FDIC message for Indymac customers

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.

query: what do I do about my construction loan with Indymac

Wait until Monday, then call your Indymac contact. The FDIC will set up orderly guidelines for employees in lending. Your loan may stay with the new entity Indymac Federal Bank. Expect the phone lines to be busy and you may have to wait a few days to get a specific answer, but don't panic. Our banking system is wonderful and you may even find that your loan experience doesn't skip a beat.

This comment presumes that your loan has already closed. If you have a loan in process, you may need to move the application to a different mortgage lender. For now, I would just chill until Monday and then try to reach a contact in lending. Again, be patient.

Indymac customers

FDIC Bank Closing Information for IndyMac

The IndyMac websites are expected to be available Monday, July 14, 2008.

If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time. Your entire insured account(s) will be transferred to IndyMac Federal Bank and will be available for business as usual during regular business hours.

FDIC CALL CENTER
866-806-5919

CALL CENTER HOURS OF OPERATION:
Friday, 7/11/08, 3:00 p.m. - 9:00 p.m. Pacific
Saturday, 7/12/08, 8:00 a.m. – 8:00 p.m. Pacific
Sunday, 7/13/08, 8:00 a.m. – 6:00 p.m. Pacific
THEREAFTER
Monday through Friday, 8:00 a.m. – 8:00 p.m. Pacific