits, disability, unemployment or any payment you receive electronically will continue as usual.

WILL MY AUTOPAYMENTS/BILL PAY/ONLINE BANKING STILL WORK?

Yes! These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by JPMorgan Chase Bank, N.A.

WILL I RECEIVE INTEREST ON MY CERTIFICATES OF DEPOSIT (CDs)?

Yes! Interest on deposits accrued through April 30, 2023, will be paid at your same rate. First Republic Bank’s rates will be reviewed by JPMorgan Chase Bank, N.A., and you will be notified in writing of any changes. You may withdraw funds from any transferred account without early withdrawal penalty until you enter into a new deposit agreement with JPMorgan Chase Bank, N.A.

WHAT HAPPENS WITH MY BROKERED DEPOSITS?

All brokered deposits, including the Cede & Co deposits, have been assumed by JPMorgan Chase Bank, N.A. If you are a customer who has a First Republic Bank deposit through a broker, you must contact your broker with any questions.

HOW WILL I GET MY 1098/1099s FOR TAX REPORTING?

JPMorgan Chase Bank, N.A. will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.

CAN I STILL USE MY SAFE DEPOSIT BOX?

You will have access to your safe deposit boxes. Any changes will be communicated by JPMorgan Chase Bank, N.A.

CAN I OVERDRAFT MY ACCOUNT OR USE A LINE OF CREDIT?

Lines of credit have been transferred to JPMorgan Chase Bank, N.A. For questions on use of existing credit lines and overdrafts, or new lending, please contact them directly.

DO I CONTINUE TO MAKE MY LOAN PAYMENTS?

You should continue to make your payments according to the terms of your written contract. You may continue to send your payments to the same payment address with checks made payable to First Republic Bank. You will receive a letter advising you of any changes.

WILL MY ESCROW PAYMENTS STILL BE MADE?

All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance was not paid, notify your loan officer immediately.

I HAVE A LOAN IN PROCESS, WHAT DO I DO?

Please contact your current loan officer directly.

WHAT IF FIRST REPUBLIC BANK OWES ME MONEY, HOW DO I FILE A CLAIM?

Creditors must submit claims in writing, together with proof of the claim. To access the FDIC Claims Portal online, go to FDIC.gov and type in “Claims Portal” in the search box. To file a claim via mail, please send it to the following address:

FDIC as Receiver for First Republic Bank
600 N. Pearl Street, Suite 700
Dallas, Texas 75201
Attention: Claims Agent

WHAT IF I HAVE A DEPOSIT ACCOUNT AT JPMORGAN CHASE BANK, N.A.?

If you have accounts in both First Republic Bank and JPMorgan Chase Bank, N.A., they will be insured separately for at least six months following the merger of the banks. This will allow you time to restructure your accounts if necessary.

SHOULD I BE WORRIED ABOUT SCAMS?

If you are concerned about becoming a victim of fraud, be advised that you will not receive any communication from the FDIC requesting any private information. Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating they are acting on behalf of First Republic Bank, JPMorgan Chase Bank, N.A., or the FDIC.

I HAVE MORE QUESTIONS.

Please contact the call center at the number provided below with any additional questions:

CALL CENTER: 1-888-408-0288
HOURS OF OPERATION (Pacific Time Zone)

Monday through Friday: 4:00 AM – 10:00 PM
Saturday 6:00 AM – 8:00 PM
Sunday 7:00 AM – 5:00 PM

Additional information: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/.

FDIC: First Republic Bank, San Francisco, CA - Frequently Asked Qustions (2024)

FAQs

What will happen to First Republic checking accounts? ›

Effective, May 25, 2024, First Republic deposit accounts will transition to JPMorgan Chase. View our Deposit Accounts FAQ for more information. Other First Republic accounts or features may transfer at different times, and you'll receive separate communications about them, as applicable.

What happens to my money in First Republic Bank? ›

To protect depositors, the FDIC entered into a purchase and assumption agreement with JPMorgan Chase Bank, National Association (N.A.), Columbus, OH, to assume all of the deposits and substantially all of the assets of First Republic Bank.

