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Replies (29)
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
Your matress is the safest. Also, other currency.
I would highly recommend holding a small portfolio of other currencies.
Chase is the safest. The govt promised that if Chase bought Bear that the govt wouldn't let Chase go under.
- OhioHomeOwners
- Contributions:93
Fifth Third is pretty solid right now.
- bravel
- Contributions:5
Sounds like a bad idea to buy currency at this time though, unless of course the dollar will fail I guess
- Bette Defarm
- Contributions:4697
- Aldreth
- Contributions:4226
None of them are "safe" thats the problem.
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
Do you mean we are not watching the dollar fall? The euro just overtook the dollar LAST WEEK and now the dollar is only in second place? We are NOT the #1 in currency any longer.
- Aldreth
- Contributions:4226
Indymac/Countrywide/Wells Fargo/WAMU.... They are all in deep ****
I am really curious who is going to be buying all the loans from these banks. BofA can't bail everyone out.
- OhioHomeOwners
- Contributions:93
What about foreign banks?
- bravel
- Contributions:5
The dollar has been falling for a long time, buying now would mean paying more for other currencies which would mean a loss. Unless the dollar keeps falling and never recoups.
I've been thinking about foreign banks also, but not sure about how all that works.
- Chelsy_
- Contributions:480
Wamu is safe, I think.
- Aldreth
- Contributions:4226
Moody's cut WAMU to negative. S&P cut WAMU. WAMU is a frontrunner and arguably the worst possible bank you could use at this point. They are in deep, deep, doo doo.
- Aldreth
- Contributions:4226
WAMU feb 07 = 46.00 - now = 8.90
- subwayvigilante
- Contributions:543
Bravel, just keep less than 100k in each bank and you are insured by the US government via FDIC. This applied to US banks and US branches of foreign banks -- to offer deposit accounts (cds, savings, checking) they must insure up to $100k.
Everbank is the only one I know that offers FDIC insured deposits in foreign currencies, but there may be others (anyone?).
Right now I wouldnt keep more than 100k in any one bank - if Bear Stearns can fail, anything is possible.
- teardowns dotcom, "Teardowns.com"
- Contributions:938
I was just thinking the same thing. I never in my life thought I'd see Bear Sterns go belly up. That said, my antenna is definitely up these days on banks. I was having the same thought this morning about where it would be safest to keep money, and I'm thinking about diversifying a bit.
What a mess.
- bravel
- Contributions:5
Thanks guys. Thats what I was thinking, to split it all up so that it is all insured. I am just trying to put them in banks that has the least possibility of failing. Going thru the FDIC to get your money back could take a while. But I guess if its split between a bunch of banks chances of them all failing, would be minimal and I would have the monies from the other banks to spend if necessary until FDIC pays out.
- Seattle Seahawks
- Contributions:4
You have to remember that Bear Stearns is not a Consumer Banks. It's a securities Dealers.
- subwayvigilante
- Contributions:543
Bear is a very highly rated investment bank, A+ by S&P, which is higher than most regional consumer banks. Citibank is largely a 'consumer bank' but if I had more than 100k in one of their accounts, I would be getting a bit nervous right now. WAMU is completely a consumer bank, and for heaven's sake, get your money out of there!
I don't think any financial institution is immune from this, and Bravel is wise to be thinking about possible bank failure.
By the way, having to spread your dough around different banks to keep each account below 100k is a very nice problem to have! good for you bravel.
- Debi Hensley, "HorizonRE"
- Contributions:13
Up to 100K per named account holder is insured at any FDIC insured bank. For example, if you have 200K in deposits at one bank, and the account(s) are in 2 different names (for example, a married couple), each person is insured for up to 100K, therefore, the entire 200K is FDIC insured. The key is all named account owners must have equal rights to the money in the account(s).
- bravel
- Contributions:5
I know Debi, and if you have a POD it's considered 2 depositors also, so it will be insured to 200k. Thanks subway, cash is king right? As long as I can keep the cash safe that is. Was thinking about buying a safe and keeping it at home, but that would just make me even more nervous.
- ., "contemporary"
- Contributions:22
Correct me if I'm wrong. I heard that if you have one account in the husband's name, and another one in the wife's name, each account is insured up to 100K. In addition, you can also have a joint account with both names that will be insured up to $200K. That would mean that the couple would be insured up to $400K in one bank.
- subwayvigilante
- Contributions:543
I think that is right contemporary (actually the joint account counts as just one accout, so you get 300k total).
- 2 Big 2 Fail
- Contributions:0
ALL of the banks are safe since your money is federally insured by the FDIC.
Yes but if lots of banks colapse and the FDIC does not have the means to do a quick bail out, you could be without your $$ for a period of time as prices go sky high due to the printing of $$ to bail everyone out.
- ., "contemporary"
- Contributions:22
It's a little confusing, but on the FDIC website, I think they're saying that a couple with two separate accounts, plus one joint account, is insured up to 400K.
http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html
I keep reading and hearing that Us bank is solid?? I hope thats true..
- Chelsy_
- Contributions:480
so which bank is safer? Bank of America, Citi Bank, Wells Fargo?
- Aldreth
- Contributions:4226
I doubt BAC would ever be allowed to go under, but, who really knows.
- Bubbleburst
- Contributions:378
Smith Barney has a bank deposit program that splits it up for you into different banks just for this purpose. If you have a brokerage account with cash in it the cash is swept into that account(S).
Which banks are "safe"
I am getting worried about bank failures and would like to split my cash deposits into several banks, to make sure it is all insured if banks were to fail. What banks would be the "safer" banks to deposit money into? BofA? Wells Fargo? Chase? Thanks for your help.
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