This should be considered by the administrator of the failed bank based on the actual situation.
Q1: I deposited money for settlement of a trade into a broker's account at the failed bank just before it collapsed (T+1). Is there a problem?
Q2: What settlement alternatives are available? For instance, should I take cheques directly to my broker?
Yes, you may take cheques directly to the broker for settlement. You are advised to clarify other settlement alternatives with your broker directly.
Q3: I have a cheque drawn by my broker on the failed bank. Can I still bank in the cheque?
You should ask the broker to make alternative arrangements.
Last update: 11 May 2009