Saturday, July 12, 2008

query: what happens to Indymac customers on Monday

You'll be dealing with a bank with a new name, Indymac Federal Bank. It should be business as usual. If your accounts are within the federally insured limit of $100,000.00 they will be transferred to the new bank entity automatically and will be available on Monday. If your accounts exceed the federal limit, call the FDIC call center for assistance.

You have nothing to fear. Our banking system is set up to handle this type of situation, even a big bank like Indymac. This is why the federal government stepped in. They did so to protect you.

If you have any questions over the weekend, you can call the FDIC call center at 866-806-5919.

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