Banks Place Extended Hold on IndyMac Checks
July 18th, 2008Via: AP:
The frustration didn’t end for some IndyMac customers when they finally were able to withdraw their funds from the failing Southern California bank seized last week by federal regulators.
Some people have run into more problems when they tried to deposit IndyMac cashier checks at other banks.
Sheryl MacPhee said she waited in line two hours Tuesday at an IndyMac branch in San Marino to liquidate a certificate of deposit. But when she took it to a Washington Mutual branch in South Pasadena to deposit, she said a manager told her their new policy was not to accept IndyMac checks. If the customer insisted, she said she was told, it could take eight weeks or more to access the full amount.
“Sure, IndyMac will give you a check,” MacPhee told the Los Angeles Times, “but what good is it if no other institution will accept it?”
WaMu spokeswoman Olivia Riley said her bank is accepting IndyMac checks, “but depending on the specifics, funds will be subject to an extended hold period.”
Officials at the Office of Thrift Supervision said that regulating agency is investigating complaints about the checks.
“Sheryl MacPhee said she waited in line two hours Tuesday at an IndyMac branch in San Marino to liquidate a certificate of deposit. But when she took it to a Washington Mutual branch…”
I keep hearing Washington Mutual is going to be the next to fail. If this lady keeps making decisions like this I have a feeling she is going to have a bad year.