On Friday, IndyMac Bank’s assets had to be seized by the FDIC after the bank went into failure. IndyMac was the second largest financial institution to close in U.S. history. So what happens to all the people that had money in this bank? Since the FDIC had insured the bank, all the money will be safe, right?

Nope. The FDIC insures individual accounts up to $100,000 (combined checking, savings, CD’s), joint accounts up to $200,000 and most retirement accounts up to $250,000. Yes, most of the bank’s customers were below these thresholds and will not be affected. However, approximately 10,000 customers had money above those limits. What will happen to them?

avatar



Comments
 
Who Zoomed
 
Related Links