need desperate help - indymac bankruptcy - did it just screw me?

Discussion in 'Trading' started by dumbgai, Jul 14, 2008.

  1. dumbgai


    I have a certificate of deposit for ~$167,000 with them.

    I just got a notice on 06/03/08, it says the account will automatically renew on 07.02/08. I have not responded to their notice.

    How much will I get back?

    I will call first thing Monday, but anyway know the chances I will get back the full sum instead of the $100,000 FDIC insured.
  2. If it not an IRA account (insured to $250K) you get the first $100K plus (for now) 50% of the amount over $100K.
  3. Hey - can you please post what happened?
  4. What were you thinking? Indymac has been in the news for weeks man, and their stock price has been falling like a stone.. didn't that make you suspicious that something could be seriously wrong?

    I know I'm not helping your problem here but it just perplexes me.
  5. I believe jeb9999 is correct; The first $100,000 is covered plus half of the remaining amount (another $33,500). You may be in trouble for the remaining $33,500 though, at least temporarily. :(
  6. da-net


    a very similar thing happened with the S&L crisis in the 1980's...most of the people then got totally shafted about 10 cents on the dollar.....

    perhaps someone knowledgeable can supply answers to my questions..... does the OP and others like him have a legal claim against the assets of Indymac for the balances not covered by the "rescue"? are CDs just a form of loans to Indymac & other institutions or are they something else? or is the "rescue" percentages all they are entitled to?
  7. hughb


    An FDIC spokesman on KNX radio last night said that in the instance of a $150K CD, the depositor will get back $125K as insured and for the remaining $25K the depositor becomes a creditor of the bank and may recieve a portion of any sales proceeds of the original bank.
  8. WHY did the FDIC pay a 50% advance payment?
  9. Allen3


    Hey dumb,

    You should get most back at a receiver bank. I had money in Netbank when it went down. Feel stupid I didn't keep up with what was going on at the bank but I live up in PA now not ATL so wasn't on top of that one. Basically the FDIC insured money and apparently 50% over your guaranteed 100 grand will be available in a receiver bank maybe by today. We had ours available on monday at ING. Didn't have over 100,000 there so don't know how long you would have to wait for the remainder, if you get it at all, after assets sold. Sorry this happened to you. I've been watching my banks stock weekly since then. I plan to skip town next time they ram the stock price into the pavement. Best wishes. I know this sucks for you.

  10. balda


    #10     Jul 14, 2008