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Highlights:
There have been reports that some financial institutions are refusing to honor or are placing excessive holds on IndyMac's official checks as customers attempt to deposit them.
Your bank should honor IndyMac's official checks,
such as cashier's checks, to the same extent that
your bank honors any other bank's official checks.
We request that your bank consider processing these
checks as official bank checks and local items for
clearing purposes.
IndyMac Federal Bank, FSB, was created to continue
to provide banking services in communities served by
the former IndyMac Bank, F.S.B. The FDIC is
managing IndyMac Federal Bank, FSB, as a newly
chartered FDIC-insured institution opened Monday,
July 14th. It is business as usual.
The fact is that for insured depositors the formation of
IndyMac Federal Bank, FSB is largely a non-event.
IndyMac's insured customers continued to have
access to their insured deposits through ATMs, debit
cards, and writing checks over the last weekend, and
they continue to have access since IndyMac Federal
opened on Monday morning.
Distribution:
FDIC-Insured Financial Institutions
Suggested Routing:
Chief Executive Officer
Chief Financial Officer
Related Topics:
Negotiable Instruments
Article 3 Uniform Commercial Code
Regulation CC
Attachment:
None
Contact:
Robert J. Wirtz, San Francisco Assistant Regional
Director, at rwirtz@fdic.gov or 415-808-8073.
Joseph J. Sano, San Francisco Regional Counsel,
at jsano@fdic.gov or 415-808-8177.
Lawrence F. Bates, Counsel, at labates@fdic.gov
or 703- 562-2284.
Kenyon T. Kilber, Senior Examination Specialist, at
kkilber@fdic.gov or 202-898-8935
Printable Format:
FIL-67-2008 - PDF (PDF Help)
Note:
FDIC financial institution letters (FILs) may be
accessed from the FDIC's Web site at
www.fdic.gov/news/news/financial/2008/index.html.
To receive FILs electronically, please visit
http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters
may be obtained via the FDIC's Public Information
Center (1-877-275-3342 or 703-562-2200).
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