Comments on: Letter to Sheila C. Bair

By: KatherineRBrownton

KatherineRBrownton — Sun, 11 Jul 2010 20:34:49 +0000

All plans have standard distribution forms that need to be completed and approved prior to a disbursement. Make sure that these forms wells fargo bank locations are being completed. Have your record keeper complete a form even if it is for an automatic rollover participant, one of those whose balance is between $1,000 and $5,000 and is being moved to an IRA. Just like the information changes, an accounting of all disbursements from the plan should be provided to you on a quarterly basis.

By: traderprofit

traderprofit — Thu, 02 Apr 2009 14:37:00 +0000

I am curious if any of these depositors had a “titling” issue. Did thetitle of your trust account say POD or ITF or was the berneficiary just listed in the account records

By: June

June — Thu, 01 Jan 2009 15:50:00 +0000

I had a single savings at Indymac for $100,000. I was told by the bank that if I transferred the balance into a CD and added my daughter’s name it would be covered for $200,000. I sent a check for an additional $55,000. Instead of a joint account, the rep set it up as an ITF (in trust for) account which was only insured for $100,00. The rest of our stories are the same. The FDIC took our money and we got robbed.
With the recent news of the quick bank sale hopefully we won’t be forgotten. If we can find just one leader that is willing to stand up for working Americans maybe we will finally get our stolen funds returned. Here’s to justice for all in 2009!

By: lee

lee — Mon, 22 Dec 2008 21:50:00 +0000

here is the contact sent to Rep Dana Rohrabacher, Beach cities, So Cali:

Hello,

Rep Rohrbacher's contact page assures me I will get a
response, this is yet another attempt
by a constituent.

The issue is the Indymac Bank Failure and specifically
the Long Beach branch (on PCH) that operated in Rep. Rohrabacher's district.

I can give give great detail if needed, but both myself
and my mother lost large amounts of hard earned money as a result of error and lack of FDIC insurance knowledge by employees of that branch prior to the failure.

I spoke with other depositors in line at that bank and discovered my story is not unique. Other Constituents *are* affected.

I urge Rep Rohrabacher to initiate or support any legislation to allow the new FDIC coverage of $250,000
to be retro-active to th Indymac failure, as it is quite connected to this whole mess. We put our money and trust in a bank. Someone has to do the right thing.

Thank You.

By: lee

lee — Mon, 22 Dec 2008 21:19:00 +0000

Yes, the uninsured Indymac depositors
like myself seems to share the story that Bank personnel were quite unaware of how to apply proper coverage we wanted. The rules regarding the coverages seem somewhat complex, and Bank personnel not properly schooled to assure insurance coverage.

I'm out $60,000 through no fault of my own, I also was explicitly told I was covered for 4300k was turned out only $200k when the FDIC took over.

And why can't the FDIC/Indymac bank get some of the Fed Bailout cash to help out it's cause?

By: Mindshare Health

Mindshare Health — Mon, 22 Dec 2008 16:51:00 +0000

I had 5 IndyMac accounts and lost 95,000 that has not yet been repaid. I'm a single 56 year old woman and that was part of my life savings that I worked my fingers to the bone to save up.

My story is slightly different. I had 2 qualified beneficiaries, both of my kids and luckily had my accounts set up as POD.

However the bank told me I was insured to 300,000. 100,000 for each of us. But they were wrong. In my case the coverage is only 200K.

Since then I have opened up accounts at Citi Bank and Wells Fargo and at BOTH banks they also told me one person with 2 beneficiaries is covered for 300K.

I had to call in managers to ask what they believed the insurance rules in a case like this to be - they ALL said 300K and ASSURED me they had studied and had had company wide meetings.

So the banks are ALL giving out bad advice about FDIC coverage. I had to email both banks the page on the FDIC site written SPECIFICALLY TO BANK EMPLOYEES that says a common mistake banks make is to think one depositor with 2 beneficiaries is covered for 300K and that 200K is the correct amount.

SO WE THE INDYMAC VICTIMS WERE THE VETERANS IN THE BEGINNING OF THIS FIASCO. WE WERE THE ONES THAT SUFFERED THE BRUNT OF THE LOSSES.

Now others have learned from our mistakes and the bank's mistakes about FDIC insurance. AND THEY ARE ALL PROTECTED to 250K.

THE 250K FDIC COVERAGE NEEDS TO BE MADE RETROACTIVE.

Linda Buquet - Lost $95,000