Discover More ›

What is the weakness of First Republic Bank? ›

Surprising Fact. In 2022, Republic First's financial auditor told the bank it had “material weaknesses in internal control over financial reporting,” according to a regulatory filing.

View Details ›

Can I withdraw my money from First Republic Bank? ›

You may only make up to six withdrawals and/or transfers each monthly statement cycle by check (for accounts with check privileges), preauthorized or automatic transfer (e.g., transfers under an agreement to cover overdrafts on a linked checking account, or automatic payments to an insurance company), draft, point-of- ...

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What will happen to First Republic Bank customers? ›

What is happening with my other First Republic accounts? First Republic accounts will transfer to JPMorgan Chase over time. We'll always notify you in advance of transferring your accounts.

Find Out More ›

Should I move my money out of First Republic Bank? ›

If you have over $250,000 in individual accounts at one bank, which most people don't, the amount over $250,000 is considered uninsured and experts recommend that you move the remainder of your money to a different financial institution, said Caleb Silver, editor in chief of Investopedia, a financial media website.

Keep Reading ›

Will First Republic customers keep all their money? ›

First Republic customers will keep all of their money. But the company's stock is worth zero in its current form.

Find Out More ›

Will my First Republic account become a Chase account? ›

Your First Republic account(s) will become a Chase account(s) on May 25, 2024, and will have a different name(s), requirements and pricing. Will my account and routing numbers change? Your account and routing numbers won't change.

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What happens to my mortgage with First Republic Bank? ›

All residential home mortgages and HELOCs are with Chase. Residential home mortgages and HELOCs, including those that were paid off and matured on or after June 30, 2021, were transferred to Chase on November 1, 2023.

See Details ›

Is it safe to open a CD at First Republic Bank? ›

CDs are generally considered to be one of the very safest investments, because they are protected by FDIC insurance. If a bank fails, your money is protected up to the FDIC limits of $250,000 per depositor, per insured bank, for each account ownership category. First Republic Bank is FDIC insured (FDIC No.

Read On ›

Is my CD safe at First Republic Bank? ›

Are First Republic Bank CDs FDIC-Insured? Yes, First Republic Banks are FDIC-insured.

Is First Republic Bank safe right now? ›

JPMorgan Chase acquired First Republic Bank on May 1, 2023. If you had insured or uninsured money in First Republic accounts, your funds are safe and now managed by JPMorgan Chase.

Learn More Now ›

Why are people withdrawing money from First Republic Bank? ›

It failed to reckon with the impact of rising interest rates, which sent its strategy of relying on wealthy depositors into reverse. In February, First Republic Bank's well-heeled customers were yanking money from their accounts. The bank tried to stem the tide by offering higher rates on certificates of deposit.

What happens if First Republic Bank fails? ›

If You Had a Deposit Account

The full balance of all deposit accounts has been transferred to JPMorgan Chase Bank, N.A. You may continue to use your checks and ATM/Debit card. Direct deposits like paychecks and social security benefits will continue as usual.

Show Me More ›

Do you get your money back if a bank fails? ›

If your bank fails, up to $250,000 of deposited money (per person, per account ownership type) is protected by the FDIC. When banks fail, the most common outcome is that another bank takes over the assets and your accounts are simply transferred over. If not, the FDIC will pay you out.

Can I still use my First Republic checks? ›

Until your deposit accounts have been transferred, you can continue to use the same First Republic online banking sites, apps, checks, account numbers, routing numbers, ATM and debit cards, PINs and customer service phone numbers. Learn more.

Keep Reading ›

Is my First Republic checking account FDIC insured? ›

Deposit accounts opened on or after May 1, 2023, are deposit accounts with JPMorgan Chase Bank, N.A. and are insured by the FDIC up to the applicable limits for depositors of JPMorgan Chase Bank, N.A. Welcome to First Republic Bank. Thank you for opening an account with us.

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