Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 12, 2008 10:21:34 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

IndyMac Failure Exposes Risk for Uninsured $$$

Posted Jul 12, 08 9:29 PM CDT in Business 

(Newser) – IndyMac Bank's failure yesterday was a "wake-up call" to anyone with deposits above the $100,000 FDIC insurance limit, Terry Savage writes in Street.com. Americans have more than $2.6 trillion in uninsured accounts, and 10,000 depositors have more than $1 billion at risk at IndyMac alone. But before trying to rescue your money, learn how insurance applies to different kinds of accounts:

  • Single accounts: A bank guarantees up to $100,000 of your accounts added together, excluding retirement accounts.
  • Joint accounts: A bank insures up to $100,000 of depositors' shares added together—unless the accounts are checking and savings, which are insured up to $200,000.
  • Revocable living trusts: Each beneficiary's interests are insured up to $100,000 for each owner.
Learn how to protect your uninsured dollars by clicking on the link below.

Source TheStreet

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Rumors Spark Wild Run on Asian Bank

    Sep 25, 08 6:24 AM CDT
    Rumors Spark Wild Run on Asian Bank Rumors that the Bank of East Asia was in trouble spread like wildfire through Hong Kong yesterday, causing a panicked mob to descend on the bank as thousands withdrew their life savings, the Financial Times reports. Police moved in to keep order as crowds demanded their money. BEA's tycoon chairman blamed "malicious rumors" for the panic and vowed to buy shares in the bank himself.
    More »

  • Feds Seize 2 Failed Banks

    Jul 26, 08 6:07 AM CDT
    The housing bust and credit crunch have toppled two more banks, Reuters reports. Federal regulators have taken over First National Bank of Nevada and California's First Heritage Bank and sold them to Mutual Bank of Omaha. The undercapitalized institutions were the sixth and seventh to go under in the US this year, and banking regulators warn more are likely to follow.
    More »

  • Failed FDIC-Run Bank Added Fuel to Subprime Fire

    Jul 21, 08 9:21 AM CDT
    Failed FDIC-Run Bank Added Fuel to Subprime Fire An Illinois bank seized by regulators in 2001 continued to write risky subprime mortgages for months after it was put under the day-to-day supervision of the Federal Deposit Insurance Corporation, the Wall Street Journal reports. Many of the loans—some with interest rates above 12%—have been foreclosed; a Texas bank that bought a portfolio of the loans is suing the government. More »

  • These Days, Local Banks Look Good

    Jul 19, 08 10:35 AM CDT
    These Days, Local Banks Look Good Community banks may seem like quaint relics to those who prefer banking online, but IndyMac's meltdown should have us thinking differently, Ron Lieber writes in the New York Times. Lieber visited a bank in small-town Maryland, and found a friendly, gray-haired manager who gives banking a personal touch. “If you miss a beat, I’ll call your mother,” he jokes—sort of. More »

  • FBI Begins Fraud Probe of IndyMac Mortgages

    Jul 16, 08 7:11 PM CDT
    FBI Begins Fraud Probe of IndyMac Mortgages The FBI is investigating failed bank IndyMac for possible fraud related to its mortgage-lending business, Bloomberg reports. The agency is looking into whether the bank gave improper loans to people with shaky credit. It is working closely with the FDIC, which seized the bank's assets last week. IndyMac specialized in so-called Alt-A mortgages that did not require people to document their incomes, Bloomberg notes. More »

In this Tuesday, Jan. 15, 2008 file photo, an IndyMac Bank branch office in Burbank, Calif., is seen.   (AP Photo)
In this Jan. 2008 file photo, a man leaves an IndyMac Bank branch office in Burbank, Calif.   (AP Photo/Reed Saxon)
Jeff Chen, an IndyMac Bank customer, reacts to a notice that a Pasadena, Calif. branch is temporarily closed, Friday, July 11, 2008.   (AP Photo)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 3)

Tags

bank  • insurance  • bank failure  • IndyMac  • Federal Deposit Insurance Corp.


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »