Times Are Tough, Banks Fall
If you haven’t been keeping up with the news and the state of our economy lately, it SUCKS!
Stocks are falling and banks are in danger of closing. If you haven’t been paying attention lately, you may want to keep your ears and eye open to see what will be coming in the next couple of days.
IndyMac Bank was seized by the FDIC and some have flown in from all over the country to IndyMac’s Headquarters in Pasadena to get their money withdrawn. Most people with over $100k in funds have reported only getting a small percentage of their money back, although the FDIC allows insurance up to $100k. Which means if you have funds in the seized bank totalling over $100k, you’re not likely to receive the full amount back.
The tumble continues as more banks have been hit. Washington Mutual is a bank that I have accounts with and considering the state of its stock price, its most definitely high on my radar at the moment.
What are you thoughts?
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