Guess I wont be visiting IndyMac any more.

[cyberdan]

Guess I won't be visiting IndyMac any more.

The old IndyMac bank is no more. There was a run on that bank yesterday after the feds took over.

A ten hour wait at one location. (someone got there at opening time monday and won't be able to grab their money till 10-11AM today)

The bank was always Ok for CRHing a few rolls of halves and $50 in cents. Everytime I have been in the local branch there was never more the 1-2 real customers. I always wondeded how it could afford to stay in business. Guess all those home loans paid the rent and wages.

 

[jim4silver]

Re: Guess I won't be visiting IndyMac any more.

I hope no banks crash here. Anyone have a recent list of banks that may be facing problems. I have heard that National City may be not doing so well They have always been great for getting halves here locally. Even without an account. I was going to get an account there but I will wait and see.

Jim

 

[jrf30]

Re: Guess I won't be visiting IndyMac any more.

IndyMac was the biggest bank on the list that went bankrupt.

Another on the list, but denying they have problems is

WaMu.

FYI

 

[jim4silver]

Re: Guess I won't be visiting IndyMac any more.

I found this article about banks that might have some issues.

http://a11news.com/365/banks-in-trouble-list/

Jim

 

[LJ]

Re: Guess I won't be visiting IndyMac any more.

I've seen a couple in my area go belly up too. One was just a branch of one of the bigger banks.

Another thing I have noticed lately is two major banks in my area changing their hours at all branches. They are now closing one hour earlier.

 

[coinmojo]

Re: Guess I won't be visiting IndyMac any more.

The old IndyMac bank is no more. There was a run on that bank yesterday after the feds took over.

A ten hour wait at one location. (someone got there at opening time Monday and won't be able to grab their money till 10-11AM today)

The bank was always OK for CRHing a few rolls of halves and $50 in cents. Everytime I have been in the local branch there was never more the 1-2 real customers. I always wondered how it could afford to stay in business. Guess all those home loans paid the rent and wages.

I heard they had a large stash of precious metals in their vaults but some young teller mistakenly sold it as regular old half dollars to some guy named Dan........

Mojo

 

[DCMatt]

Re: Guess I won't be visiting IndyMac any more.

I hope no banks crash here. Anyone have a recent list of banks that may be facing problems. I have heard that National City may be not doing so well They have always been great for getting halves here locally. Even without an account. I was going to get an account there but I will wait and see.

Jim

Jim,

If you have less than $100,000 in any FDIC insured bank, you have nothing to worry about. If you have MORE than that, spread it around to several insured institution. That way it is guaranteed that you won't lose a dime...

DCMatt

 

[cyberdan]

Re: Guess I won't be visiting IndyMac any more.

I heard they had a large stash of precious metals in their vaults but some young teller mistakenly sold it as regular old half dollars to some guy named Dan........

SHHHH, it's a secret. I bought all their reserve at face and caused the run.

ME BAD BOY!

 

[jim4silver]

Re: Guess I won't be visiting IndyMac any more.

I hope no banks crash here. Anyone have a recent list of banks that may be facing problems. I have heard that National City may be not doing so well They have always been great for getting halves here locally. Even without an account. I was going to get an account there but I will wait and see.

Jim

Jim,

If you have less than $100,000 in any FDIC insured bank, you have nothing to worry about. If you have MORE than that, spread it around to several insured institution. That way it is guaranteed that you won't lose a dime...

DCMatt

DCMatt,

In a sense you are correct. However, what most people don't know is that FDIC corp has up to 90 years to pay you back. I had heard rumors about that and in fact verified it with the manager at one of my banks. She said its best to find a bank with strong financials and not exposed to all the risky mortgage debt and other such things.

So even with FDIC insurance, I still want to stay with banks in good financial health.

Jim

 

[DCMatt]

Re: Guess I won't be visiting IndyMac any more.

I hope no banks crash here. Anyone have a recent list of banks that may be facing problems. I have heard that National City may be not doing so well They have always been great for getting halves here locally. Even without an account. I was going to get an account there but I will wait and see.

Jim

Jim,

If you have less than $100,000 in any FDIC insured bank, you have nothing to worry about. If you have MORE than that, spread it around to several insured institution. That way it is guaranteed that you won't lose a dime...

DCMatt

DCMatt,

In a sense you are correct. However, what most people don't know is that FDIC corp has up to 90 years to pay you back. I had heard rumors about that and in fact verified it with the manager at one of my banks. She said its best to find a bank with strong financials and not exposed to all the risky mortgage debt and other such things.

So even with FDIC insurance, I still want to stay with banks in good financial health.

Jim

Jim,

Not sure where your bank manager got his info, but TECHNICALLY, there is no time expressed or implied timeframe on a payout. But in REALITY, it usually happens pretty quickly.

Here's what the FDIC says:

If a bank fails, what is the timeframe for payout of the funds that are insured if the bank cannot be acquired by another financial institution?

