>>>>>That's a scary article.
>>>>>
>>>>>>http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=amZxIbcjZISU
>>>>
>>>>Don't worry about Horn. She'll be all right, as will most of Pasadena, California-based IndyMac's 200,000-plus customers.
>>>>
>>>>That's because the FDIC, created in 1934, insures all accounts up to $100,000 at its member banks, and it has never failed to honor a claim. The people to worry about are U.S. taxpayers.
>>>>
>>>>If he mentioned it in the article, I missed it. On average, how long does it take the FDIC to honour a claim?
>>>
>>>It depends on availability of FDIC funds. As it stands now, FDIC provides up to 100K immediately, and whatever exceeds this level can still be partially recovered in few months. Obviously, in case of financial strain this time could be increased significantly (it was up to 2 years in time of S&L crisis) and no restitution over 100K limit would be available.
>>
>>Does 'immediately' mean same day? I assume there must be forms to fill out and all that, or does the FDIC just get a list of names from IndyMac and put money into accounts in their names in other banks? I should look into how it works up here - never really thought about it much. I think the insured amount is somewhat less up here though.
>
>In case if IndyMac and many other bankrupties FDIC just takes control of accounts, so customers may continue banking the same way as before, i.e. it's really 'immediately', no interruption.

That's excellent. I wouldn't have thought it would be that simple. Good for the FDIC's planning!