Frequently Asked Questions for Pulaski Savings Bank, Chicago, IL

Failed Bank Information for Pulaski Savings Bank, Chicago, IL

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

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On Friday, January 17, 2025, Pulaski Savings Bank Chicago, Illinois was closed by the Illinois Department of Financial and Professional Regulation. The Federal Deposit Insurance Corporation (FDIC) was then appointed Receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Millennium Bank, Des Plaines, Illinois, to assume all the deposits and substantially all the assets of Pulaski Savings 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 Millennium Bank.

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 to Millennium Bank 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 Millennium Bank.

WILL I RECEIVE INTEREST ON MY INTEREST BEARING ACCOUNTS?

Yes! Interest on deposits accrued through Friday, January 17, 2025, will be paid at your same rate. Pulaski Savings Bank’s rates will be reviewed by Millennium Bank, and you will be notified in writing of any changes. You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Millennium Bank.

WHAT HAPPENS WITH MY BROKERED DEPOSITS?

All deposits have been assumed by Millennium Bank. If you are a customer who has a Pulaski Savings Bank deposit through a broker, you must contact your broker with any questions.

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

Millennium Bank 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 Millennium Bank.

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

Lines of credit have been transferred to Millennium Bank. For questions on the 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 Pulaski Savings Bank. You will receive a letter advising you of any changes.

If you need to contact an FDIC Loan Representative you may:

• Send an email to FDIC_Loans@fdic.gov.
• Contact Us at FDIC.gov or FDIC Information and Support Center.

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 PULASKI SAVINGS BANK OWES ME MONEY, HOW DO I FILE A CLAIM?

Creditors must submit claims electronically or in writing, together with proof of the claim. Please visit the FDIC’s Failed Bank Customer Service Center (FBCSC) secure web portal to submit your claim electronically at Failed Bank Customer Service Center (FBCSC). To file a claim in writing via mail, please go to the following FDIC website Deposit Claims & Asset Sales to obtain a Proof of Claim form. Complete and mail the Proof of Claim form along with supporting documentation to the following address:

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

WHAT IF I HAVE A DEPOSIT ACCOUNT AT MILLENNIUM BANK?

If you have accounts in both Pulaski Savings Bank and Millennium Bank, 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 Pulaski Savings Bank, Millennium Bank, or the FDIC.

I HAVE MORE QUESTIONS.

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

FDIC CALL CENTER: 1-866-314-1744

HOURS OF OPERATION - ALL HOURS ARE Central Time

Additional information: Failed Bank List