Federal law requires the FDIC to make payments of insured deposits "as soon as possible" upon the failure of an insured institution. While every bank failure is unique, there are standard policies and procedures that the FDIC follows in making deposit insurance payments. It is the FDIC's goal to make deposit insurance payments within one business day of the failure of the insured institution. Typically, a bank that has failed will be closed on a Friday. The FDIC will then work the weekend to complete deposit insurance determinations for most deposits and be prepared on Monday to either transfer the insured portion of a deposit to another FDIC insured institution or provide deposit insurance payment checks. (Note: Some deposits that require supplemental documentation from the depositors, such as accounts linked to a living trust agreement or funds placed by a deposit broker, may take a little longer. The timing of the completion of the deposit insurance determination is based solely on the depositor providing the documentation needed by the FDIC to determine insurance coverage.)

DCMatt

 

[jim4silver]

Re: Guess I won't be visiting IndyMac any more.

I hope no banks crash here. Anyone have a recent list of banks that may be facing problems. I have heard that National City may be not doing so well They have always been great for getting halves here locally. Even without an account. I was going to get an account there but I will wait and see.

Jim

Jim,

If you have less than $100,000 in any FDIC insured bank, you have nothing to worry about. If you have MORE than that, spread it around to several insured institution. That way it is guaranteed that you won't lose a dime...

DCMatt

DCMatt,

In a sense you are correct. However, what most people don't know is that FDIC corp has up to 90 years to pay you back. I had heard rumors about that and in fact verified it with the manager at one of my banks. She said its best to find a bank with strong financials and not exposed to all the risky mortgage debt and other such things.

So even with FDIC insurance, I still want to stay with banks in good financial health.

Jim

Jim,

Not sure where your bank manager got his info, but TECHNICALLY, there is no time expressed or implied timeframe on a payout. But in REALITY, it usually happens pretty quickly.

Here's what the FDIC says:

If a bank fails, what is the timeframe for payout of the funds that are insured if the bank cannot be acquired by another financial institution?

Federal law requires the FDIC to make payments of insured deposits "as soon as possible" upon the failure of an insured institution. While every bank failure is unique, there are standard policies and procedures that the FDIC follows in making deposit insurance payments. It is the FDIC's goal to make deposit insurance payments within one business day of the failure of the insured institution. Typically, a bank that has failed will be closed on a Friday. The FDIC will then work the weekend to complete deposit insurance determinations for most deposits and be prepared on Monday to either transfer the insured portion of a deposit to another FDIC insured institution or provide deposit insurance payment checks. (Note: Some deposits that require supplemental documentation from the depositors, such as accounts linked to a living trust agreement or funds placed by a deposit broker, may take a little longer. The timing of the completion of the deposit insurance determination is based solely on the depositor providing the documentation needed by the FDIC to determine insurance coverage.)

DCMatt

DCMatt,

I don't know if it is true or not, just reporting what I was told. I have read that the FDIC reserves are less than 1% of the total amount it insures. If just a couple of banks fold, there will not be any problem. But if things do get really get bad like some are predicting, with hundred of banks folding, I would imagine that the "soon as possible" language is not going to be very helpful. Further, if the gov stands behind the FDIC and reprints a bunch of digits to cover all the losses that will make our current high rate of inflation seem desirable.

As far as the "soon as possible" language, that does not ease my worry much and anyone who deals with legal issues knows that you never leave time of performance of an act up to the party responsible for doing said act in a contract or agreement.

I feel more comfortable with gold and silver. No FDIC insurance is required for that.

Jim

 

[sneak]

Re: Guess I won't be visiting IndyMac any more.

I have heard reports that the IndyMac failure alone has used up 10-20% of the FDIC reserves. As jim4silver has already stated, if we have widespread failures, look out!

 

[DCMatt]

Re: Guess I won't be visiting IndyMac any more.

I have heard reports that the IndyMac failure alone has used up 10-20% of the FDIC reserves. As jim4silver has already stated, if we have widespread failures, look out!

I wouldn't call it "used up". It is more like a possibility of using 10 - 15%. As of yesterday,$1.3 billion of the $19 billion in insured deposits had been withdrawn. That is roughly 2% of the insurance fund.

Be aware that IndyMac is the 3rd largest bank failure ever covered by the FDIC. Other failures will be smaller banks. And IndyMac is not really a 'payout'. It is a conservatorship action. IndyMac is still a bank doing normal (as possible) financial business. It is just under FDIC oversight now.

Also be aware that most bank failures do NOT result in a payout. Most banks failures are resolved BEFORE the FDIC is called to take over and conserve whatever is left of the assets.

DCMatt

 

[XX]

Re: Guess I won't be visiting IndyMac any more.

Please note that since the S&L scandal, the FDIC has gained a reputation for expediting the process. For the last several years (possibly longer, but I didn't track it back then), the FDIC has even taken the risk of covering the first 50% of ininsured deposits making even those available on Monday morning.

They have gotten pretty good at stepping in at the last second when the bank still has most of the money still. It would literally have to be Fraud involved for all the deposits to evaporate before the FDIC stepped in.

 

[jim4silver]

Re: Guess I won't be visiting IndyMac any more.

Probably will be more of these as time progresses. I sure feel safe knowing my money is protected by FDIC (insert sarcasm icon here).


http://biz.yahoo.com/rb/080801/firstpriority_fdic.html?.v=3

 

[jim4silver]

Re: Guess I won't be visiting IndyMac any more.

Some banks that have recently received "happy grams" from the FDIC per the below news article.

Jim

http://www.ft.com/cms/s/0/f52c86b4-6018-11dd-805e-000077b07658.html?nclick_check=1