Some IndyMac Customers Have Trouble Depositing Checks

[marmar]

from NBC11:



Some IndyMac Customers Have Trouble Depositing Checks

POSTED: 7:52 am PDT July 18, 2008


The frustration didn't end for some IndyMac customers when they finally were able to withdraw their funds from the failing Southern California bank seized last week by federal regulators.

Some people have run into more problems when they tried to deposit IndyMac cashier checks at other banks.

Sheryl MacPhee said she waited in line two hours Tuesday at an IndyMac branch in San Marino to liquidate a certificate of deposit. But when she took it to a Washington Mutual branch in South Pasadena to deposit, she said a manager told her their new policy was not to accept IndyMac checks. If the customer insisted, she said she was told, it could take eight weeks or more to access the full amount.

"Sure, IndyMac will give you a check," MacPhee told the Los Angeles Times, "but what good is it if no other institution will accept it?"

WaMu spokeswoman Olivia Riley said her bank is accepting IndyMac checks, "but depending on the specifics, funds will be subject to an extended hold period."

IndyMac CEO John F. Bovenzi said he is "very concerned about it."

"I don't believe there's any reason that IndyMac Federal Bank should be treated differently than any other bank. I've expressed my concerns to heads of some of the other large banks in the area," said IndyMac CEO John F. Bovenzi.

Officials at the Office of Thrift Supervision said that regulating agency is investigating complaints about the checks. ......(more)

The complete piece is at: http://www.nbc11.com/news/16920647/detail.html?rss=bay&psp=news

[slackmaster]

1. A check is a check

And a bank check is a bank check.

[Arger68]

2. Going straight from Indymac to WaMU? That person must

be a glutton for punishment!!

[earth mom]

3. So these banks are saying the checks could be worthless?! WOW!

:wow: