Watch your bank closely.

[bradcanuck 1]

Banks are falling everywhere. If they aren't falling, they are trying to solidify.

For example Bank of America posted a bunch of charges to my account without going in pending mode (as they have done for YEARS) and my account overdrafted HARD for a bunch of $5 payments (itunes etc). Normally I would understand, but these payments PEND first and I have time to transfer $ in to even them out. This time, they just posted without warning.

I called in and they basically said too bad, go bank elsewhere or watch your account closer (I have OCD, I watch it like a hawk)

I have never seen this before - but it's a couple hundred bucks I don't need to lose. Be on top of things - the sky is falling.

[Ontarkie 13,957]

I watched Oprah yesterday and Suze Orman on and wow what a show. Everyone needs to check their banks and make sure they are FDIC [Federal Deposit Insurance Corp.] insurance. If not get your money out and move it to a bank that is FDIC insured. Also if you have money market account check them too make sure your money is protected so if the banks go down your money is still safe.

It was a very good show. Lots of info.

[payxibka 10,044]

I watched Oprah yesterday and Suze Orman on and wow what a show. Everyone needs to check their banks and make sure they are FDIC [Federal Deposit Insurance Corp.] insurance. If not get your money out and move it to a bank that is FDIC insured. Also if you have money market account check them too make sure your money is protected so if the banks go down your money is still safe.

It was a very good show. Lots of info.

Is there a list of non-FDIC banks somewhere? I have not seen any US bank ever that is not FDIC.

[Ontarkie 13,957]

I guess there is not sure though. I was just reading upon it for our bank, was reading the fine print and i'm starting to think that alot of banks have the FDIC on the windows and on there websites but it did say in fine print the insurance and some services are not FDIC so it worth making sure.

[Marilyn. 340]

I watched Oprah yesterday and Suze Orman on and wow what a show. Everyone needs to check their banks and make sure they are FDIC [Federal Deposit Insurance Corp.] insurance. If not get your money out and move it to a bank that is FDIC insured. Also if you have money market account check them too make sure your money is protected so if the banks go down your money is still safe.

It was a very good show. Lots of info.

Is there a list of non-FDIC banks somewhere? I have not seen any US bank ever that is not FDIC.

you can find out of your bank is a FDIC bank here... click on "Bank find" in the upper left hand corner...

http://www2.fdic.gov/idasp/

Edited September 24, 2008 by *Marilyn*

[jedinite 0]

Most major US banks are FDIC Insured. So Bank of America, Wells Fargo, Wachovia, Chase, CitiBank, they are all "safe", unless you have over $100K in your account, you're safe too. The banks are only covered to $100K per account so just keep that in mind you rich people that aren't bleeding money in the market.

As for banks going under, the major banks have enough cash to cover your accounts but their big concern is writing down massive losses for bad mortgages or loans. I the government should have stepped in a lot sooner to regulate this situation with the big mortgage lenders and banks, but instead they are not reacting to the market and they think injecting money is going to fix the problem, it's not. The only thing it's going to do is teach those people that defaulted on their mortgages that it's ok to not pay, and to make sure the coffers of the executives are full so they don't run away from their failed business plans. No one was complaining 5 years ago when these companies were making hand over fist.

Well, I'll get off my soapbox now. The only way the banks will not be able to cover your accounts is if you are with a small bank or if you have over $100K, or if everyone in the entire US decided to withdraw all their money and go to the good old piggy bank or shoe box for saving in times like this. This is dire times but it the market is at a bottom or very near it. It's time to invest and make money. 2009 is going to be good.

[aravis227 1]

I watched Oprah yesterday and Suze Orman on and wow what a show. Everyone needs to check their banks and make sure they are FDIC [Federal Deposit Insurance Corp.] insurance. If not get your money out and move it to a bank that is FDIC insured. Also if you have money market account check them too make sure your money is protected so if the banks go down your money is still safe.

It was a very good show. Lots of info.

Is there a list of non-FDIC banks somewhere? I have not seen any US bank ever that is not FDIC.

you can find out of your bank is a FDIC bank here... click on "Bank find" in the upper left hand corner...

http://www2.fdic.gov/idasp/

Thank you for the info! Mine is (thank goodness!), this is definitely something to check up on.

[SpiritAlight 1]

Yeah, no kidding BradCannuck!

A few weeks ago, well maybe like even last year, I asked my sweetie to consider moving most or at least a lot of his money (savings) to Canada.

Why not?

Sure the exchange rate is better now than last Autumn and so now may just be the time.

He is not convinced that there is a problem.

I told him that he will feel safe as long as he continues to live like an ostrich (his head buried in the sand).

Bah!

Well, what can I say...I get strong feelings about things!!!

[thetreble 19]

Most major US banks are FDIC Insured. So Bank of America, Wells Fargo, Wachovia, Chase, CitiBank, they are all "safe", unless you have over $100K in your account, you're safe too. The banks are only covered to $100K per account so just keep that in mind you rich people that aren't bleeding money in the market.

