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Old 02-21-2009, 09:33 AM
 
4,711 posts, read 10,526,369 times
Reputation: 3745

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Quote:
Originally Posted by Donn2390 View Post
I have used BOA for years, and have no intention of withdrawing any money.
I will say, most of my assets are in ING DIRECT - Save Your Money! and https://www.emigrantdirect.com/Emigr...tWeb/index.jsp.
Both are innernet banks and you can transfer money in and out of your BOA account sitting in front of your computer.
ING is one of the oldest banks in the world, located in Holland, and are not strapped by bad loans.
All three are perfectly safe, so I keep the money spread around, but easily acessible.
I think you will find the CU's are not protected like banks are, so doen't feel to secure putting all youy money in a CU.
As far as BOA paying crap interest, that is today, it won't get any better changing banks.
ING and Emigrent do pay better interest. I keep my CD's there....
Don't worry about your bank, if it ever gets bad enough for them to take your money, then the coountry has collapsed and money will be worthless. Then it will be time to learn to speak Arabic

I was looking into ING but read that they are taking money from the Dutch government just like these turkeys over here....how does that make them "perfectly safe"?

http://www.iht.com/articles/2008/10/19/business/ing.php

Last edited by car54; 02-21-2009 at 09:43 AM..
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Old 02-21-2009, 10:27 AM
 
Location: Great State of Texas
86,093 posts, read 69,914,204 times
Reputation: 27520
Quote:
Originally Posted by Donn2390 View Post
I have used BOA for years, and have no intention of withdrawing any money.
I will say, most of my assets are in ING DIRECT - Save Your Money! and https://www.emigrantdirect.com/Emigr...tWeb/index.jsp.
Both are innernet banks and you can transfer money in and out of your BOA account sitting in front of your computer.
ING is one of the oldest banks in the world, located in Holland, and are not strapped by bad loans.
All three are perfectly safe, so I keep the money spread around, but easily acessible.
I think you will find the CU's are not protected like banks are, so doen't feel to secure putting all youy money in a CU.
As far as BOA paying crap interest, that is today, it won't get any better changing banks.
ING and Emigrent do pay better interest. I keep my CD's there....
Don't worry about your bank, if it ever gets bad enough for them to take your money, then the coountry has collapsed and money will be worthless. Then it will be time to learn to speak Arabic
CU's are not protected ? Have you ever heard of NCUA ?
Same as FDIC for CU's up to $250K..same as FDIC.
Crap interest ? Well my CU's have better rates then this big banks..my CU doesn't have toxic derivatives like the big banks.
My CU's (2) both have MM rates that are double what BofA is offering.
2.5%, 2.6% vs BofA of 1.19%.

And..NO bank is perfectly safe.
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Old 02-21-2009, 10:40 AM
 
25,838 posts, read 49,741,556 times
Reputation: 19297
Quote:
Originally Posted by HappyTexan View Post
CU's are not protected ? Have you ever heard of NCUA ?
Same as FDIC for CU's up to $250K..same as FDIC.
Crap interest ? Well my CU's have better rates then this big banks..my CU doesn't have toxic derivatives like the big banks.
My CU's (2) both have MM rates that are double what BofA is offering.
2.5%, 2.6% vs BofA of 1.19%.

And..NO bank is perfectly safe.
I plan to open a credit union account next week... they pay 3% on checking on the first 25k. You are required to have direct deposit and use your account debit-card 10 times a month...
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Old 02-21-2009, 10:56 AM
 
Location: Castle Hills
1,129 posts, read 2,285,190 times
Reputation: 605
Yeah, I think a few of you here are missing my point. I don't trust that my money is FDIC insured. I love the US, but I don't think we are heading in the right direction. The last thing I want to happen is a major collapse of BOA & CITI, and then a major run on the banks etc. Yes, your money is FDIC insured but what does that mean exactly? The government backs your money? What happens when the government tells you it will be a few years before they can pay it back to you? Or has to come up with certain rules on how much they have to give you at a time etc.

I'm playing the worse case scenario here and I understand that. Not many thought the housing market was or could bring this county to its knees. I felt the opposite way. I knew a bubble was being created and the consequences were going to be catastrophic. Who would have ever thought they were going to take our tax dollars to bail out people who couldn't afford their homes and caused this mess in the first place? Who would have thought the dow would hit the 7's or lower? You know how devastating that is? People lost all of their retirements, IRA'S, investments, etc.

