With poor investments like those, many consumers thought putting their money in the bank was a safe place for it, and it still is as long as your deposits are in an FDIC-insured account, and that even includes IndyMac.
Velasquez is a certified public accountant and he says federal law takes care of money that is in an FDIC-insured account.
But it is possible to have more than $100,000 in just one insured bank and still be covered. Here's how: by having your money in different ownership categories.
The most common ownership categories are single accounts, joint accounts where each person gets $100,000 in protection, living trust accounts where each beneficiary gets the same protection, and certain retirement accounts.
And most of all now, is the time to re-evaluate all of your deposits.
Federal Deposit Insurance Corp. deposit insurance coverage
