Join Date: Jul 2003
Location: Where the wild things are
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Any info on FDIC, a certain "Indy" bank and CDs?
I have a fairly large (for me) CD that was through IndyMac. I have been told it is covered under FDIC, and that it will all be taken care of (by my financial adviser).
I completely trust my financial adviser, and know it'll all turn out OK. That being said, I am curious about the whole process of FDIC, and how it works with a CD. The CD was about 50% of the way to being mature. I am assuming I lose any interest I would have made, and simply get the principal back? I am also assuming that I wont have to pay any sort of penalty as it was not me who terminated the CD. Anyone who is in "the know" out there?