Clippers of Nfl Posted June 2, 2015 Share Posted June 2, 2015 Have you guys heard of this? A person told me that banks will soon be taking out $$$ to cover their debts. That banks are in serious trouble. It sounded kinda weird. But this person is very serious. He's leaving just enough to cover his auto pay expenses. Should I do the same? Should I distribute $$$ between many accounts? Or is this a myth? Let the jokes or serious answers begin. Link to comment Share on other sites More sharing options...
BUFFALOKIE Posted June 2, 2015 Share Posted June 2, 2015 Boy, I sure am glad that I am broke! Link to comment Share on other sites More sharing options...
wnysteel Posted June 2, 2015 Share Posted June 2, 2015 it appears to mostly affect european banks. but prior to any rash decisions, you should read this article: http://jfr.oxfordjournals.org/content/early/2015/02/03/jfr.fju009 Link to comment Share on other sites More sharing options...
The Poojer Posted June 2, 2015 Share Posted June 2, 2015 hahahaha....my exact sentiment when i read it...i struggle to keep my auto pay at the sufficient levels Boy, I sure am glad that I am broke! Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 3, 2015 Share Posted June 3, 2015 Boy, I sure am glad that I am broke! Same here when it comes to liquidity. My one bank (community bank) failed a couple of years ago. Mr. Potter probably took the deposit money. The bank closed on a Friday when FDIC took it over and didn't open back up until Monday. I was hoping to see a scene out of "It's a Wonderful Life." But, crap like that doesn't play out... They were bought up (through FDIC arrangement) by a big conglomerate banking institution. :-( Link to comment Share on other sites More sharing options...
Clippers of Nfl Posted June 3, 2015 Author Share Posted June 3, 2015 it appears to mostly affect european banks. but prior to any rash decisions, you should read this article: http://jfr.oxfordjournals.org/content/early/2015/02/03/jfr.fju009 This is NOT an article. This is almost a book. Link to comment Share on other sites More sharing options...
Flutie Flakes Posted June 4, 2015 Share Posted June 4, 2015 Before you bury your money in the backyard, your accounts are insured by FDIC for up to 250K. You can get additional coverage by having the account titled in different fashions (e.g. John Smith individual = 250K, John Smith In Trust For Johnny Smith = $250K, John & Jane Smith = $250K, etc.) and by this example, you would have 750K fully insured. Perfectly legal and a structure advised by FDIC. Good info on the web at www.fdic.gov. Deposits at credit unions are also insured through NCUSIF. Same here when it comes to liquidity. My one bank (community bank) failed a couple of years ago. Mr. Potter probably took the deposit money. The bank closed on a Friday when FDIC took it over and didn't open back up until Monday. I was hoping to see a scene out of "It's a Wonderful Life." But, crap like that doesn't play out... They were bought up (through FDIC arrangement) by a big conglomerate banking institution. :-( Sorry to hear this. I work for a community bank in upstate NY and we are growing and our balance sheet is stronger than ever. Link to comment Share on other sites More sharing options...
Clippers of Nfl Posted June 4, 2015 Author Share Posted June 4, 2015 Before you bury your money in the backyard, your accounts are insured by FDIC for up to 250K. You can get additional coverage by having the account titled in different fashions (e.g. John Smith individual = 250K, John Smith In Trust For Johnny Smith = $250K, John & Jane Smith = $250K, etc.) and by this example, you would have 750K fully insured. Perfectly legal and a structure advised by FDIC. Good info on the web at www.fdic.gov. Deposits at credit unions are also insured through NCUSIF. Sorry to hear this. I work for a community bank in upstate NY and we are growing and our balance sheet is stronger than ever. According to "that guy", the new bank bail in policy will replace fdic rules. Meaning you have 10k in your account. The next day you have 1k in your account and a certificate for 9k that may or may not be worth anything. Something like that. Link to comment Share on other sites More sharing options...
LB3 Posted June 4, 2015 Share Posted June 4, 2015 I've never trusted that guy. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 4, 2015 Share Posted June 4, 2015 The safest place to keep you money at this point is in a safe. I have a big one that is very secure at my house. PM me and I'll give you wire instructions and also terms and conditions to get your money from me when you need it. Link to comment Share on other sites More sharing options...
Flutie Flakes Posted June 4, 2015 Share Posted June 4, 2015 (edited) According to "that guy", the new bank bail in policy will replace fdic rules. Meaning you have 10k in your account. The next day you have 1k in your account and a certificate for 9k that may or may not be worth anything. Something like that. Never heard of this. Was "that guy" on the corner with a sandwich board that stated "the end is near"? Maybe "that guy" is from Greece? Many conspiracy theorists out there, but if you want to listen to "that guy" go for it..... The safest place to keep you money at this point is in a safe. I have a big one that is very secure at my house. PM me and I'll give you wire instructions and also terms and conditions to get your money from me when you need it. I hope your cash is in a "fire proof" safe as most are "fire resistant". Hot enough fire and you can kiss the contents of your big safe goodbye. Edited June 4, 2015 by Flutie Flakes Link to comment Share on other sites More sharing options...
