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Old 09-25-2008, 01:01 PM   #1
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The Big Bailout

First, I am not starting this thread for controversy, debate or to discuss politics. (So, Alix, put your whiteout away, lol). I've watched it on the News over the past few days, & am concerned about what direction to go with my life's savings. Is anyone considering or making any personal financial/bank changes, i.e. will you stuff it under your mattress (of course that is not a suggestion), change banks, divide up your savings into different banks? I've been with the same bank for many years. They have branches all over the place... yet I'm feeling worried, as all my accounts are in one bank. Have you made any decisions yet?

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Old 09-25-2008, 01:04 PM   #2
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Amy, if it's any comfort to you I have had thirty years in finance at my "adult job," and yes I am completely changing the manner in which business is done. Top to bottom.

However, before you make changes, consider how these alterations effect your family and singular situation. You could do exactly the same thing, and lose it all.

Do research.
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Old 09-25-2008, 01:21 PM   #3
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We're not touching our retirement savings, which are invested in stock mutual funds and an annuity - dollar-cost averaging is a wonderful thing

If you have less than $100K in one bank, leave it there - it's fully insured by the FDIC. If you have more than that, move some to another bank, to keep the balance in any one bank under $100k. The FDIC insures each *bank,* so moving some to another branch won't help. More info is here: FDIC: Your Insured Deposits HTH.
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Old 09-25-2008, 01:41 PM   #4
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Thanks for links GG. I know about Federally insured up to $100 K, that is why I posed the question about breaking off into other banks if you have over that amount (& IRAs, CDs etc all in one place). I will still watch what Congress' plan will be, but still very concerned.
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Old 09-25-2008, 02:46 PM   #5
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Originally Posted by *amy* View Post
Thanks for links GG. I know about Federally insured up to $100 K, that is why I posed the question about breaking off into other banks if you have over that amount (& IRAs, CDs etc all in one place). I will still watch what Congress' plan will be, but still very concerned.
I don't think we, or Congress, or the Treasury secretary, or anyone, can anticipate what will happen or what the best course of action is. Several economists I have read and heard have said that this is uncharted territory. Our financial system is very different from what it was in 1929 and the 1930s, the last time anything remotely like this happened.

So if I had more than the limit in one bank, I would not hesitate to move some of it, so that I had no more than the limit in one bank. I don't think the bank failures are over, and I'm not confident that the bailout will prevent any and all further ones. I don't think we as individuals know enough (unless we follow this stuff for a living) to know which banks will survive and which won't, but we do know that no one has ever lost a penny in an insured account.
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Old 09-25-2008, 03:40 PM   #6
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I believe that the FDIC is per account, so if you have a savings and checking that is 2 accounts. Check with your bank to be sure. The BIG BUT is that money in those accounts will not be available till the dust settles and FDIC releases the funds. If this really worries you then set up another account at large bank, Bank of America, ING etc. As for me I am saying put, everything will settle down, and we will live through it. Remember all of the dire rumors during the Saving and Loan scandal in the mid- 80's.
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Old 09-25-2008, 04:37 PM   #7
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Elf, it is not per account. It is per bank. It you have 100k in bank one and 100k in bank 2 then you are covered for the full amount. If you have 100k in a checking account in bank one and 100k in savings in bank one then you could potentially lose 100k.

I have less than 100k in my bank account so I will not be moving any money. My 401k is doing lousy just like everyone elses, but I am keeping it where it is as I have a long term plan and I was aware there would be ups and downs. We are in a major down now, but it WILL go up again.
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Old 09-25-2008, 04:40 PM   #8
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Luckily I am already flat broke, they can't touch me!!!
wow... something to be proud of, huh?
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Not that there's anything wrong with that.....
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Old 09-25-2008, 04:41 PM   #9
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Just be careful with the per bank. The regulator over here may only cover the holding company so all the accounts is subsidiary banks count as the one institution.

Ray
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Old 09-25-2008, 11:12 PM   #10
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Luckily I am already flat broke, they can't touch me!!!
I'm right with ya Suz-see every cloud does have a silver lining!!!
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