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-   -   Check your bank... (http://www.wakeworld.com/forum/showthread.php?t=769499)

barry 01-17-2010 2:14 PM

With numbers like 400 being thrown around in relation to the number of banks expected to close by the end of the year..Might want to check your banks rating. <BR> <BR><a href="http://www.thestreet.com/bank-safety/index.html?src=ratingsindex&amp;tab=3" target="_blank">http://www.thestreet.com/bank-safety/index.html?src=ratingsindex&amp;tab=3</a>

pesos 01-17-2010 2:39 PM

C- (Wells)

barry 01-17-2010 2:42 PM

I bank with Edward Jones Investments with uses PNC bank..Mine is pretty much the same, Wes.. C

bigdad 01-17-2010 3:12 PM

My wife works for the Federal Reserve Bank. I can tell you banks are closing at an incredible rate. What does it mean for the average citizen... nothing. <BR> <BR>As long as you bank at an institution that is FDIC insured and don't have obscene amounts of money in a savings account - you will be fine. For the majority of these banks, they are being bought by other institutions. <BR> <BR>And I know Barry is anti FED but they returned 45 billion - yes billion - dollars to the U.S. Treasury last year.

barry 01-17-2010 3:54 PM

<BR> <BR>is the FDIC running out of money? <BR>If you’ve been following the financial news over the past day or so, you’re likely aware that the FDIC insurance fund is running low. In fact, the FDIC has seized 94 failing banks during 2009, driving the insurance fund to its lowest level since the peak of the Savings &amp; Loan scandal in 1992. <BR> <BR><b> Here’s the scary thing… The FDIC currently insures roughly $4.8 trillion in deposits, but they only have about $10 billion on hand (down from roughly $30 billion at the beginning of the year). In other words, the fund could easily be wiped out by the failure of just one major bank.</b> <BR> <BR>Covering the shortfall <BR>The FDIC is funded by premiums from member banks, but these premiums haven’t been able to keep up with the FDIC’s recent “burn rate.” The FDIC is thus considering at least four different options for shoring up the insurance fund. <BR> <BR>Borrowing from healthy banks. <BR>Levying a special fee on banks. <BR>Borrowing from the Treasury. <BR>Collecting regular premiums early. <BR>Unfortunately, none of these options are particularly attractive. <BR> <BR>Borrowing from healthy banks reduces the amount of money available in the private sector to fund the recovery, whereas borrowing from the Treasury is politically objectionable. At the same time, levying additional fees could be push weak banks toward the edge of failure. <BR> <BR>According to an article in the Wall Street Journal, the FDIC is currently leaning toward the final option. Unfortunately, that is a temporary solution, as they’re essentially cannibalizing future premiums. <BR> <BR>I'm not Anti-FED... I'm just very Pro-Barry and tend to distrust those who tell me not to worry because they have my best interest in mind. <BR> <BR>(Message edited by barry on January 17, 2010) <BR> <BR>(Message edited by barry on January 17, 2010)

wakeboardlasvegas 01-17-2010 7:24 PM

B+!

magic 01-17-2010 8:16 PM

Banks suck, go to a local/regional credit union. So much better.

guido 01-18-2010 12:34 PM

Lucky for me.... I have no money in the bank, so if mine fails I'll have nothing to lose. <BR> <BR>LOL!!

denverd1 01-18-2010 12:48 PM

They were going to collect in advance the next 3 years premiums. SUre its another expense, but they can also be listed under Assets on the bank balance sheet. Sounds like the best option to me. <BR> <BR>Did you know that the increased amounts ($100,000 -> $250,000) expire in 2013?

psudy 01-19-2010 7:29 AM

Yes you have to pay 3 years in advance now. We went from 16K a year to 189K a year for FDIC insurance. It put a large burden on small banks, that are having difficult times. Yes, you expense it out of earnings, but you don't carry it as an asset. <BR> <BR>B+

innov8 01-19-2010 8:24 AM

A- for my bank

psudy 01-19-2010 8:40 AM

"Banks suck, go to a local/regional credit union. So much better" <BR> <BR>If you could find ratings on CUs, you might not say that. They are not backed by the FDIC either. NCUA.

pesos 01-19-2010 9:24 AM

I am not impressed with my local credit union - I do still have an account there. But I moved everything to Wells from Skank of America a couple years ago and I have been very happy with them.


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