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In our case, neither the attorney who drew up our Revocable Trust agreement, nor the banks who accepted our Trust and our money advised us that the FDIC would not recognize our niece and nephews as qualified beneficiaries. It was a shock and disappointment to learn that a good portion (17%) of our savings was not insured when the IndyMac Bank was taken over by the FDIC.
In our opinion, it is only fair for the FDIC to reconsider the effective date of the rule, to include individuals who were victims of the IndyMac Bank failure, of 7/11/08. In addition, this interim rule should be made permanent. Thank you.
|Last Updated 10/08/2008||Regs@fdic.gov|