We’re always told not to worry about our bank failing because our deposits are insured up to $100,000 by the FDIC. Well, in case you were wondering what happens when a bank actually does fail, look no further than the great state of California, where IndyMac has been taken over by federal regulators and its customers are getting a taste of all the FDIC has to offer.
We’re hearing reports of customers being kept outside of the banks for ours, forced to line up in the sweltering heat, and being threatened with arrest if they get upset about it.
From the L.A. Times:
In exactly which manual of customer service does it say the following: When your customers arrive at your place of business, do not open the doors and invite them inside. Instead, guard the doors and tell your customers to wait for hours in the sweltering heat outside. If they grow restless, threaten them with arrest.
This is one of your dumbest posts ever. A woman feints in line waiting for her money and its FDIC’s fault? HAW!!!!!
Haven’t any of the idiots waiting in line for 3 days heard of bank transfers via writing a check?
Why should any bank, much less the FDIC be “geared up” to respond to a once in 5 years event to cater to people too stupid to write a check?
Keep poking the beast, one day you’ll hit something vital.
Nice to see things have changed since the ’30s.
Are those the trumpets of doom I hear warming up? Ready, set, BANK RUN!
Anyone who puts their money in a bank with such a stupid name deserves to remain stupid and stand in line for weeks. I mean, what the fook is it, an independent Macintosh? An Indy 500 MacDonalds? Certainly not a sound name for an institution.
how silly.
I read about this at the consumerist. I dont understand how people expect to not be inconvenienced buy the bank’s FAILURE. If it weren’t for the government, these whiners would be out all of their money.
1,
As it has been pointed out many times, part of this is horrible mismanagement and greed, but some of it is also perception. IN the case of an FDIC-insured depositor, the perception that the bank is worthless is not addressed when sadi bank acts like it really is in trouble by barricading itself. If the management wanted to instill confidence they should have thrown open their doors and let everyone in, and had every teller booth staffed with lots of cash.
bobbo got it right about how to handle things, though. There’s no need to visit your bank – ever.
If people are worried about the bucks they have in IndyMac, they can check the balance via telephone banking or online banking – write a check and deposit it in some other bank.
No big deal. All the other questions about accounts at or near FDIC limits should have been sorted when the accounts were set up, folks.
First RIPPLE OF THE SECOND GREAT REPUBLICAN DEPRESSIONS TO ATTACK AMERICA FROM WITHIN !!! Repukes, who, since Reagan, have REMOVED MOST FINANCIAL SYSTEM CONTROLS put in place by FDR after the FIRST GREAT REPUBLICAN DEPRESSION, have been LOOTING THE AMERICAN ECONOMY SINCE THE 80’S AND THE HOUSE OF CARDS IS ABOUT TO TOPPLE !!! America is a SKELETON OF ITS FORMER SELF and MAY BE TOO FAR GONE TO RECOVER THIS TIME !!!
JimD, YOU MISSED CAPITALIZING A FEW WORDS IN YOUR POST!!! PEOPLE WON’T KNOW HOW IMPORTANT AND RATIONAL YOUR ARGUMENTS ARE WITHOUT CAPITALIZING EVERYTHING!!!!!! PS!!!!!! YOU MAY NEED TO ADD A FEW MORE EXCLAMATION MARKS TOO!!!!!!!!!!!!!!!!!!!!!!!!!
#8 JimD
You seem to be disgruntled. Perhaps you should move to Saudi Arabia where you would be much happier.
“We’re hearing reports of customers being kept outside of the banks for ours, forced to line up in the sweltering heat, and being threatened with arrest if they get upset about it.”
Typical banking experience here in Canada. Why is everyone so upset?
#10–Dr D==strange recommendation coming from a Constitutional Freedom guy like yourself.
Why not just put the banking controls back in place so that repukes can’t steal the country blind?
If you ask everyone to leave, who are you going to steal from?
All of this concern over fiat dollars. I suppose that the lefthand side of the bell think that by removing them from IndyMacBank it gives them worth.
SparkyOne! You read Heinlein and Pournelle!
And yet no one complains when people line up for 3 days in the heat and cold for an iPhone.
