Indymac Bank Customers Having Checks Turned Down

Customers of the government-seized bank are having trouble when they try to deposit their checks at other finnacial institutions. Now customers are scrambling to recover their money.

By: WKRG Staff | WKRG-TV
Published: July 17, 2008

» Comments | Post a Comment

LOS ANGELES (AP) - The frustration continues for some IndyMac
customers who are having trouble depositing the failing bank's
checks at other institutions.
The Southern California bank was seized last week by federal
regulators.
Sheryl MacPhee says when she tried to deposit her IndyMac check
at Washington Mutual, a manager told her their new policy was not
to accept IndyMac checks.
Washington Mutual spokeswoman Olivia Riley says the bank will
accept the checks, subject to an extended hold period.
Wells Fargo is placing holds of up to nine business days on many
IndyMac checks.
The Office of Thrift Supervision transferred control of IndyMac
to the FDIC on Friday because it didn't think IndyMac could meet
depositor demand.
Customers have been scrambling to recover their money ever
since.