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Old 04-17-2010, 10:34 PM
 
2,318 posts, read 1,891,036 times
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www.fdic.gov/bank/individual/failed

if link doesn't work, google failed banks .

I just heard on radio more banks have failed last week . Wonder if direct deposits are safe ? Some of my familiy has direct deposits . I don't think it's a good idea under circumstances . What do you think ?
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Old 04-18-2010, 07:11 AM
 
Location: In transit...
377 posts, read 876,358 times
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With many employers the direct deposit is one of the conditions of employment nowadays. So your family members may not have any other choice, but check with employer anyway regarding other options.
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Old 04-18-2010, 07:16 AM
 
Location: A Nation Possessed
25,482 posts, read 18,618,666 times
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I really don't buy that the economy is on it's way back to the promised land. I think more and more of this sort of thing will happen eventually and that finally, the media won't be able to hide the truth any longer. Pretty scary. How far will the FDIC stretch?

As for direct deposits, you'd be better off than an investor for sure. With direct deposit, you may lose a paycheck. If you were an investor or had an account, you could lose a lifetime of savings and investments.
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Old 04-18-2010, 11:05 AM
 
9,803 posts, read 16,149,378 times
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Many banks have failed lately.

No one has lost one penny if they were under the FDIC insurable limit.

In fact the banks I know of that went broke, the Feds scouted the bank out and had a deal already set up with the new owner.

The Feds sweep into town unannounced on Friday evening and the bank re-opens on Monday under new ownership.

I'm not concerned about losing money.
--IF-- I had more money than the FDIC limit, I would just use more banks.
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Old 04-18-2010, 11:28 AM
 
Location: In transit...
377 posts, read 876,358 times
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Quote:
Originally Posted by marmac View Post
Many banks have failed lately.
No one has lost one penny if they were under the FDIC insurable limit.
Not yet.
Quote:
Originally Posted by ChrisC View Post
I really don't buy that the economy is on it's way back to the promised land. I think more and more of this sort of thing will happen eventually and that finally, the media won't be able to hide the truth any longer. Pretty scary. How far will the FDIC stretch?
Not far I am afraid.
FDIC warns it's running out of money
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Old 04-18-2010, 07:28 PM
 
2,318 posts, read 1,891,036 times
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Quote:
Originally Posted by ChrisC View Post
I really don't buy that the economy is on it's way back to the promised land. I think more and more of this sort of thing will happen eventually and that finally, the media won't be able to hide the truth any longer. Pretty scary. How far will the FDIC stretch?

As for direct deposits, you'd be better off than an investor for sure. With direct deposit, you may lose a paycheck. If you were an investor or had an account, you could lose a lifetime of savings and investments.
I just meant paychecks, most have lost what investments they had .

Also some of us are on SSI wonder what we should do ?
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Old 04-18-2010, 07:37 PM
 
Location: Covington County, Alabama
259,023 posts, read 90,400,927 times
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I have direct deposit for my SSI into a strong credit union. They didn't get themselves in a jam making bad loans as it is member owned. I guess the real questions is how much paper will the feds risk printing. I think the world is watching and the dollar is in grave danger as more and more banks fail.
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Old 04-18-2010, 07:40 PM
 
2,318 posts, read 1,891,036 times
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Quote:
Originally Posted by Nomadicus View Post
I have direct deposit for my SSI into a strong credit union. They didn't get themselves in a jam making bad loans as it is member owned. I guess the real questions is how much paper will the feds risk printing. I think the world is watching and the dollar is in grave danger as more and more banks fail.
I know my best friends spouse lost 70,000 right off the bat in his 401 at GM I think it was because thats where they retired from a few years ago .
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Old 04-18-2010, 10:22 PM
 
9,803 posts, read 16,149,378 times
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I get my SS check mailed to me.

Not becaise I'm afraid FDIC will go broke but because I enjoy doing things the old fashioned way------getting the mail, endorsing and cashing a check, taking the money in cash ( I only leave enough in checking to pay bills that I mail a check to)

Works fine for me.

No, I would not worry about the FDIC running out of money.
If that happened congress would just take the funds from SS until there would be no SS check being direct deposited . ( sarc )
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Old 04-19-2010, 10:07 AM
 
Location: A Nation Possessed
25,482 posts, read 18,618,666 times
Reputation: 22375
I think one problem with our society these days is that no one is worried about ANYONE running out of money. Now, when an individual runs out of money, he/she can declare bankruptcy. But, what happens when an entire nation runs out of money? With whom do they file bankruptcy?

Somewhere along the line, we all developed the mistaken notion of inexhaustible wealth—the old money tree syndrome. And when the tree is bare?
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