IndyMac's failure isn't contagious
With the Federal Deposit Insurance Corporation's takeover of IndyMac Bank, we went to its headquarters as depositors waited in line to withdraw their funds. We took some of their questions and posed them to banking consultant Bert Ely.
IndyMac customers are allowed through the doors of its office in Pasadena, Calif., after waiting in line with hundreds of others. The bank was opening for the first time, three days after the federal government takeover of the thrift on July 11, 2008. (David McNew/Getty Images)
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From Seattle, WA, 08/05/2008
I was extremly disappointed by your guests lack of knowledge about FDIC insurance options for consumers. His suggestion that you not have more than $100k in any given bank not only increases fear but also fails to recognize the FDIC provides a great opportunity to expand deposit insurance coverage beyond the $100k limit through relatively simple modifications to account ownership. The FDIC provides an excellent tool (www.fdic.gov/edie) to manage and calculate these different option. It would have probably also been useful to mention other services that allow individual banks to extend additional, up to $50 million, FDIC insurance. The coverage was not as informative and factual as I would hope to see from the team at MarketPlace.
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