Anxious customers line up at IndyMac to withdraw money
Worried customers lined up outside IndyMac to withdraw their money this morning. IndyMac was seized by federal investigators on Friday. The Federal Deposit Insurance Corp automatically insures customers with accounts worth $100,000 or less.
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Dozens of nervous investors are lining up outside the Pasadena headquarters of IndyMac Bancorp., anxious to withdraw their savings or check the status of their accounts at the failed institution.
Harvey Solvan says he has more than $100,000 in the bank seized Friday by federal regulators and intends to withdraw as much as he can as soon as he can.
Solvan says he spent the night at a nearby hotel in order to be at the door of the bank more than three hours before it opened at 9 a.m. Monday
John Bovenzi, chief operating officer of the Federal Deposit Insurance Corp., has reassured consumers that bank failures have been rare in the past, and that if more banks do fail, the government has enough in reserve.
He reminds consumers that all accounts worth $100,000 and less are automatically insured by the FDIC, which has $53 billion in insurance funds.