
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, March 24, 1992                   TAG: 9203240023
SECTION: BUSINESS                    PAGE: A-5   EDITION: METRO 
SOURCE: MAG POFF BUSINESS WRITER
DATELINE:                                 LENGTH: Medium

LET'S HOPE CHECKS ARE NOT IN THE MAIL

IF YOU HAD AN ACCOUNT with Trustbank and you've written a check on it recently, there's a good chance it'll bounce. Trustbank was closed Friday by the RTC. But steps are being taken to keep your credit from harm . . .

Customers of Trustbank Federal Savings Bank's closed Roanoke branches will be getting more than their money back.

While depositors at the two local offices should get their money by Wednesday, they may also in the meantime get some checks bounced from their accounts.

Government checks covering deposits went out from Washington, D.C., Friday and Saturday to people recorded as owners of Trustbank accounts.

The checks will be for the amount in accounts as of 6 p.m. Friday, up to the $100,000 ceiling of federal deposit insurance.

The Trustbank branches on Virginia 419 and Hershberger Road were closed Friday by the Resolution Trust Corp. after more than a year in federal receivership.

Because the full amount in the accounts was refunded, the accounts no longer exist. And that means any outstanding check that failed to clear the bank by Friday will be returned.

The rejected checks that show up this week will be marked "bank closed" rather than "insufficient funds."

And the RTC will send depositors a letter of explanation along with their payoff money. A spokeswoman for the RTC suggested that a copy of the letter be sent to creditors along with replacement checks from new banks.

The agency said no new checks should be written against the Roanoke branch accounts.

RTC checks covering the closed accounts are expected to be delivered in Roanoke no later than Wednesday. They were mailed to the addresses listed with Trustbank.

Any customer who fails to receive a check by Wednesday's mail can call the RTC's toll-free phone number, 1-800-628-4362, or the RTC regional office in Atlanta at 1-404-881-5520.

Homeowners whose mortgages were serviced by Trustbank should continue to mail payments to the address listed on their coupon books, the RTC said. They will be notified later of any change in the address.

by CNB