I have 103k in cd account with indymac. will i get all of it back?

Question

I have 103k in cd account with indymac. will i get all of it back?

Answer 1

take out at least 5k tomorrow (i would take out closer to 25k to be safe)

the rest you may not have access to for a little bit, but they're letting you take out about 1/2 right away.

Answer 2

Christin - are you serious?! Buy a house?? ;-) The very thing that brought down FNMA and GMAC?

Answer 3

Why in the world would you put that kind of money in a CD? If you're not getting more than the rate of inflation, you're essentially losing money. I hope it's just a place to hold it temporarily until you pull it out to buy a house or something...

Answer 4

You are insured up to 100K.

The other 3k, you *might* see, according to reports, you should get 50% of any amount over 100K, and the remaining 50% will portioned out as the bank sells its assets (which of course depends on how much the FDIC is able to sell Indy's assets for).

And, once those assets are sold, you know how they determine who gets what?

Treasury Secretary Paulson and President Bush, order a pizza, hole up in a conference room, spark up a few cigars,

They then have a underlying run a report of registered voters in California and cross reference it with the list of depositors owed money from IndyMac.

They then pull a donor roll report for the state of California..

Those who gave money to Bush or Republican causes get paid first, then down the list...(no wait, Goldman Sachs friends of Paulson get paid first....then donors, and so on).....and you think I'm kidding......don't put it past Bush and his disdain for anything California....

Answer 5

It depends.  How you hold title on the account determines the limit it is covered by the FDIC.  Trust accounts, joint accounts, retirement accounts all have different limits.  If the account is only in your name then its $100,000 per account.

Answer 6

At least $100,000 of it.

Answer 7

According to the news on yahoo you can expect about half of that back thanks to the FDC insurance.

A CD is an unsecured asset and so they will pay back what ever they have in cash after paying off the secured assets.

Answer 8

You should get 100k back and half of the rest.

"Customers with uninsured deposits could begin making appointments to file a claim with the FDIC on Monday. The agency said it would pay unsecured depositors an advance dividend equal to half of the uninsured amount"

Thats what they said in the press conference Sunday also.