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  Home >> Bank Failures

What about Indy-Mac Cashier's Checks?

Do you all have any information on the stories circulating in Southern California media about counterfeit IndyMac Cashier's Checks?


On July 17, 2008, the FDIC issued a notice to all FDIC-insured banks reminding them that they should treat cashier's checks from IndyMac Federal Bank, FSB -- the new entity formed to continue operating the bank -- as legitimate cashier's checks. It appears that some banks have either refused to take IndyMac cashier's checks for deposit, or have placed longer holds on those deposited, perhaps due to concerns the checks were issued by the failed IndyMac bank and would not be honored. The FDIC's notice is an attempt to allay those bankers' concerns, since the checks in question have been issued by the new bank, or are checks issued by the former bank that will be honored by the new entity.

There was some counterfeiting of checks issued by the failed IndyMac bank in 2002. However, the problems that some people have had with current IndyMac cashier's checks are not related to counterfeiting.

Published on BankingQuestions.com 7/18/08