In a controlled wind-down, such as experienced with SVB in early 2023, Mayfair could swap out its banking partner within a matter of days. In the meantime, the bank would likely continue operating while the FDIC asks for bids from potential buyers.
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In a “doomsday” scenario such as a mid-day shutdown, there may be several days of funds being locked up. Any FDIC-insured amounts would then be immediately made available when the bank reopens—since 1933, the FDIC has always covered insured deposits. Typically, due to the high volume of traffic upon reopening, systems and access respond more slowly than before, but customer funds can be moved out.
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Technically, an FDIC claim would be filed on your behalf for up to $250k in the account at the bank partner behind Mayfair that failed. Typically, such a claim is settled within two business days or less.
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The remaining funds are not impacted, since they are placed at other FDIC-insured banks. The funds placed at other banks will continue to be available either through (1) the bank partner behind Mayfair in wind-down mode, under conservatorship of the FDIC; or (2) a transition institution; or (3) our sweep partner.
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In short, either Mayfair works with a new banking partner, or customers are free to transfer funds out upon reopening.