Banks Put 8-Week Hold On IndyMac Checks

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.

Waits improve at IndyMac bank branches [LAT] (Thanks to Kathy!)

(Photo: zoliblog)