i had to write this column because right now a great deal of seniors in seattle are very depressed.Some of them dont know what to do and one lady just lost her husband.The lady that I am extremely worried about is Sophie.Her husband worked for 20 years as a truck driver.He got sick and never returned from the hospital and now Sophie is in a bind.He had no life insurance ..it was a small company--they couldnt afford it and now she is left at 60 with bills.Next to that,he bank failed and she is on the verge of collapse.What does a person do who is suddenly grieving and there bank fails? What should I do? I speak from experience,I used to be a teller of a small bank that failed in the 1970s..So here is my advice and stories because now money is tight and I promised Sophie.The first thing that you do if your bank fails..stay calm! The bank will be closed at least for the week-end and it is so important to have extra cash at hand in case of emergencies.When the banks opens.it will be chaos so be ready for a long wait.They will tell you that the bank is closed and give you a form there.You fill it there at the desk that is provided and you will have your money in 3 days to a week.If you have a safe deposit box..it is so important that you take all of the contents out and put it on a claim sheet.If you dont claim the contents of a safety deposit box...it goes as Unclaimed Property.The Unclaimed Property is an ad in the paper and you call the number on the sheet and they will give you instructions and you will have a very long wait.In the city of New York it is 16 weeks.Now if the bank is brought out..do not worry.Everything is the same.You can still cash your checks and deposit money in your checking.If you have got a credit card..it will be a bit confusing..the credit card number will change..but it will take months and the bank is required by law to mail you a certified letter about this change.If you have an IRA in a bank that failed..it is insured up to 250,000.00! The money market funds are not insured by the brokerage houses and you could lose a lot of money.If you were paying mortgage payments to the bank..please continue to do so.Do not stop your mortgage payments at all because if you miss 3 payments in washington that is grounds for foreclosure.I have got a debit card and it will expire soon.Continue to use your debit card because in 2009 a new one will be issued with the new banks name on your card.This goes for checks also.Nothing will change.Any change that the new bank has to do..must be given to you in writing a certified letter.SO your deposits are insured up to 100,000! The only ones who will lose a great deal of money when a bank fails are the ones who are investors and some of the old board members.So dont worry at all! This is important because 10 banks have failed this year and this list was not published but always have at least 100.00 at home like I do and things will be smooth when the new bank takes over.