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Old 07-13-2008, 01:28 PM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 16,945,029 times
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Quote:
Originally Posted by jonesey1 View Post
Sounds like it is not if, but when, Wachovia will be taken over by FDIC.

I'm financially quite ignorant, and need the help of some of y'all out there on a couple of things. FDIC-insured deposits are insured up to $100,000 - I got that part. What about married couples, though? Say, John and Mary Smith have two accounts in Wachovia at $100,000 each, and both names are on both accounts? Are both accounts fully FDIC-insured? And if they switched to two separate accounts, one with John's name and one with Mary's name, aren't they screwed if one should die? We've got just about $240,000 saved in Wachovia, so I'm getting nervous.

Also, what is Wachovia's Texas Ratio? It's climbing, right? Thanks in advanced for your help!
I think you can make any account an 'or' rather than an 'and' account, meaning either of you can withdraw.

I am not a professional, but I think if someone dies in an 'or' account the other party owes taxes on only half, but I'm not sure.

I had my doubts about the legality, and it really sounds heartless, but years back I heard of two friends sharing an 'or' account. One dies. The other takes all the money out of the account as soon as possible on the same day. The living friend does not post a deceased notice in the paper. I think it was a way of avoiding taxes. Maybe I did not get the whole thing right.

Don't taxes vary from state to state? I thought the money goes to the spouse tax free, but is taxable to children and others.

If you have a tax accountant he or she could advise you.

Can you also have an 'or' account with your children if you have additional money? Why not just have multiple accounts in different banks?
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Old 07-14-2008, 01:55 PM
 
741 posts, read 3,302,269 times
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I went today to take my money out of Wachovia. That sinking feeling wouldn't go away. I did change my mind on "mattress stuffing" though. I put it in a 9 month risk free CD at a better bank. I hope it's better, anyway.
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Old 07-14-2008, 02:10 PM
 
485 posts, read 1,805,467 times
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What if your house burns down?

Serious question.
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Old 07-14-2008, 06:35 PM
 
741 posts, read 3,302,269 times
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Quote:
Originally Posted by krakenten View Post
What if your house burns down?

Serious question.
Who's house?
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Old 07-16-2008, 05:49 PM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 16,945,029 times
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Quote:
Originally Posted by NC little foot View Post
I went today to take my money out of Wachovia. That sinking feeling wouldn't go away. I did change my mind on "mattress stuffing" though. I put it in a 9 month risk free CD at a better bank. I hope it's better, anyway.
If I heard the FDIC were running low on funds I probably would panic, but I remember our oil crisis of years ago, when a car could fill up every other day, depending on if our license plates ended with an odd or even number.

Banks were failing then, but some were giving double digit interest. Some of those did not fail, and the ones that did were backed by the FDIC. I would not have put my retirement money in those shakey banks, but for double digit interest and backed by the FDIC my investment/gambling money should have been put in one of them.

Not that we can live by past experiences, but a friend of mine heard of some shaky bank in Texas, giving 13 percent and put her money there. She did well.
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Old 07-16-2008, 08:35 PM
 
485 posts, read 1,805,467 times
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That mattress post was edited-originally it was keeping money in cash under the mattress.

May I also mention that that's one of the first places thieves will look?
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Old 07-16-2008, 08:39 PM
 
Location: Great State of Texas
86,068 posts, read 74,761,325 times
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Quote:
Originally Posted by krakenten View Post
That mattress post was edited-originally it was keeping money in cash under the mattress.

May I also mention that that's one of the first places thieves will look?
But the "National Bank of the First Mattress" is insured and protected by "I got a big shotgun"
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Old 07-16-2008, 10:00 PM
 
6,743 posts, read 8,477,656 times
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What happens to personal debt if a bank fails? Loans, credit cards, auto....
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Old 07-17-2008, 06:29 AM
 
4,711 posts, read 11,179,453 times
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Quote:
Originally Posted by ozzie679 View Post
What happens to personal debt if a bank fails? Loans, credit cards, auto....

Nothing, you still owe the successor bank or whoever the FDIC gets to run the place.
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Old 07-17-2008, 07:40 AM
 
6,743 posts, read 8,477,656 times
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Quote:
Originally Posted by car54 View Post
Nothing, you still owe the successor bank or whoever the FDIC gets to run the place.
I see. The note gets transferred.
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