As for banks going under, the major banks have enough cash to cover your accounts but their big concern is writing down massive losses for bad mortgages or loans. I the government should have stepped in a lot sooner to regulate this situation with the big mortgage lenders and banks, but instead they are not reacting to the market and they think injecting money is going to fix the problem, it's not. The only thing it's going to do is teach those people that defaulted on their mortgages that it's ok to not pay, and to make sure the coffers of the executives are full so they don't run away from their failed business plans. No one was complaining 5 years ago when these companies were making hand over fist.

Well, I'll get off my soapbox now. The only way the banks will not be able to cover your accounts is if you are with a small bank or if you have over $100K, or if everyone in the entire US decided to withdraw all their money and go to the good old piggy bank or shoe box for saving in times like this. This is dire times but it the market is at a bottom or very near it. It's time to invest and make money. 2009 is going to be good.

Yup! Well said. People are freaking out but unless you have over 100K in your bank, the m oney will be insured by the FDIC. I've never come across a bank that isn't insured by the feds, and if yours is one of them, you need to look into these kinds of things before you open up an account somewhere.

I agree that injecting money is not going to do much but cover the lender's ####### as well as people who could not afford their mortgages. For example, two teachers living in a $700k home. People always want to live so unreasonably, and banks love to make money off of said people.

Now as lenders tighten, it's going to be hard for someone like me, first time home buyer, to obtain what I need. It's incredibly frustrating. My husband and I have many close friends in the financial industry in NYC and it's a hard time for them, and for all of us.

I also heard a lady at work say shes going to start hiding money in her mattress 1929 style. I don't think she understands how it works really.

[payxibka 10,044]

There are ways around the $100K limit as it is a PER account limit not a per bank limit.... You can have Checking\Savings\Retirement\Certificate of Deposit accounts, one each held jointly and\or individually.

Not that I need such a scheme but such a scheme is available for the filthy rich.

Edited September 24, 2008 by payxibka

[bradcanuck 1]

There are ways around the $100K limit as it is a PER account limit not a per bank limit.... You can have Checking\Savings\Retirement\Certificate of Deposit accounts, one each held jointly and\or individually.

Not that I need such a scheme but such a scheme is available for the filthy rich.

This is not true. It's a per bank issue. There was a woman on CNN that had 100k in one account, and 20k in another. FDIC rolled them together and she lost 20k when her bank in Nevada closed.

It is PER BANK, NOT PER ACCOUNT.

[cdn_in_wa 1]

There are ways around the $100K limit as it is a PER account limit not a per bank limit.... You can have Checking\Savings\Retirement\Certificate of Deposit accounts, one each held jointly and\or individually.

Not that I need such a scheme but such a scheme is available for the filthy rich.

Actually, I believe it's a per *ownership* , and per bank limit.

eg. FDIC insurance for a Married couple (no kids) at one bank

100K per person - 2 single ownership accounts = 200K

100K per person - joint ownership account = 200K

100K per person - 2 revocable trust accounts (POD accounts - H in trust for W, W in trust for H) = 200K

250K per person - 2 IRAs = 500K

So if you spread your 100Ks around at different banks, you can have a fair bit of FDIC insured funds. Even at one bank, you can get quite a bit of coverage.

This is from an FDIC publication.

Edited September 24, 2008 by cdn_in_wa

[payxibka 10,044]

There are ways around the $100K limit as it is a PER account limit not a per bank limit.... You can have Checking\Savings\Retirement\Certificate of Deposit accounts, one each held jointly and\or individually.

Not that I need such a scheme but such a scheme is available for the filthy rich.

This is not true. It's a per bank issue. There was a woman on CNN that had 100k in one account, and 20k in another. FDIC rolled them together and she lost 20k when her bank in Nevada closed.

It is PER BANK, NOT PER ACCOUNT.

You are wrong but I was partially wrong... It is not per bank but it is based on ownership category...

A married couple can have easily get up to $300k in coverage in ONE BANK. All they need to to is each have an individual account (2) and a joint account (1) for a total of three. Each account qualifies individually. As long as no account has $100k in it it is all covered.

Even Suze Orman would agree with this

http://myfdicinsurance.gov/

Way To Increase Your Coverage

Since accounts at different banks are insured separately, the easiest way to increase your coverage is to simply keep less than $100,000 at any one bank. You could have $100,000 each at 500 different banks, and be insured for $50 million in total.

You may also qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories. For example, here is a way that a husband and wife could qualify for $600,000 in total insurance all at one bank:

http://www.mymoneyblog.com/archives/2007/0...is-covered.html

Edited September 24, 2008 by payxibka

[JenT 0]

Apparently, NCUA is the equivalent of FDIC for credit unions, one of which I'm a member...anyone know anything about NCUA?

Jen

[payxibka 10,044]

Apparently, NCUA is the equivalent of FDIC for credit unions, one of which I'm a member...anyone know anything about NCUA?

Jen

Yup, exactly