They missed a good moment for Customer Relations here by being so heavy handed. But on the other hand it sounds like the customers weren’t doing themselves a favor by acting like idiots either.
#12 bobbo
Constitutional Freedom – What does that mean or more to the point what do think it means?
The list of people that are stealing the country blind is long and distinguished. However, in this case banking controls would not have helped.
Lenders were pressured by Congress to give loans to people not qualified to pay it back.
Aha! Now we know how the Great Depression of the 1930’s could have been averted. By simply arresting everyone of that era, we could have stayed rich, prosperous and able to buy all the mayonnaise we wanted.
#17–Dr D==Constitutional Freedom in context means being able to criticize the USA without being told you are “Un-American” and should leave the country.
Thats only about one half step away from throwing a sheet over your head and looking for churches to burn at midnight.
But, you already know that.
Of course “banking controls” would have/could have/might have helped==thats why they were removed!!!! (and haven’t been put back as far as I know). Having a nice fat black letter rule to follow helps prevent congressmen from applying pressure to begin with, and for bankers to resist it if applied.
As I always say, if it doesn’t make any difference, then give me a double helping.
#17 bobbo
So that’s your idea of constitutional freedom. Well that’s easily decided upon.
If someone wants to criticize the leaders and/or government that are responsible for failures then by all means go for it. Heck I’ll even help. But to criticize the country, the land, the place, then that’s where I draw the line.
Too many good people have given their lives for us to have a great place to live. To diminish their sacrifice is an insult and that’s something I just won’t do.
I have no tolerance for anyone that reaps the benefits of freedom then complains about the place that provides it. To those I say don’t let the plane door hit you on the way out.
There’s no reason to stand outside the bank and wait in line. It’s not like the first person in line will get more money.
Let’s see. . . the banks made money providing the loans on an up market, making money in excessive fees and other BS. The buyer’s ability to pay – who cares, the house is increasing in value. The bank forecloses on a default – the person that couldn’t afford the house in the first place. The bank resells the house at a profit to yet another sucker – I mean buyer – who can’t afford the house. The senior management and brokers get nice fat bonuses. The buyers – who should have had more common sense loose everything and are literally on the street – who cares! The housing market crashes, the banks can’t off load the foreclosed houses. The taxpayer gets stuck with the bill. KY anybody – again It’s time for change – BIG TIME
#19, #20
See, Bobbo, that’s the great thing about this country. You can criticize anyone you want and Dr. Dodd can tell you to leave. But, you don’t have to leave!
Allow me to exercise my 1st amendment rights. Dr. Dodd, please do us a favor and off yourself.
#20: Dang, paragraph 3 sounds like a quote by Walter Sobchak in “The Big Lebowski”.
I am impressed sir!
#23 fATTY
Wishing for someone to die because they don’t agree with you? Your dormant brain must be numb for lack of use. Well of course it is, look what you wrote.
#24 KilgoreTrout
Sorry, I never saw the movie. However if what I said is not in there… it should be.
15
Would you rather make love, or get raped? They both look the same to the casual observer.
#25–Dr D==thats your analysis? There is a difference between leaders and government and the land? So==when I go out on a 7 day cross country tramp and dig a whole to shit in and burn the toilet paper or leaf, and cover the hole up, am I showing disrespect to the land?
Seriously==the country, the land doesn’t give a shit about anything. Anybody trying this dodge needs to be put on fire and be covered in dirt—if you get my meaning. And yet political movements get elected on such crap.
#27 bobbo
Not much surprise you would miss the whole meaning. Pearls before swine.
#28–Dr D==”the country” or “the land” or “the place” never do anything good or bad. They are abstract concepts. In context, EVERY reference to the USA doing something good or bad IS about the leaders or the government. Trying to defend people by wrapping them in a holy image of the Flag or Country really is the last refuge of a scoundrel. The USA should not torture people. What can that possibly mean except our leaders and government? What part of Pennsylvania do you think waterboarded people in Gitmo?
Dr D==you got some serious gaps in your conceptualization of realty.
I don’t get it – why would anyone line up at the bank? Who actually has savings in a bank these days? I thought everyone had a mortgage that they couldn’t pay and crushing credit card debt.