WaMu to IndyMac Customers: Your Money's No Good Here 20 comments
Vernon Hill
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What in the world are the people at WaMu (WM) thinking now? You might assume the bank would be drooling over the prospect of picking up a bunch of erstwhile IndyMac customers and their deposits--especially given the turmoil going on elsewhere at WaMu. You would be wrong.
The Los Angeles Times reports the bank has a policy of not accepting IndyMac checks, even though, as everyone in the world knows, those checks are backed by the FDIC. Which is to say, they’re backed by the federal government. Still not good enough! Customers who insist on depositing IndyMac checks have to wait up to eight weeks before they can get full access to funds, the Times says.
Yet another example of a big bank taking a golden marketing opportunity and transforming it into a new way to tick off their customers and prospects.
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This article has 20 comments:
WaMu is doing no different. And to try and position it as if WaMu is not interested in ex-IndyMac customers is just plain ignorant & misleading.
consumerist.com/502622...
.. based on a 7/16 LA Times article.
For starters the bank has to be certain that the check is legitimate and not a fraud. Has anyone seen the movie "Catch Me if You Can?" If you have, you will understand why ALL banks have a check hold policy. WaMu is not placing any extra restraints on Indy Mac checks that they don't already place on other bank's checks.
I personally know people who had accounts with Indy Mac who have taken their checks issued by the FDIC straight to WaMu and had no problem opening an account with them, to the tune of hundreds of thousands of dollars mind you.
I think Vernon Hill must have shorted WaMu stock and needed to see it drop a little farther. Perhaps HE has an account at WaMu and someone there refused to override an overdraft fee for this idiot. You should not be allowed to write for any publication, online or other, when the facts that you state in your piece are nothing short of blatant lies. In fact I believe that he can be sued for posting such false information. Anyone worth their salt as a journalist learns in Journalism 101 in college that you must check and verify your sources. This amounts to someone running into a theater and yelling "Fire!" when there clearly is no fire. Maybe the folks at WaMu would like to see Vernon’s article. Then he and the site that didn’t check over the validity of his post can be held accountable.
Go here: www.fdic.gov/news/news...
See this: Financial Institution Letters
FIL-67-2008 IndyMac Federal Bank, FSB: Official Checks
>IndyMac Federal Bank, FSB Official Checks FIL-67-2008 July 17, 2008
Summary: The FDIC is issuing clarification for payment of IndyMac official checks.
Financial Institution Letters
----------------------... Federal Bank, FSB Official Checks FIL-67-2008 July 17, 2008
Summary: The FDIC is issuing clarification for payment of IndyMac official checks.
Highlights:
There have been reports that some financial institutions are refusing to honor or are placing excessive holds on IndyMac's official checks as customers attempt to deposit them.
Your bank should honor IndyMac's official checks, such as cashier's checks, to the same extent that your bank honors any other bank's official checks. We request that your bank consider processing these checks as official bank checks and local items for clearing purposes.
IndyMac Federal Bank, FSB, was created to continue to provide banking services in communities served by the former IndyMac Bank, F.S.B. The FDIC is managing IndyMac Federal Bank, FSB, as a newly chartered FDIC-insured institution opened Monday, July 14th. It is business as usual.
The fact is that for insured depositors the formation of IndyMac Federal Bank, FSB is largely a non-event. IndyMac's insured customers continued to have access to their insured deposits through ATMs, debit cards, and writing checks over the last weekend, and they continue to have access since IndyMac Federal opened on Monday morning.
Distribution:
FDIC-Insured Financial Institutions
Suggested Routing:
Chief Executive Officer
Chief Financial Officer
Related Topics:
Negotiable Instruments
Article 3 Uniform Commercial Code
Regulation CC
Attachment:
None
Contact:
Robert J. Wirtz, San Francisco Assistant Regional
Director, at rwirtz@fdic.gov or 415-808-8073.
Joseph J. Sano, San Francisco Regional Counsel,
at jsano@fdic.gov or 415-808-8177.
Lawrence F. Bates, Counsel, at labates@fdic.gov
or 703- 562-2284.
Kenyon T. Kilber, Senior Examination Specialist, at
kkilber@fdic.gov or 202-898-8935
Printable Format:
FIL-67-2008 - PDF (PDF Help)
Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at fdic.gov/news/news/fin....
To receive FILs electronically, please visit www.fdic.gov/about/sub....
Paper copies of FDIC financial institution letters may be obtained via the FDIC's Public Information Center (1-877-275-3342 or 703-562-2200).