I'm going to be proactive and take out my money a little every week.
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Old 02-21-2009, 11:06 AM
 
Location: Chino, CA
1,458 posts, read 2,899,140 times
Reputation: 546
If the US government collapses, then what's the point of keeping US dollars? Furthermore, since the US dollar is the de facto world Reserve currency, what's the point of keeping any kind of dollars?

Anyhow, keeping your money in the banks is probably the safest place. If they get taken over by the FDIC, or us treasury... they become even safer! Guess who is the Only other entity besides banks that can "create" dollars?

I for one, am keeping my dollars in banks... in fact one of the banks I bank at had already been taken over by the FDIC, and now it has been bought by investors. Any change? Nope... my money's still there earning interest as usual.

-chuck22b
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Old 02-21-2009, 11:41 AM
 
Location: North Eastern Minnesota
563 posts, read 898,741 times
Reputation: 299
Credit Unions are member owned. Google credit unions vs. banks if you've never belonged to a credit union. One site that explains the difference very well is: icul.org/cu_vs_bank.asp.
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Old 02-21-2009, 12:03 PM
 
Location: Castle Hills
1,129 posts, read 2,285,190 times
Reputation: 605
Quote:
Originally Posted by chuck22b View Post
If the US government collapses, then what's the point of keeping US dollars? Furthermore, since the US dollar is the de facto world Reserve currency, what's the point of keeping any kind of dollars?

Anyhow, keeping your money in the banks is probably the safest place. If they get taken over by the FDIC, or us treasury... they become even safer! Guess who is the Only other entity besides banks that can "create" dollars?

I for one, am keeping my dollars in banks... in fact one of the banks I bank at had already been taken over by the FDIC, and now it has been bought by investors. Any change? Nope... my money's still there earning interest as usual.

-chuck22b
Well sounds like you got life all figured out. Congrats. I'm still working on it.
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Old 02-21-2009, 12:07 PM
 
Location: Great State of Texas
86,093 posts, read 69,914,204 times
Reputation: 27520
Quote:
Originally Posted by ufcrules1 View Post
Yeah, I think a few of you here are missing my point. I don't trust that my money is FDIC insured. I love the US, but I don't think we are heading in the right direction. The last thing I want to happen is a major collapse of BOA & CITI, and then a major run on the banks etc. Yes, your money is FDIC insured but what does that mean exactly? The government backs your money? What happens when the government tells you it will be a few years before they can pay it back to you? Or has to come up with certain rules on how much they have to give you at a time etc.

I'm playing the worse case scenario here and I understand that. Not many thought the housing market was or could bring this county to its knees. I felt the opposite way. I knew a bubble was being created and the consequences were going to be catastrophic. Who would have ever thought they were going to take our tax dollars to bail out people who couldn't afford their homes and caused this mess in the first place? Who would have thought the dow would hit the 7's or lower? You know how devastating that is? People lost all of their retirements, IRA'S, investments, etc.

I'm going to be proactive and take out my money a little every week.
Get yourself a good safe for in the home. Keep that info to yourself.
No, you are not crazy..I have a few buddies that have done the same..they are a bit more pessimistic than I right now. I do keep a good amount of cash at home though...just in case there is a surprise bank holiday announced and I do have it in a safe place in the home.

Also be aware that if hyperinflation kicks in..cash is NOT what you want to have..hard assets is the game then.
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Old 02-21-2009, 01:07 PM
 
Location: Long Island NY
457 posts, read 1,744,108 times
Reputation: 339
I have a question, you may think it stupid, if this doomsday scenario happens, what will happen to the deposit boxes that people keep in the vault at the banks?

I wouldn't trust keeping cash at home but would consider keeping it there.
Any thoughts on this?

Thanks
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Old 02-21-2009, 01:21 PM
 
Location: Chino, CA
1,458 posts, read 2,899,140 times
Reputation: 546
Quote:
Originally Posted by ufcrules1 View Post
Well sounds like you got life all figured out. Congrats. I'm still working on it.
Sorry for sounding arrogant or something.... by no means do I know everything or have all the answers.

I agree with HappyTexan, that you should diversify.... but I don't really think panicing is really necessary since we actually have FDIC, unlike back when we had the depression where bank runs actually meant a total loss of savings. Just my .02 cents.

-chuck22b
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