Waits improve at IndyMac bank branches
Some customers who are attempting withdrawals still report hurdles.
By Andrea Chang, Los Angeles Times Staff Writer
10:20 PM PDT, July 16, 2008
Customers of failed IndyMac Bank faced shorter waits and less confusion at branch locations Wednesday, but some depositors who closed their accounts encountered new hurdles when they tried to deposit cashier's checks at other banks.
Sheryl MacPhee, 46, said she liquidated a certificate of deposit at IndyMac's San Marino branch Tuesday morning after a two-hour wait. She then took the check to a Washington Mutual branch in South Pasadena to deposit.
MacPhee said a WaMu manager told her that under a new corporate policy, the bank was not accepting IndyMac checks. If a customer insisted on depositing the check, it could be eight weeks or more before the full amount would be accessible, she said she was told.
"It seems to me that other financial institutions not accepting these checks is only furthering the panic," said MacPhee, a freelance writer from South Pasadena who deposited her check elsewhere. "Sure, IndyMac will give you a check, but what good is it if no other institution will accept it?"
Officials at the Office of Thrift Supervision, WaMu's chief regulator, are investigating the complaints about the checks, agency spokesman William Ruberry said.
WaMu spokeswoman Olivia Riley declined to discuss details of the bank's check policies. "We have a check hold policy that takes into consideration a variety of factors," she said. "WaMu is accepting checks from IndyMac customers; however, depending on the specifics, funds will be subject to an extended hold period."
more:
http://www.latimes.com/business/la-fi-indymac17-2008jul17,0,2003956.storyComment: of course, putting money from Indymac into Wash Mutual is like taking it out of one burning house and putting it in another....
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