I set up a $90,000 CD and a $100,000 MMA by telephone at Indymac and was told by the Indymac rep that both would be insured for $100,000 each, due to the fact they were different types of accounts. Now FDIC says only $100,000 is insured.
IndyMac never sent me a signature card, the CD or even a statement until the day they closed. The statement that arrived the day they closed does show both account numbers and the correct amounts.
What, if any, recourse do I have now? Who can I contact? Do I need to hire a banking attorney and would it be likely to really help? I’m not asking you to advise me, but just to point out any options that might exist.
Suits claiming that bank officials have misrepresented FDIC coverage limits have not been successful. The FDIC itself has successfully avoided liability for suits claiming such allegations, and that leaves the allegedly offending bank and its officials as the only parties left to pursue.
That sort of suit is difficult, at best, to press because it amounts to what’s commonly called a “he said, she said” argument. Typically, unless there is documentary evidence that a bank official misrepresented the nature or extent of insurance coverage to the detriment of a depositor, a suit is likely to fail.
Of course, you should consider discussing your concerns with an attorney if you want legal advice, but based on our experience, the prospects of legal action based on what you’ve told us, don't provide much hope. Hopefully, you will see a recovery of most, if not all, of your funds through the routine winding down of the bank’s business by the receiver organization.
Note: The IndyMac failure occurred before the temporary increase in deposit insurance limits was enacted as part of the Emergency Economic Stabilization Act, effective October 3, 2008. The "standard maximum deposit insurance amount" on FDIC and NCUSIF deposit coverage was increased to $250,000 beginning on 10/3/08. It will revert to $100,000 after 12/31/2009.
Published on BankingQuestions.com 7/18/08
Updated 10/9/08
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I set up a $90,000 
Suits claiming that bank officials have misrepresented 