Comments on: Your Bank Has Failed: What Happens Next?

60 Minutes Gets A Rare Look At How The FDIC Takes Over Banks And Reassures Depositors

[lawrencedll]

Scott Pelley:

Last night on your broadcast - Sheila Bair stated:
"We've been around for 75 years and nobody's ever lost a penny of insured deposits,"

But what is the status of the uninsured monies still being held by the FDIC as a result of the July 2008 failure of IndyMac Bank? When the FDIC took over, rather than finding a buyer as they had for every other failed bank, an insurance amount of $100K was paid out to each account holder. In many instances this left an unpaid balance for several IndyMac depositors (Many of whom are seniors living on SS and savings - such as myself) who are still anxiiously waiting to learn when they will receive the money being held by the FDIC since July? (Can the new $250K insurance policy be made retroactive? And - What is the FDIC doing with this money?)

Scott, we would appreciate your investigation and adviisement as to the status of this money and hopefully receive the good news as to when we will get it back.

Thanks for your support, Don Lawrence

[Evon781]

Your news article on "Your Bank has failed" was both timely and partially informative. Yes, the FDIC does insure savings up to $ 250,000.00 but what about the investors that are raped by the CAMEL, (Capital,Assets,Management,Equities,Liabilities) scores that are denied to stockholders?How many millions of investment dollars has been lost because the CAMEL score changed and totally wiped out all of a stockholders investment without warning? We are talking abour the adverage hard working saving, prudent planning, american that is investing for retirement, college funds for children and grand children, charities,etc.

[Newster1]

"For the last 25 years, my bank was giving me something like 0.25 percent interest on my deposits. On top ot that they also over-charged me for ATM usage, for check writing and huge charges for overdraft, multiple hidden fees etc."

Most checking accounts are FREE, with unlimited check writing, and these days free on-line acct access and many opther features also FREE, so why should they even pay 0.25% interest?
If you are using an ATM at your bank that charges then you are at the WRONG bank, only ATM charges Ive seen are when you go outside your own bank and use another bank's ATM, and why shouldnt they charge a fee to use THEIR machine when you aren't even a customer of theirs?
If you manage your account properly you wont HAVE overdraft fees at all.

[DianaMackiewicz]

I found the whole show interesting enough that I plan to show this to my students of Global Economy. They will see a bank taken over because of its poor management and other unforseen consequences; a sobering experience. And then they will see how one's fiancial reousres in a bank are insured and protected by the FDIC.

Furthermore, high school students will be emerging in a few years into a different world of banking and investment. Most likely they will wonder and even show concern if their finanical resources will be protected or not.

At least I know that my bank account is protected by the FDIC and that I will not need to bring a briefcase into the bank like the one customer did.

[antiochgal]

I cannot believe Maggie's comments on the morning news regarding this 60 minutes story. After the interview with the FDIC concludes, she says to Harry that the FDIC does not say how long it takes to get the money to you after a bank closes and it could take years. Of course they had to get the FDIC back to say that this is totally false and a person's funds are vitually unaffected and is available immediately by ATM or checks. I don't know how they keep this woman on the news. She constantly interupts people, even her co-hosts and now is giving false information that could cause people to panic and remove their funds from the bank. What is CBS thinking ?

[blitzder]

Can someone help me understand.

For the last 25 years, my bank was giving me something like 0.25 percent interest on my deposits. On top ot that they also over-charged me for ATM usage, for check writing and huge charges for overdraft, multiple hidden fees etc. Bank profits were going thru the roof. Their arrogance knew no boundries.At no time did they ever help the average consumer, in fact, customer service at these banks was so poor most people stayed away from visitng banks and relied on ATM's.

THEY BIT THE VERY HANDS THAT FED THEM.

WHY SHOULD THE PUBLIC BAIL THEM OUT NOW?????. LET THEM GO UNDER. THEY GET NO SYMPATHY FROM ME.

[budmag06]

I would ask Obama to come and save us.

[gce651]

Sheila Bair saying that the FDIC is completely funded by premiums paid by the banks, rather than US tax dollars, is a bit disingenuous since our same tax dollars in the hundred$ of billion$ have already been used to bail out so many banks.
The banks used that money for buyouts of other banks, executive perks and bonuses, a few lavish getaways disguised as investor conferences, and...oh yea, those higher FDIC premiums.

[gce651]

This was little more than a PR piece brought to us by the FDIC, a glorified insurance company.

They might look a little more honest if they didn't wait until the weekends for these back door seizures. Sure, the stock market might go down a bit in overreaction, but then the market will never learn not to verreact if we keep coddling it.

[Newster1]

"My deposit was supposedly insured by the FDIC but they refuse to cover my loss. I know there was one of those nice FDIC plackards on the front window of all the banks I delt with! "

If your read the FINE print on the paperwork for the CD, and knew a bit about this, you would learn a CD is an investment and as such there is a RISK of loss, small one yes, but there is still a RISK.
There's penalties for early withdrawl etc too of course.
I dont think FDIC covers investment CD's, they cover DEPOSITS like cash in savings and checking accounts.