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Old 10-01-2008, 05:13 PM   #61
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Originally Posted by jpmcgrew View Post
Yes but what I'm trying to understand is that your bank will only insure one account with the FDIC up to $100.000 but it will not cover your other accounts meaning one must take other accounts to other banks to get the insurance?
That's 100,000 total per bank regardless of what types or how many different accounts you carry with that particular bank.
If you have more than 100k in one bank, take some of that money and move it to another bank.
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Old 10-01-2008, 05:16 PM   #62
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Yes but what I'm trying to understand is that your bank will only insure one account with the FDIC up to $100.000 but it will not cover your other accounts meaning one must take other accounts to other banks to get the insurance?
Yes and no. I am insured up to $300,000 because everything is in my trust and my 2 children inherit the trust, therefore they are insured for $100,000 each as am I. Some IRA retirement accounts are insured up to $250,000. Otherwise you are only insured up to $100,000 at any one institution. If you have savings account, CD, money market account etc. and you are the only name on the account you can lose anything over $100,000. If you and your spouse have a joint account, then you are insured for $100,000 each. BUT remember that your bank or savings institution must carry FDIC insurance to begin with for you to be insured for any amount.
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Old 10-08-2008, 04:43 PM   #63
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Old 10-08-2008, 05:47 PM   #64
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Financial institutions in Canada are dropping their interest rates on loans up to .5% as of today to kill the credit crunch, as well as different rate drops from other countries as well. Heard that at work today. Also a bunch of other countries are starting bailout programs like the US.
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Old 10-08-2008, 05:53 PM   #65
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^^^^ As a result of the fed's action this morning the 5% CD that Drama Queen and I purchased last week has now dropped to 3% as of today.
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Old 10-10-2008, 12:50 PM   #66
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^^^^ As a result of the fed's action this morning the 5% CD that Drama Queen and I purchased last week has now dropped to 3% as of today.
Aren't you glad we bought when we did? The best rate now is an 8 month CD at 3.9%. My best friend has as much in her Fidelity account as I put into my 2 CD's 2 weeks ago. She lost 8,000 dollars in the same amount of time. I made money. Sometimes it pays to cut bait. I'm too old for the "long haul." LOL.

All joking aside, this is a very scary situation and I'm afraid for people with families who have most of their money invested in stocks.
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Old 10-10-2008, 12:51 PM   #67
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we've now lost enough to pay off our house... ...
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Old 10-10-2008, 07:22 PM   #68
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Well, I'm playing poker at home with my in-laws tomorrow night. Perhaps I can recoup a small fraction of the money I lost the last few days in the market. Who wants to play? I'm doing some spare ribs too. ....
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Old 10-10-2008, 07:32 PM   #69
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I worked up the courage to look at my 401K today and it is down about 25 % since August. NOT GOOD. I hopped on the phone and asked Charles Schwab about rebalancing the whole thing to reduce my losses. Actually the advisor told me that I am still in good shape and with rebalancing and time, I'll be OK. I guess this is the consolation for knowing that I have to work til I'm 70 ("only" 28 more years to go.....)

I really feel for those who dont have time to make up the losses - the market is not going to right itself anytime soon.
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Old 10-10-2008, 07:43 PM   #70
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If you have a good advisor, you should be diversified enough to be able to ride it out. Everyones stocks/bonds are down right now, but they will go back up. Values fluctuate anyways, this is just a more extreme fluctuation. Hold onto your stuff! ^^ It is easy for me to say though, I'm in Canada and we are not getting hit as bad.. they actually evaluated the structures of countries and Canada has the best to cope with this kind of thing.
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