IndyMac Failure Exposes Risk for Uninsured $$$

Depositors with more than $100K in the bank could be in trouble
By Neal Colgrass,  Newser Staff
Posted Jul 12, 2008 9:29 PM CDT
In this Tuesday, Jan. 15, 2008 file photo, an IndyMac Bank branch office in Burbank, Calif., is seen.   (AP Photo)
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(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 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.