DC Tom Posted June 4, 2015 Share Posted June 4, 2015 Have you guys heard of this? A person told me that banks will soon be taking out $$$ to cover their debts. That banks are in serious trouble. It sounded kinda weird. But this person is very serious. He's leaving just enough to cover his auto pay expenses. Should I do the same? Should I distribute $$$ between many accounts? Or is this a myth? Let the jokes or serious answers begin. And as I follow this story down the rabbit hole, I run smack-dab into the writing of that preternatural ignoramus Matt Taibbi. I'm calling bull **** on this. According to "that guy", the new bank bail in policy will replace fdic rules. Meaning you have 10k in your account. The next day you have 1k in your account and a certificate for 9k that may or may not be worth anything. Something like that. That's pretty much how it works now. Every month, I get a statement from my bank telling me how much the bank holds that they credit to me. But as a depositor, I'm not longer the first creditor in line to be paid if the bank goes insolvent. And that's not all that new...it's been in place for about five years, thanks to that little breathtaking piece of idiocy called "Dodd-Frank." Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 5, 2015 Share Posted June 5, 2015 Before you bury your money in the backyard, your accounts are insured by FDIC for up to 250K. You can get additional coverage by having the account titled in different fashions (e.g. John Smith individual = 250K, John Smith In Trust For Johnny Smith = $250K, John & Jane Smith = $250K, etc.) and by this example, you would have 750K fully insured. Perfectly legal and a structure advised by FDIC. Good info on the web at www.fdic.gov. Deposits at credit unions are also insured through NCUSIF. Sorry to hear this. I work for a community bank in upstate NY and we are growing and our balance sheet is stronger than ever. I am not sure, but "the community" is probably like funeral homes (not many independently owned/operated). They aren't really locally owned. The one financial institution that bought it up still uses "community" in the name... The corporation behind it is Wintrust. I do think Wintrust is based in Illinois though? I was reading somewhere (maybe prior to 2008) that a huge % of community banks were insolvent. The one I had was one of the later ones to enter the failure point. Link to comment Share on other sites More sharing options...
Clippers of Nfl Posted June 5, 2015 Author Share Posted June 5, 2015 Never heard of this. Was "that guy" on the corner with a sandwich board that stated "the end is near"? Maybe "that guy" is from Greece? Many conspiracy theorists out there, but if you want to listen to "that guy" go for it..... I hope your cash is in a "fire proof" safe as most are "fire resistant". Hot enough fire and you can kiss the contents of your big safe goodbye. Ok. You convinced me. I'll leave my $15.00 in the checking account. Thanks. Link to comment Share on other sites More sharing options...
Flutie Flakes Posted June 5, 2015 Share Posted June 5, 2015 Ok. You convinced me. I'll leave my $15.00 in the checking account. Thanks. Good to know. Now i'll sleep better tonight...thanks! I am not sure, but "the community" is probably like funeral homes (not many independently owned/operated). They aren't really locally owned. The one financial institution that bought it up still uses "community" in the name... The corporation behind it is Wintrust. I do think Wintrust is based in Illinois though? I was reading somewhere (maybe prior to 2008) that a huge % of community banks were insolvent. The one I had was one of the later ones to enter the failure point. Some "community" banks are as you stated, only that in name and actually owned by larger interests. However, if you go to ICBA.org, you will see the following: About ICBA The Independent Community Bankers of America, the nation’s voice for more than 6,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. With 52,000 locations nationwide, community banks employ 700,000 Americans, hold $3.6 trillion in assets, $2.9 trillion in deposits, and $2.4 trillion in loans to consumers, small businesses and the agricultural community. Whether located in small towns, suburbia or big-city neighborhoods, community banks improve our towns and cities by funding small businesses and using local dollars to help families purchase homes, finance college and build financial security. I have been to the ICBA annual convention and the majority of bankers I meet are part of institutions that are truly locally owned and operated. The bank I work for is one of them. Link to comment Share on other sites More sharing options...
TakeYouToTasker Posted June 5, 2015 Share Posted June 5, 2015 Before I start reading this, can anyone else who already has tell me if this is a story about negative iterest rates? Link to comment Share on other sites More sharing options...
Clippers of Nfl Posted June 6, 2015 Author Share Posted June 6, 2015 Before I start reading this, can anyone else who already has tell me if this is a story about negative iterest rates? This is a story of you walking to your atm thinking you have 5 thousand dollars, but the banks take 4 thousand dollars to bail themselves out of trouble. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 6, 2015 Share Posted June 6, 2015 This is a story of you walking to your atm thinking you have 5 thousand dollars, but the banks take 4 thousand dollars to bail themselves out of trouble. Kinda sounds like when my father was in the Army 60+ years ago. In Germany, he would send his pay back home to his parents. Guess how much he had when he came Stateside? "Wait, you weren't sending it back home to help your family? We weren't suppose to spend it?" :-( Boy that sucks. Some how we fed him through The Depression and we weren't supposed to spend the money now? That was the guilt trip that was laid on him... All I can say is it made him a very bitter young man. :-( Link to comment Share on other sites More sharing options...
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