IndyMac Bank Fell--Who’s Next? How to Protect Your Money in the Bank

One way to protect your money in the bank is to learn Karate and guard the bank with your own bare hands. Another, even better way is by surrounding your bank with barbed wire, getting a firearm, and not letting anyone in, especially the bank top management and loan officers who give bad credit. Still the best way to protect your money in the bank is by switching to a safe bank, one that isn’t going bankrupt.

The first symptom of the financial crisis in America was last year’s layoff of 400 employees in IndyMac Bank headquarters in Pasadena, CA. Rumor had it that the fired employees were all lone officers working on commission who gave bad credits. Last week—almost a year later, the bank went bankrupt. Angry customers today, those who didn’t see the signs of a bank failure, are waiting in line in front of IndyMac branches in hope to get their money. But others managed to transfer their money to other banks weeks and even months before IndyMac closed—these savers knew that there was something wrong.

Who’s next? Washington Mutual. They’ve long been known for being In trouble because of bad loans they gave. Why do you think they let you open 100% free accounts with no minimum amount and give you free checks for life, while other banks have charges for these services. It’s because they need money to operate. Similarly, IndyMac gave away high interest rates to lure customers and keep itself alive.

If you are a saver and want to avoid the hassle open an account at a conservative bank like HSBC, the world’s local bank. At times like today, it’s better to turn to conservative banks. It might be hard to get a lone from them and transactions take longer, but that’s because they always play on the safe side.

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02SmithA profile image

02SmithA 8 years ago from Ohio

Nice hub. HSBC should be fine, and I have to agree that WaMu could well be in trouble. Looks like the next dominoes have fallen!

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