OT- Serious Question, Banks and Economy

[scarygirl]

I know if you're with a bank that's FDIC insured that you're supposedly safe, but has anyone here pulled their money out of the bank JIC? I have almost $3k saved with Emigrant direct online savings. If I pulled it out most likely I'd just spend it all. Right now my money is drawing 3 percent interest, so it seems silly to me to keep it at home drawing nothing.

What say the rest of you?

[Enigma869]

I know if you're with a bank that's FDIC insured that you're supposedly safe, but has anyone here pulled their money out of the bank JIC? I have almost $3k saved with Emigrant direct online savings. If I pulled it out most likely I'd just spend it all. Right now my money is drawing 3 percent interest, so it seems silly to me to keep it at home drawing nothing.

What say the rest of you?

My personal opinion is that there is no need to start pulling all of your money out of the bank (even though I realize many are doing just that). The reality is that NOBODY in this country has EVER lost a deposit of under $100K at an FDIC insured bank. That tells me that there is nothing to worry about. Having said that, I certainly understand the panic setting in, with the stock market losing 5% a day! It's getting ugly out there, and we all hope that things stabilize soon. On a positive note, I've seen a couple of gas stations here in the Boston area with gas around $3.00 a gallon. Considering crude oil is down more than 40%, let's hope that gas prices at the pump begin to reflect what the price should actually be, given the present price of crude!


John from Boston

[Purrkat]

Scarygirl,

My DH is a bank exec and he suggests that if your bank is FDIC, you are safe and to leave your money where it is. If you pull it out and spend it, what do you have? Nothing.

Let it be and let it continue to draw interest. FWIW this economic situation will pass. People just need to stop panicking.

[scarygirl]

I know if you're with a bank that's FDIC insured that you're supposedly safe, but has anyone here pulled their money out of the bank JIC? I have almost $3k saved with Emigrant direct online savings. If I pulled it out most likely I'd just spend it all. Right now my money is drawing 3 percent interest, so it seems silly to me to keep it at home drawing nothing.

What say the rest of you?

My personal opinion is that there is no need to start pulling all of your money out of the bank (even though I realize many are doing just that). The reality is that NOBODY in this country has EVER lost a deposit of under $100K at an FDIC insured bank. That tells me that there is nothing to worry about. Having said that, I certainly understand the panic setting in, with the stock market losing 5% a day! It's getting ugly out there, and we all hope that things stabilize soon. On a positive note, I've seen a couple of gas stations here in the Boston area with gas around $3.00 a gallon. Considering crude oil is down more than 40%, let's hope that gas prices at the pump begin to reflect what the price should actually be, given the present price of crude!


John from Boston

That's my thought too. Don't get me wrong, I have my own rashes of paranoia, although with everythng I've seen I'm afraid it's more grounded in reality than not. But that's a different thread. My not wanting to feed paranoia is precisely why I haven't pulled my funds. Just making sure to keep good paperwork, jic.

Yep, Gas is down. Last I saw it was under 8o or 60 a barrel? Gas here is 3.29. Looking forward to under 3 dollar gas soon. I do think however that I will start stocking my pantry.

[scarygirl]

Scarygirl,

My DH is a bank exec and he suggests that if your bank is FDIC, you are safe and to leave your money where it is. If you pull it out and spend it, what do you have? Nothing.

Let it be and let it continue to draw interest. FWIW this economic situation will pass. People just need to stop panicking.

Oh my bank is totally FDIC insured. Love that 3 percent interest. Just wish I started saving sooner when it was at 5 and a half. Hoping it goes that high again. I think it will eventually.

[nutz4Neal]

My question is this..if you don't pay your insurance premiums then guess what, your medical bills don't get paid.

So how many of these FDIC protected institutions are not paying their FDIC insurance premiums?

I heard someone say they called the FDIC and asked which institutions were behind in their payments and were told that was previledged informaion...what?

When do we find out if our financial institutions are paying their premiums giving us protection on our money? I sure hope it's before our inventments are gone.

Just another thing I have to worry about during these times.

[Purrkat]

Bonnie,

The larger banking corps are the ones in trouble. Chase, amongst others, is laying off big time.

My DH is an exec with a smaller, local banking institution and although they are keeping an eye on the situation, they aren't in any serious trouble.
In fact, business is very good for them right now.

The "big boys" are the greedy ones. That is why we stay with smaller banks. They don't overpay their top dogs.

[Hollywood]

My question is this..if you don't pay your insurance premiums then guess what, your medical bills don't get paid.

So how many of these FDIC protected institutions are not paying their FDIC insurance premiums?

I heard someone say they called the FDIC and asked which institutions were behind in their payments and were told that was previledged informaion...what?

When do we find out if our financial institutions are paying their premiums giving us protection on our money? I sure hope it's before our inventments are gone.

Just another thing I have to worry about during these times.

To be a financial institution they have to have FDIC insurance. If the policy lapses the federal government will intervene and seize the bank and operations and all of the deposits will be insured up to $100k. This is not a valid concern.

[Since 78]

Bonnie,

The larger banking corps are the ones in trouble. Chase, amongst others, is laying off big time.

My DH is an exec with a smaller, local banking institution and although they are keeping an eye on the situation, they aren't in any serious trouble.
In fact, business is very good for them right now.

The "big boys" are the greedy ones. That is why we stay with smaller banks. They don't overpay their top dogs.

Can I ask what DH stands for?

[Angel]

DH=Dear Husband

[Since 78]

DH=Dear Husband

Oh! I kept thinking Dead. It was freakin me out!

[classicstyxfan]

Your money is Guaranteed by a government that is 11 TRILLION dollars in debt This doesnt seem to concern anyone though....we'll just head out to the back yard and pick some more off the money tree, or maybe fire up the printing press.....

If all else fails, we'll just borrow a few trillion more from China, they don't seem to mind !

I havent pulled any of my money out of the banks yet, but sometimes, the mattress doesnt seem like such a bad idea