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Indymac Bank lied about my FDIC coverage
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Jul 14, 2008 INDYMAC BANK complaint by Elaineouyang |
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I am writing to let the general public know how corrupted the U.S banking system is.
I have two cd accounts at Indymac. I was repeatedly told by Indymac employees that they are fully covered by FDIC. I even have something in writing from 7/8/2008 stating my funds were all insured. Yet, I just found out today that a significant amount of my funds were not covered. I am devasted. I worked so hard so for the money and now they are gone overnight. And the worst part about it was, I tried to add joint account holder or beneficiary to maximize my FDIC coverage just few days before they closed, but did not do so because two Indymac bank employees told me my funds were already fully insured.
I want all americans to learn from my mistake and know that their money are not safe with banks. The funds may not be FDIC insured, even if their bank tells them they are. The U.S banking system is totally corrupted. Whether Indymac bank employees lied to us intentionality or they just did not understand FDIC coverage. Banks cannot be trusted! US banking system cannot be trusted!
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1. Written by Danny, on 21-07-2008 16:32
Why can customers not ever listen to financial advisers? I am a bank manager and we tell our customers all the time that stop structuring accounts to get FDIC coverage invest in annuities which are backed by strength of insurance companies which are normally strong or mutual funds! LISTEN TO US FROM NOW ON SHEESH!
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2. Written by asset question, on 17-07-2008 18:00
Does anyone know how to determine the value of assets of imb? As far as I see they made 200 plus billion in loans more or less.. they are either in the hands of the bank or people are paying the loan still .. So whatever they get selling these loans/homes at discounted prices should still equal a billion for us non insured depositors.
I believe brokered cd accounts get paid after depositors.
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3. Written by Cheryl, on 17-07-2008 12:18
I'm absolutly beside myself. I'm getting ready to retire and told my Financial Advisor to pull all my money out of the Stock Market and put it into CDs!! He invested it all into Indy Mac!! Is there anything I can do?
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4. Written by menou, on 15-07-2008 19:10
up to 100,000 fdic insurance, per bank - that is adding all the different accounts you may have, as a sole owner, or with one beneficiary.
with 2 beneficiaries, your coverage goes up to 200,000.
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5. Written by Brent, on 15-07-2008 18:25
"Reid in Idaho" is wrong. It is up to
$100,000.00 per institution, not per
account. You should spread your money around to different banks keeping the aggregate amount in any one under $100,000.00. That way you will have all your $$ insured.
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6. Written by Dave, on 15-07-2008 17:42
I had over 150 K and got it all out. I have several accounts. Was pleased but saddened at the mess the banking system is in.
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7. Written by Reid in Idaho, on 15-07-2008 12:50
Consumer beware -- Like a previous commenter -- accounts are fully insure UPTO $100k per account. If you have more than that in an account you should have multiple accounts. Read the sticker on the door of any bank.
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8. Written by Kerry Fitzpatrick, on 14-07-2008 12:39
The fact that FDIC coverage for years fully covers accounts up to $100,000 has been well known and publicized for years. If someone put more than that amount in any bank, they were totally foolish, if not stupid, to do so. In most FDIC takeovers of this type, depositors usually end up getting 75-80% of the amounts over $100,000. (Source: Wall Street Journal)
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9. Written by so, on 14-07-2008 12:20
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10. Written by Christine, on 14-07-2008 09:10
How much did you have in the accounts?
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Consumer Forum is another great place to discuss consumer concerns NOT RELATED to this article. |
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