Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Coastal Federal, although I took a large sum out in cash for the time being just incase they were overleveraged in the mortgage industry, as I don't know personally.
Considering the wave of bankruptcies, I would not trust the FDIC one bit as claims may take weeks, months, even years to fulfill.
Considering the wave of bankruptcies, I would not trust the FDIC one bit as claims may take weeks, months, even years to fulfill.
That's ok, my exposure is quite limited if FDIC goes out the window. If all hell breaks loose I guess I will just have to break out my emergency stash of Gold Krugerrands along with my barrels of spices and salt to use for trading currency!
I have Suntrust, and while I don't really give them high marks for customer service, they do work well and appear to be in good shape. Just last week I was approved for a $5K limit credit card with them. Given the current credit squeeze, if they're willing to approve someone who's self-employed and who rents, they must be doing alright.
That's ok, my exposure is quite limited if FDIC goes out the window. If all hell breaks loose I guess I will just have to break out my emergency stash of Gold Krugerrands along with my barrels of spices and salt to use for trading currency!
Interestingly enough, when gold went down a bit about a couple of months ago, I exchanged most of my old stuff on CL and only accepted gold and silver forms as payment. Cash is good during deflation, but I definitely want some of the good stuff as a 2nd tier currency.
I also started with First Union and then continued with them when they changed to Wachovia. If I am reading the paperwork correct, you are FDIC protected with Wachovia BUT all accounts cannot exceed the $100,000.
With State Employee Credit Union, you can have multiple accounts (depending on how they are named) so you can have more than $100,000. NCSECU is protected much like FDIC but it is called something else.
I got all this information when I went to collect all my hard earned cash (even though SOME of you think Realtors don't work hard). Apparantly I wasn't the only one at the bank trying to take out ALL MY MONEY SO I COULD SAFELY STASH IT UNDER MY MATTRESS!!!
hahahaha, the responses are hilarious, thanks for the laughs...I opened a checking account with BB&T (Branch Banking & Trust) when I first moved here in 2006, my opinion; they are a great bank, as long as the bank is FDIC insured, you will have no problems with any local banks. I would shop around, see what each of the banks offer...I just closed my checking account with Washington Mutual that I had on Long Island, enlight of the buyout. I was not really using the account anyhow, there are no branches here in the triangle. I was not concerned, because like others posted, the account is FDIC insured, so I was covered, not that I had 100k laying around in that account, if I had 100k it wouldn't be in a checking account...LOL
Last edited by nynraleigh; 09-30-2008 at 12:19 PM..
Reason: typo
1) I wouldn't go with SunTrust if you are worried about banks being taken over, etc., because they're the type of not-too-big and not-too-small bank that's likely to be swallowed up. Of course, I have no knowledge of their exposure to subprime lending etc. But then again I wouldn't worry even if the bank is taken over (see point 3). (N.B. My accounts are @ SunTrust.)
2) A credit card with a $5,000 credit limit isn't such a huge gamble for a bank to extend.
3) The money in banks is safe, and there's been no reasonable argument that the government/FDIC won't be able to make accountholders whole up to the FDIC limits if need be. However, there's no bank that has enough money on hand to pay back all of its depositors, so if lots of people start taking cash out and stuffing it under the mattress (figuratively or literally) it could exacerbate the problems banks are facing.
4) The credit union insurance and FDIC rules are pretty similar, with some differences relating to joint account holders. It appears that a husband-and-wife pair could get up to a maximum of $300,000 in insurance for money held in fully liquid accounts. There's additional insurance available if you have a retirement account, but then again you have restricted access to that money.
Considering the wave of bankruptcies, I would not trust the FDIC one bit as claims may take weeks, months, even years to fulfill.
Actually, when the FDIC takes over a bank (always on a Friday morning, by the way) the accounts are transferred to another hopefully more solvent bank. Customers of the now-defunct bank can begin banking at the new bank with very little or no interruption of service.
Note that the process for WaMu and Wachovia will be different as the FDIC did not close those banks..they were purchased by other hopefully more solvent banks.
You can look up a bank, thrift or credit union in Safe & Sound.
Per the website's explanation: Bankrate.com's Safe & Sound® service is a proprietary system designed to provide information on the relative financial strength and stability of U.S. commercial banks, savings institutions and credit unions.
The system employs a series of twenty-two tests to measure the capital adequacy, asset quality, profitability, and liquidity (CAEL) of each rated financial institution. Individual performance levels are determined from publicly available regulatory filings and are compared to asset-size peer norms, industry standards and key absolute benchmarks.
Combined results form the basis for our Composite CAEL and Star Ratings, which are described below. When possible, the system also produces a report that provides a detailed explanation of our findings, for each rated financial institution.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.