According to the FDIC website, Indymac will continue to pay interest at the contract rate.
Per the special FDIC Indymac website:
"Yes, interest will continue to accrue at the contract rate on all non-broker deposits. If you deposited funds through a broker, the interest will accrue and be paid through Friday, July 11, 2008."
I assume this means that everyone who opened a high yield CD will continue to receive their interest payments. I called the FDIC hotline to confirm and the woman on the line very politely told me she didn't know the answer. She did say that it would be business as usual for depositors with under $100,000. Believe it or not we schedule a time for next week when someone could call to discuss the question.
I wonder if the FDIC was prepared for the failure? They must be getting inundated with calls.
If anyone has any additional info please post. I'll be sure to let you know what I discover next week.
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