The FDIC is issuing clarification for payment of IndyMac official checks.
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
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.
Article 3 Uniform Commercial Code
Robert J. Wirtz, San Francisco Assistant Regional
Director, at firstname.lastname@example.org or 415-808-8073.
Joseph J. Sano, San Francisco Regional Counsel,
at email@example.com or 415-808-8177.
Lawrence F. Bates, Counsel, at firstname.lastname@example.org or 703- 562-2284.
Kenyon T. Kilber, Senior Examination Specialist, at
email@example.com or 202-898-8935