Long lines of customers wait outside IndyMac bank in Pasadena on Monday. The bank failed last week, prompting the FDIC to take control of it. Many customers fear they will lose their money. (Walt Mancini / Staff Photographer)
i finally am catching up on this co-op building stuff and finally had a chance to look at the audited financial report dated march 5 2008 i noticed that the co-op monies are in a account where they may and do go over the fdic insured limit. This report/audit was from months ago, i believe before the banks started failing.
this is definitely not financial wise.
we need to look into this quickly and split/move the money if it is over the fdic insured limit ans insure it doesn’t happen if our balance is under the limit now.
there was no info given on the name of the bank that the funds are held at.