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Saturday, July 19, 2008

Which Bank is Next?

So do you know what FDIC insured means when you see that little sign on your banks doors? It means that accounts are insured up to $100,000.00 per account.

Some of the things that are happening at Indy-Mac don't sound quite so reassuring. I have read that from several other sources that if you have more than $100,000.00 in any one account you better open up another account and place the overage in it. Additionally, I have also read that if you have more than one account with the insured $100,000. in them you may want to put the other accounts in family members names, or even spread it around to different banks so that all of your eggs aren't in one basket. The following article is more than a little scary...

Cops Threaten to Arrest Angry IndyMac Customers

Daily News
July 15, 2008

Police ordered angry customers lined up outside an IndyMac Bank branch to remain calm or face arrest Tuesday as they tried to pull their money on the second day of the failed institution’s federal takeover.

At least three police squad cars showed up early Tuesday as tensions rose outside the San Fernando Valley branch of Pasadena-based IndyMac.

Federal regulators seized Pasadena-based IndyMac on Friday and reopened the bank Monday under the control of the Federal Deposit Insurance Corporation. Deposits to $100,000 are fully insured by the FDIC.

Worried customers with deposits in excess of insured limits flooded IndyMac Bank branches on Monday, demanding to withdraw as much money as they could or get answers about the fate of their funds.

When it was clear some wouldn’t get in before closing, FDIC employees apparently took down names and told them to return Tuesday.

Other customers began lining up at 1:30 a.m. Tuesday, and by dawn, tensions escalated because people on the list were getting priority.

By 8 a.m., about 50 people on the list waited in one line and many more waited in another.

Five people were allowed in at a time.

Customers became infuriated, and police told them they could be arrested if they didn’t remain calm.

Police stood by at some other branches around Southern California but there were no other reports of problems.

5 comments:

Anonymous said...

we havent seen anything yet wymzie, freddie and fannie will probably be bailed out with-in the next four to six weeks. everybody thinks the last two years were tough, i think it hasnt even started yet. economic armageden is upon us, or soon will be. the straw that will break the camels back will probably be the credit card melt-down. we aint seen nothin yet.

Wymzie said...

Anon3:42
I happen to agree with you.

1929 will be a cakewalk compared to what we are gonna see. The only difference is that in 1929 you didn't have a country full of pansies wanting to give up their individual liberties in order for the government to fix it.
With FISA, the institution of a National ID Card, and biometric identification cameras, we will not only be poor but we will be subject to the Police State that we are allowing to grow each and every day.
But don't say anything about it or you will be accused of having black helicopters flying over your house! Ha!

Anonymous said...

baby, in 1929 it was way more centralized than this wide-spread crisis were involved in now, it was the dust bowl, mainly affected the farming community, this is way bigger, already, sleep well wymzie.

Anonymous said...

what a rebel you are bb, i dont think your crazy, the rest are in denial,

Anonymous said...

Not sure were you got your FDIC information, But it is wrong..The easiest way to explain it is...$100,000 per depositer, per bank...This can also be alter by the way you have you accounts titled...I have clients with 800,000 on deposit and it is ALL insured due to the way they have it title..FDIC.gov. Look for the calculator called EDIE..it explains everything.