
NEW YORK (Associated Press) - The fear, the hassle, the long lines in the hot sun, and now the wait.
Many IndyMac customers who are moving their money to another bank won’t be able to access all of their funds for more than week.
By law, the other banks must make IndyMac cashier’s check deposits up to $5,000 available for withdrawal in one business day. But any amount over that can be held up to nine business days.
That’s rough for Los Angeles resident Ash Carene, who doesn’t have time to wait for an IndyMac check to clear at another bank. He needs more than $100,000 for a down payment by Friday to complete the purchase of a three-bedroom house in San Diego. If he misses the deadline, he could violate the terms of the sales contract and lose his $10,000 deposit.
“I’m still waiting in line to get inside,” the 40-year-old computer programmer said Thursday afternoon. “I was here in the morning and left to take care of business. I waited a little bit, hoping the line would get better and came back later.”
How do your students relate to the Great Depression? What lessons did we learn from the Great Depression that might save us from a depression this time around (FDIC?). Teaching the Great Depression? Click this link.
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