Is Ocean Bank Going down?

Knowing we would be short on money because Frank had to be out of work for a few weeks we sent a bunch of stuff out to a local auctioneer. I just received a letter from him saying Ocean Bank had seized the money in his account.

Doesn't say why but just that he thinks it's illegal and that he's working on it.

Anyone else have this problem with Ocean Bank?

Are they going down? What ever happened to FDIC?

Banks can't sieze or otherwise encumber someone's money outside of some legal process, New Hampshire did have and may still have a way that property (including bank accounts) may be attached and held as security in anticipation of a future legal judgement.
In other words, if I contemplated suing you, I could temporarily attach some or all of your assets, freezing them until we went to court.
I'm sure that banks, regardless of their needs or condition, can't just seize accounts willy-nilly.

Yeah, I agree with oc, it doesn't seem to me that if they were going down, they would seize his accounts. Sounds like a personal problem.

I agree but what if the auctioneer was holding money for a crook or soon to be bankrupt individual ? Would they freeze the auctioneers assets before he paid the consignor? I know it's not easy or without a hearing but it all sounds pretty fishy to me.

WEll, actually that was one of the first things that went through my mind, was he involved with the current drug situation. We all know DEA is around.

I learned the auctioneer is going down not Ocean Bank. I'm out my proceeds I guess but I'll remember him specifically tonite when I remind God to forgive my tresspassers as he forgives me.

I hope that your re-opening of Dragonflies today was successful. Too bad your auctioneer went bust. Must have kind of taken the edge off of your day.

I imagine DEA can do any little thing they want any time.