Question and Answer Guide
IndyMac Bank, F.S.B., Pasadena, CA
1-866-806-5919
Chinese Language Version (pdf help)
The following questions and answers represent the most commonly asked questions by customers of the failed bank.
If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time. Your entire account(s) will be transferred to IndyMac Federal Bank and will be available for business as usual during regular business hours.
- Over $100,000 What if I have more than $100,000 in my accounts at IndyMac Bank?
- Brokered Deposits/Deposit Broker I am a deposit broker or I have a deposit through a broker. What do I need to do?
- Lose Any Money? Will I lose anything on my deposit account?
- Uninsured Will I collect my uninsured deposits?
- What Happened? What happened? Why did the bank fail?
- What is a Conservatorship? I’ve read that the failed bank is being resolved as a Conservatorship. What does that mean?
- Customer Impact How does this failure affect me?
- Claim Account(s) How do I claim my account(s)?
- ATM/Debit Card Can I continue to write checks or use my ATM/Debit card?
- Final Statement How will I get my final account statement(s) from IndyMac Bank?
- Interest Will I continue to earn interest at the same rate?
- Internet Connection: Why doesn't my internet connection to IndyMac Bank work?
- IRAs What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
- Wire Transfer Can funds be wired to me?
- Interest Check/Cashier's Checks Can I cash my interest check or cashier's check?
- Records/Account Histories What if I need information regarding my account during the time IndyMac Bank was in business?
- Direct Deposits - Government Deposits What will happen to my direct deposits?
- Automatic Payments/Online Billpay Will my automatic payments through online Billpay continue?
- Outstanding Checks What will happen to the checks which have not cleared my account?
- Loans How do I make my loan payments?
- FDIC Insurance How can I find out more about Federal Deposit Insurance rules?
- Safe Deposit Boxes How can I claim the contents of my safe deposit box?
- Unpaid Bill I did some work for IndyMac Bank and have not yet been paid. What should I do?
- Tax Reporting - 1098/1099s Who will send my 1098 and/or 1099 information after the end of the year?
- Media I represent a TV/Newspaper/Radio and would like some information.
- New Bank Insured Is the new bank insured by the FDIC?
- Checks not Honored A merchant will not honor my check. What can I do?
- Early Withdrawal Penalty Will I incur an early withdrawal penalty if I close my CD before maturity?
- Account Hold I have been advised there is a hold on my account. What does that mean?
- Loans in Process What happens if I had a loan in process that had not closed or a line of credit that was not fully funded?
- Employee Retirement Plan I am a participant in my employer’s retirement plan which has deposits at IndyMac. What will happen to my money?
1. What if I have more than $100,000 in my accounts at IndyMac Bank?
If you have an account or group of accounts that exceeds $100,000, you may need to complete certain declarations or affidavits and provide documentation so that the FDIC can make an insurance determination on your account(s). If you are an investor with a deposit broker, you may need to complete one of these forms only if your investment exceeds $100,000. However, you must mail your form to your deposit broker for submission to the FDIC.
If your deposits DO NOT exceed $100,000, you DO NOT need to complete these documents or contact the FDIC.
An account hold may be placed on an account due to the need for additional documentation from a depositor. For example, a Declaration for Trust form may be required to attest to the parties involved in the trust. These forms can be mailed to you, or you can access them online at Deposit Claims.
If you have a question regarding the completion of required affidavits or declarations, please call 866-806-5919 and indicate you have a Form Completion question.
If you have more than $100,000 in your account, or if the total of your related accounts exceeds $100,000, your accounts may require review by an FDIC Claim Agent and you should call the FDIC to schedule an appointment with an FDIC claim Agent. The FDIC will pay uninsured depositors an advance dividend of 50% of your uninsured deposit.
FDIC Call Center
866-806-5919
Hours of Operation
All Hours are Pacific Time
Friday, July 11, 2008 3:00 p.m. – 9:00 p.m.
Saturday, July 12, 2008 8:00 a.m. – 8:00 p.m.
Sunday, July 13, 2008 8:00 a.m. – 6:00 p.m.
Thereafter, Monday through Friday, 8:00 a.m. – 8:00 p.m.
2. I am a deposit broker or I have a deposit through a broker. What do I need to do?
Brokered deposits will be held by the FDIC, and those insured deposits will be paid off when the insurance determination is complete. The FDIC offers an online reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC’s policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts in a failed FDIC-insured institution. Please read the Deposit Broker Processing Guide completely before contacting the FDIC with questions.
