"The closure had no immediate effect on depositors. All deposits even those above the FDIC limit were transferred to Chase. As the FDIC stated, "No one lost any money that was deposited in Washington Mutual Bank." In addition, all existing WaMu CDs were honored by Chase to maturity."
Looks like for IndyMac, uninsured deposits got paid back at 50 cents on the dollar.
If this is like WaMu, the bank opens on Monday and everything goes back to normal. If this is like IndyMac (or worse, Silver State Bank, 11 cents on the dollar recovered), a bunch of startups are now fucked companies.
"The closure had no immediate effect on depositors. All deposits even those above the FDIC limit were transferred to Chase. As the FDIC stated, "No one lost any money that was deposited in Washington Mutual Bank." In addition, all existing WaMu CDs were honored by Chase to maturity."
-- https://www.depositaccounts.com/blog/2010/09/twoyear-anniver...
Looks like for IndyMac, uninsured deposits got paid back at 50 cents on the dollar.
If this is like WaMu, the bank opens on Monday and everything goes back to normal. If this is like IndyMac (or worse, Silver State Bank, 11 cents on the dollar recovered), a bunch of startups are now fucked companies.
Might be some politics going on this weekend.