Indymac bank?

Question

why is it they close on a friday, and make all their customers fret all weekend long......

Answer 1

I am a bagholder of IndyMac (IMB).

Essentially they did not have a sufficient amount of capital to cover their potential losses, which were mounting.  Schumer (politician) stated two weeks ago that he thought that Indy had capitilization issues.  What ensued was a run on the bank.  Indy lost roughly 30% of its deposits in this two week period.  The feds came in a took over yesterday. They will reopen Monday due to the takeover process.

The F.D.I.C. insures accounts up to $100000 per account title.

IF YOU READ ANYTHING IN THIS POST OR THE STORY REGARDING INDY READ THE FOLLOWING:

ANY ACCOUNTS THAT YOU HAVE IN ANY BANK FOLLOW THE SAME RULES AS INDYMAC. NO BANK IS TOO BIG TO FAIL IN THIS ENVIRONMENT. IF YOU HAVE ACCOUNTS EXCEEDING THE $100000 PROTECTION LEVEL, SEE YOUR BANK SOON AND SPREAD YOUR ACCOUNT INTO MULTIPLE ACCOUNTS. THE BANK WILL BE HAPPY TO DO THIS FOR YOU. THIS WILL MAKE SURE THAT YOU ARE COVERED BY THE F.D.I.C. FOR YOUR FULL AMOUNT OF DEPOSITS. THERE ARE MANY PEOPLE WHO ARE GOING TO LOSE A LARGE PORTION OF THEIR LIFE SAVINGS BECAUSE THEY KEPT EVERYTHING IN ONE ACCOUNT IN A BANK THAT FAILED.  I FEAR THAT THIS MAY NOT BE THE LAST BANK TO FAIL IN THIS CRISIS.

Luck to us all....