Is it true? Or is it true only for the accounts that have more than the amount insured by FDIC (which is $100k)? FDIC is told to have $50billion only.
Should we be worried about our personal checking/savings account?
Re: Bank accounts in danger?
move your accts to a solid bank.
everythigni have read indicates that as long as acct is under 100k u are fine even if the bank fails.
if u have more, consider opening multiple accts, and just to avoid the hassle move to a more established bank and avpid any potential hassles
I shall be okay then 
move your accts to a solid bank. everythigni have read indicates that as long as acct is under 100k u are fine even if the bank fails. if u have more, consider opening multiple accts, and just to avoid the hassle move to a more established bank and avpid any potential hassles
*:D Shukriya:itminan ka laaaaaaaaaaaaamba sans: warna main apny remaining 10 dollar ky liy pryshan ho rahi thi ky abhi jaon or niklwa lon:D
*
:D Shukriya:itminan ka laaaaaaaaaaaaamba sans: warna main apny remaining 10 dollar ky liy pryshan ho rahi thi ky abhi jaon or niklwa lon:D
keep an eye on your bank though:CareBear:
Is it true? Or is it true only for the accounts that have more than the amount insured by FDIC (which is $100k)? FDIC is told to have $50billion only.
Should we be worried about our personal checking/savings account?
NEWS YOU WON'T FIND ON CNN
Top Economist: Americans Should Worry About Bank Deposits if Congress Doesn't Act
By Aaron Task
16/09/08 -- With the "financial storm of the century" hitting financial institutions, many Americans are worried about the safety of their bank deposits. While the FDIC insures individual accounts up to $100,000, the reaction to IndyMac's failure this summer -- lines outside retail branches -- shows Americans have limited faith in the Federal Deposit Insurance Corp., which guarantees individual accounts up to $100,000.
Update: "The banking system is safe and sound," Treasury Secretary Hank Paulson declared at a mid-afternoon press conference Monday, seeking to ameliorate such concerns.
*"Nothing is more important than the stability and orderliness of our financial markets [and] regulators remain vigilant," Paulson continued. "We're working through a difficult period in our financial markets right now as we work of some of the past excesses, but the American people can remain confident in the soundness and resilience of our financial system." *
But Americans are justified to be worried, says Nouriel Roubini, of NYU's Stern School and RGE Monitor, who notes there is already a "slow-motion run on retail banks" occurring nationwide.
That "run" could accelerate as people realize the FDIC fund has about $50 billion to "insure" about $1 trillion in assets at the nation's financial institutions, says Roubini. "They're going to run out of money" unless Congress acts soon to recapitalize the FDIC.
In addition, the recent spike in number of banks on the FDIC's "troubled list" is only through June, meaning even that inflated number understates the problem.
**The intent here isn't to add to people's anxieties, but Roubini is one of the few market watchers to correctly predict the severity of this ongoing credit crisis. If nothing else, he says people with accounts exceeding $100,000 in value should spread their money - and the risk - among different firms.
**
move your accts to a solid bank. everythigni have read indicates that as long as acct is under 100k u are fine even if the bank fails. if u have more, consider opening multiple accts, and just to avoid the hassle move to a more established bank and avpid any potential hassles
What banks do you consider solid?
I have money in Chase, Citibank and WAMU.
WAMU is no more as it has been bought Chase
Re: Bank accounts in danger?
^ Citi is in comfy position for now. WaMu is already "saved" now.... Since Chase bought WaMu (Govt negotiated deal!?) so very likely all your money is safe.
Re: Bank accounts in danger?
Which bank is safe? point to ponder:
Who would have thought a month ago that Lehman brother would collapse and merrill Lynch would get into financial trouble.
Re: Bank accounts in danger?
^
Goldman Sachs, if it's good enough for Buffet...
*Following the problems in the sub-prime lending market in America and the run on Northern Rock in the UK , uncertainty has now hit Japan . *
In the last 7 days Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches.
Yesterday it was announced that Karaoke Bank was up for sale and is likely go for a song, while today shares in Kamikaze Bank were suspended after they nose-dived. While Samurai Bank is soldiering on following sharp cutbacks, Ninja Bank is reported to have taken a hit, but they remain in the black.
Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared staff may get a raw deal.
Arjay bhai are these real banks? The names are just too … kiddish/ameturish?
Re: Bank accounts in danger?
I think with this bailout bill, they have increased the FDIC limit to 200K
Re: Bank accounts in danger?
LOLz i dono y some ppl start talking about something they know nothing about.
U guys dont need to worry that which bank is strong and which is not cuz FDIC covers 250K now after the bailout plan is approved.
doesn matter ur account is in citigroup or a small single branch credit union, its covered for 250K. IF u have more than 250K then u need it split it in diffrent banks.
Re: Bank accounts in danger?
I really wish i was in a position to even “worrY”
Re: Bank accounts in danger?
^^ lol. thats wat i m telling most of my friends on the other side of the border that dont worry cuz u dont really need to lol. but yeah they gota worry about their job security and credit flow.
LOLz i dono y some ppl start talking about something they know nothing about.
U guys dont need to worry that which bank is strong and which is not cuz FDIC covers 250K now after the bailout plan is approved.
doesn matter ur account is in citigroup or a small single branch credit union, its covered for 250K. IF u have more than 250K then u need it split it in diffrent banks.
If your bank goes bankrupt, your money is covered by FDIC but you may not have access to it for a while until the things settle down.
If your bank goes bankrupt, your money is covered by FDIC but you may not have access to it for a while until the things settle down.
ofcourse after filing chapter 7 or 11 or watever, its gona a take a reasonable amount of time to get ur money compensated, the cheque wont be mailed to u the very next day.
i guess the whole procedure would be in the constitution.