On 3/17/2008 I posted IndyMac I’m Never Coming Back.
IndyMac has the lowest rating a bank can receive with Safe and Sound ratings. After seeing Bear Stearns implode in days, I didnt need much encouragement to close that account out immediately.
Then on 7/2/2008, I followed it up with IndyMAC – Dead Bank Walking?
Tonight after the market closed the FDIC came in and closed IndyMAC. This is the 2nd largest bank closure in United States history. My guess is there is a much bigger bank in wings that will go under. I’ll repeat the question:
Do you know how safe your bank is?
UPDATE (7/27/08): Turns out Safe and Sound may not have updated and accurate data on the health of a bank. Don’t Count On The “Safe & Sound” Rating Of Bankrate.Com