Deposit Broker Processing Guide
Should you have any questions regarding the completion of required affidavits or declarations on behalf of your client, please call 866-806-5919 and indicate you have a Form Completion question.
If you are a customer who has an IndyMac Bank deposit through a broker, you must contact your broker with any questions. Once the FDIC receives a balanced investor file along with all the required documentation, from your broker, your insured funds will be wired to them on your behalf.
3. Will I lose anything on my deposit account?
Principal and interest on insured accounts, through Friday, July, 11, 2008 are protected by the FDIC, to at least $100,000. All accounts transferred to IndyMac Federal Bank are insured to at least $100,000. Certain entitlements and different types of accounts can be insured in excess of the $100,000.
If you have more than $100,000 in your account (or $250,000 in your IRA), or if the total of your related accounts exceeds $100,000, your accounts may require review by an FDIC Claim Agent. All accounts that appear to be related are reviewed to determine ownership and insurance coverage. See question number 1 for information regarding forms you may need to expedite this process.
4. Will I collect my uninsured deposits?
If it is determined that you have some uninsured funds, the FDIC will mail you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the sale of the assets of IndyMac Bank. You will eventually recover some of your uninsured funds. Of course, you will receive immediate full payment for your insured amount by transfer to IndyMac Federal Bank or from your broker. In addition, the FDIC will pay uninsured depositors an advance dividend of 50% of your uninsured deposit.
For an explanation of the dividend process go to FDIC Dividends from Failed Banks.
5. What happened? Why did the bank fail?
IndyMac Bank, F.S.B., Pasadena, CA, was closed Friday, July 11 by the Office of Thrift Supervision (OTS). The Federal Deposit Insurance Corporation (FDIC) was named conservator. The FDIC will transfer insured deposits and substantially all the assets of IndyMac Bank, F.S.B., Pasadena, CA, to IndyMac Federal Bank, F.S.B. Share price does not trigger a bank closing and was not the reason for IndyMac Bank, F.S.B.'s failure. See the OTS Press Release for further information.
The FDIC established a new institution, IndyMac Federal Bank, F.S.B., to help the FDIC maximize the value of the institution while maintaining banking services in communities served by the bank. According to regulatory policy, there is no advance notice given to the public. The good news is that no one lost any insured deposit money as a result of the closure of IndyMac Bank. To protect depositors, the FDIC Board of Directors approved the assumption of IndyMac Bank’s insured deposits to IndyMac Federal Bank, F.S.B., Pasadena, CA.
6. I’ve read that the failed bank is being resolved as a Conservatorship. What does that mean?
A Conservatorship is established when a manager (in this case the FDIC) has been appointed to take interim control of a financial institution to preserve assets and protect insured depositors until a final resolution can be accomplished.
As conservator, the FDIC will operate IndyMac Federal Bank, F.S.B., to maximize the value of the institution for a future sale and to maintain banking services in the communities formerly served by IndyMac Bank, F.S.B. The FDIC seeks to maintain stability and public confidence in the nation’s banking system. FDIC fulfills this role when a bank fails by providing insured depositors with ready access to their funds either by direct payment or arranging for the assumption of the deposits by another financial institution. However, it is not always possible to find an assuming institution. In order to provide depositors with quick access to funds, the FDIC, in this case, formed a new bank and transferred insured deposits to this new bank. No one will lose any insured money as a result of the failure of IndyMac Bank.
7. How does this failure affect me?
The effect of the failure on the average depositor of IndyMac Bank will be minimal, as the FDIC transferred the insured deposits and substantially all the assets to IndyMac Federal Bank, a newly chartered full-service FDIC-insured institution. If you held an account at IndyMac Bank, you now have an account at IndyMac Federal Bank.
If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time. Your entire account(s) will be transferred to IndyMac Federal Bank and will be available for business as usual during regular business hours.
If you have more than $100,000 in your account (or $250,000 in your IRA), or if the total of your related accounts exceeds $100,000, your accounts may require review by an FDIC Claim Agent. All accounts that appear to be related are reviewed to determine ownership and insurance coverage. Certain entitlements and different types of accounts can be insured in excess of the $100,000. If you think you might have uninsured deposits, please see question number 1 for information regarding forms you may need to complete to expedite this process.
If you had a loan with the bank, please continue to make your payments to the same address as you have in the past until you are instructed otherwise.
The former IndyMac Bank locations will reopen as branches of IndyMac Federal Bank. Please note you will have continued access to your money through your ATM/Debit card and by writing checks.
