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Old 07-13-2008, 12:35 PM
 
Location: Charleston, SC
5,615 posts, read 13,153,581 times
Reputation: 2539

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Quote:
Originally Posted by evilnewbie View Post
I knew IndyMac was hurting badly about six months ago and I hoped that because they were hurting bad, they would give me a good rate on a mortgage... NOPE... their rates were higher than most of the lenders out there... oh well, they are bankrupt now... I see that a lot of you have 5 star banks, I am envious, my credit union is only 4 stars (Boeing Employees Credit Union) but I love them...
BECU is awesome. I like the fact that there are locations everywhere, and if you go to the Tukwila branch you can drop off tons of change to deposit without rolling it all up.
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Old 07-13-2008, 01:38 PM
 
Location: Forests of Maine
31,524 posts, read 51,123,777 times
Reputation: 20515
Quote:
Originally Posted by burr View Post
Just what makes everybody so USA sure that the federal gov't can back the FDIC ? Because they say so ?

Having read a bunch of gov websites; I have not read any where such a claim was bieng made.

Who is saying that the FDIC is fully funded?
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Old 07-13-2008, 02:30 PM
 
Location: Backwoods of Maine
7,256 posts, read 8,580,784 times
Reputation: 19674
Quote:
Originally Posted by J Arp View Post
If your bank is FDIC insured and it tanks, then up to 100,000$ per depositor per bank is guaranteed by the government.
Not so fast! That $100K assumes that just a few banks go under, as in "normal" times. These are not "normal" times. The FDIC does not have the funds to bail out too many banks at once. The taxpayer funds FDIC, so if we all go under, then we all have the dubious distinction of bailing ourselves out.

Always remember: the government has NO money of its own...
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Old 07-13-2008, 02:36 PM
 
Location: Backwoods of Maine
7,256 posts, read 8,580,784 times
Reputation: 19674
Quote:
Originally Posted by TexianPatriot View Post
It's time to trade your paper for real money.
That's for sure!

It was time to start trading your worthless paper scrip for real money back in 2000. But save your breath - most of these people will not get it, and don't want to hear it.
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Old 07-13-2008, 02:43 PM
 
Location: Forests of Maine
31,524 posts, read 51,123,777 times
Reputation: 20515
Quote:
Originally Posted by Nor'Eastah View Post
Not so fast! That $100K assumes that just a few banks go under, as in "normal" times. These are not "normal" times. The FDIC does not have the funds to bail out too many banks at once. The taxpayer funds FDIC, so if we all go under, then we all have the dubious distinction of bailing ourselves out.

Always remember: the government has NO money of its own...

Which is why the FDIC website never says anything to imply that being 'insured' would mean a $1 for $1 refund of your money.

If FDIC is funded with enough to give you 10 cents for every dollar you lose; then fine. You get 10 cents for every dollar lost.

IF they are funded at a level of 1 cent for every dollar; then that is what you get.
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Old 07-14-2008, 05:05 AM
 
655 posts, read 758,004 times
Reputation: 240
If a random bank here or there fails, you're fine. If the likes of Citi, Freddy or Fanny, (who would pull all banks down) Mer, or the other big boys fail, then FDIC won't cover 10 cents on the dollar. It will be debunk and the dollar worthless.
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Old 07-14-2008, 02:53 PM
 
Location: Texas
8,062 posts, read 16,494,944 times
Reputation: 3708
My bank is JP Morgan Chase; I've had accounts there for many years. I wasn't surprised to see them have a 5-star rating. I get annoyed with some of Chase's policies and fees but the good far outweighs the bad. As far as I'm concerned, having access to "live" customer service reps late into the night, 7 days per week, and having confidence that your money is secure are very important.

Geez, if Chase went bust, then we could all kiss our economy goodbye!
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Old 07-14-2008, 07:02 PM
 
Location: Alexandria, VA
12,024 posts, read 21,305,836 times
Reputation: 17863
I keep getting an unspecified error - trying to check on ING Direct and a credit union.
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Old 07-14-2008, 08:06 PM
 
Location: U.S.A.
90 posts, read 194,842 times
Reputation: 27
Originally Posted by travelmate38
Check your banks finicial status and ratings, PLEASE!

Thanks for posting link.
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Old 07-14-2008, 08:24 PM
 
Location: Great State of Texas
86,068 posts, read 74,761,325 times
Reputation: 27602
Quote:
Originally Posted by Flamingo13 View Post
I keep getting an unspecified error - trying to check on ING Direct and a credit union.
Here's another site that might work for you.
5 stars is good..1 star is "get the $$ out now"

ING Bank of Delaware is rated 3 which is OK.
The site also rates credit unions.


Bankrate.com -- Safe & Sound (tm): Bankrate's free rating system for banks, thrifts, credit unions
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