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Finance & Stock Groups Forum Index » Financial Planning » FDIC Processing Speed
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| Author |
Message |
| kastnna |
 Posted: Mon Aug 04, 2008 7:45 pm |
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Guest
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In case anyone is interested...
I had one client that held brokered IndyMac CDs when the you-know-what
hit the fan. Because the CDs are brokered and held in street name,
they were treated differently from the CDs actually purchased AT the
bank. I do not believe IndyMac customers had to file an FDIC claim,
but broker-held CDs did.
Regardless, on 07/30/08 the FDIC paid-off my clients claim and issued
a statement that "...the FDIC will provide payment for all IndyMac CD
holders, no matter the account size or status."
Less than 14 business days after Indymac closed, my clients had the
funds back in their account and eligible for trading. I have always
heard horror stories of not getting ones money back for many months. I
must say I'm impressed with the processing speed of all parties
involved.
P.S. - For this particular client the total value of his IndyMac CDs
was purposefully kept just below $100k. Still a prudent financial
move, but it turned out to be unnecessary (hindsight being 20/20 and
all).
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