8. How do I claim my account(s)?
A deposit insurance payment of your account(s) up to the insured limit has already been transferred to IndyMac Federal Bank, and your account will be handled as usual. Any withdrawal, renewal or additional deposits will “claim” your account(s). Please be advised that if there is no activity in your account in the next 18 months, that money will be escheated to your state.
9. Can I continue to write checks or use my ATM/Debit card?
You will be able to continue using your personal checks at this time, and your ATM/Debit card will continue to work.
10. How will I get my final account statement(s) from IndyMac Bank?
You will receive your account statements at the same time you have received them in the past.
11. Will I continue to earn interest at the same rate?
Yes, interest will continue to accrue at the contract rate on all non-broker deposits. If you deposited funds through a broker, the interest will accrue and be paid through Friday, July 11, 2008.
12. Why doesn’t my Internet connection to IndyMac Bank work?
Online service is expected to resume on Monday. IndyMac Bank had a number of avenues for customers to access funds, and each of those avenues had to be closed off so that a final accounting could be completed.
13. What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
Yes. IRA funds are insured separately from other types of accounts up to $250,000.
14. Can funds be wired to me?
No changes have been made to wiring of funds into customer accounts. You should follow the same procedures as you have in the past.
15. Can I cash my interest check or cashier's check?
Yes, interest and cashier's checks will continue to clear.
16. What if I need information regarding my account during the time IndyMac Bank was in business?Please contact a representative of IndyMac Federal Bank Customer Service at 1-800-998-2900 to obtain a copy of any records you may need.
17. What will happen to my direct deposits?
Direct Deposits will continue as normal. If you need to change anything in the future, please contact the IndyMac Federal Bank to make those arrangements.
18. Will my automatic payments through online Billpay continue?
The Billpay feature on your account is temporarily disabled. The feature is expected to resume on Monday when online banking services continue.
19. What will happen to the checks which have not cleared my account?
Checks that were drawn on IndyMac Bank that did not clear before the institution closed will be honored up to your available balance or the insured amount.
20. How do I make my loan payments?
Please continue to make your payments to the same address as you have in the past until you are instructed otherwise. You will be notified by mail of any changes.
21. How can I find out more about Federal Deposit Insurance rules?
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):
Deposit Insurance
Are my deposits insured?
EDIE
22. How can I claim the contents of my safe deposit box?
It is business as usual. You may go to your branch and access your safe deposit box or make appointments by calling IndyMac Federal Bank at 1-800-998-2900.
23. I did some work for IndyMac Bank and have not yet been paid. What should I do?
Please continue to mail statements to the IndyMac Accounts Payable Department at the same address. An FDIC representative will review the statement and will contact you if there are any questions.
24. Who will send my 1098 and/or 1099 information after the end of the year?
IndyMac Federal Bank will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
25. I represent a TV/Newspaper/Radio and would like some information.
In California, please contact David Barr with the Office of Public Affairs at 202-898-6992. Otherwise, contact Andrew Gray in Washington, DC at 202-898-7192 or 202-494-1049.
26. Is the new bank insured by the FDIC?
Yes. Your deposit at IndyMac Federal Bank is insured by the FDIC, and each depositor is insured to at least $100,000, as established by law.
27. A merchant will not honor my check. What can I do?
A copy of this document or the press release can be provided as it states deposits have been transferred, and it is business as usual. Copies of this press release will be available at the bank. Depositors or merchants can also call the FDIC at 1-866-806-5919.
28. Will I incur an early withdrawal penalty if I close my CD before maturity?
No. You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with IndyMac Federal Bank. This can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.
29. I have been advised there is a hold on my account. What does that mean?
It is possible a depositor’s account was held due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will be held. A letter will be sent informing you of these types of account holds, along with instructions on how to proceed. If you have any questions regarding these types of account holds, please call the FDIC at the number provided in the letter.
Another reason an account hold may be placed is due to the need for additional documentation from a depositor. For example, a Declaration for Trust form may be required to attest to the parties involved in the trust. These forms can be mailed to you, or you can access them online at Deposit Claims.
If you have a question regarding the completion of required affidavits or declarations, please call 1-866-806-5919 and indicate you have a Form Completion question.
30. What happens if I had a loan in process that had not closed or a line of credit that was not fully funded?
This issue is being reviewed and will be determined at a later date.
31. I am a participant in my employer’s retirement plan which has deposits at IndyMac. What will happen to my money?
Each participant is insured up to $100,000. You will need to contact your plan administrator or trustee.
SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting personal information from you related to this event, please contact the call center above and you will be directed to the appropriate person.
For more information: www.fdic.gov/bank/individual/failed/indymac.html