People who got their money from IndyMac are facing new challenges as other banks put extended holds on releasing the funds when the checks are deposited. WaMu is putting 8-week holds on the checks. Wells Fargo is putting holds on amounts over $5,000. If you deposit more than that, Wells Fargo will only let you have access to the first $5,000. The Office of Thrift Supervision is looking into whether this is ok or not. Good, we needed something like this, that panic wasn’t looking frothy enough.
The FDIC was created in 1933 by the Glass-Steagall Act, and provides $100,000 of deposit insurance to checking and savings deposits. “Bank panics” used to be fairly common, and the FDIC was intended to instill confidence in the banking system after the Great Depression. The most recent big failure, that of California bank IndyMac, will cost the FDIC between $4 and $8 billion, and they estimate that about $1 billion of IndyMac’s deposits are “potentially uninsured,” meaning that the depositors had more than $100,000 on deposit. So what does a bank run look like these days?
Here’s a continually updated list of what the “brick update” did and did not do to the iPhone. [Ars Technica]
Analysts aren’t pleased with Lowe’s and Target’s latest news.
A woman in Maine broke a CFL and, rather than carefully cleaning the mess up herself, she called Home Depot. They told her not to vacuum, and directed her to call Poison Control. Poison Control directed her to the Maine DEP, who then sent an agent. The agent told her to call in a toxic waste team to give an estimate. Naturally, they told her it was going to be around $2,000. She heard that number, walled off the bedroom and alerted the local media.