Should You Make a Run on the Bank? How the Indy Mac Bank Collapse Affects You

Alexis_4 The following article is by author and Family Wealth Planning Institute founder Alexis Martin Neely:

First of all, let me start by stating this as loudly and clearly as I possibly can. DO NOT PANIC!

If you are an IndyMac depositor, there is no need for you to line up at the bank as many others have done and demand the return of your money. This is a pure waste of your time and only contributes to the unnecessary drama and fear-mongering happening out there.

IndyMac bank has been put under the control of the federal government and deposits are insured by the Federal Deposit Insurance Corp. (or FDIC).You should read this from the FDIC to IndyMac depositors to determine what you will need to do to submit a claim for your funds.

As long as you had less than $100,000 in the bank, all of your deposits should be fully covered by the FDIC insurance. In some cases, like if you have a properly drafted and funding living trust, you may qualify for even more insurance coverage.

This is exactly the type of situation where you want to contact your Personal Family  Lawyer™ to make sure you’ve done everything right to maximize the protection of your assets.

In fact, Personal Family  Lawyers™ throughout the country are providing trust reviews for a limited number of non-customers at no charge. Contact your local Personal Family  Lawyer™  to determine whether you can get on the calendar for a free FDIC-coverage review of your estate plan.

There’s no need for you to start withdrawing deposits from other banking institutions either. Your mattress is NOT the safest place for your money.

Here’s what you should do to make sure your money is as safe as possible.

1. Use the FDIC online calculator to determine the amount of insurance coverage on your accounts. If you need help with this (it is a bit complicated), contact your personal lawyer for guidance.
2. Maximize your FDIC insurance coverage! A properly drafted and funded trust can get you a whole lot more insurance coverage than an account owned in your name.
3. If you have more than $100,000 in cash accounts, talk with your personal lawyer about how you can protect the excess in case your bank fails too.

More than anything, do not panic. Be proactive and get the information you need to be smart. And, don’t act from fear.

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In Georgia, contact Stephen M. Worrall, your neighborhood Personal Family  Lawyer™ in Marietta and metropolitan Atlanta, at 770.425.6060 or email him at info-blog@georgiafamilylaw.com