The FDIC says there were over a billion dollars in assets at IndyMac that were not covered by the FDIC. Why not?

The FDIC says:

At the time of closing, IndyMac Bank, F.S.B. had about $1 billion of potentially uninsured deposits held by approximately 10,000 depositors. The FDIC will begin contacting customers with uninsured deposits to arrange an appointment with an FDIC claims agent on Monday. Customers can contact the FDIC for an appointment using the toll-free number above. The FDIC will pay uninsured depositors an advance dividend equal to 50 percent of the uninsured amount.

Does this sound like fun? No, it doesn’t. In order to prevent this from happening to you, we suggest you check out the FDIC’s Electronic Deposit Insurance Estimator (EDIE).

The FDIC says:

If you or your family has more than $100,000 at one insured institution, you can still be fully insured if your accounts meet certain requirements. You can use EDIE to determine your insurance coverage beyond the basic $100,000 amount.

Electronic Deposit Insurance Estimator (EDIE) [FDIC]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.