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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Who else is getting concerned with what bank your money is in?
I don't have 100K, not worried at all. I think WAMU won't come crashing and burning tomorrow.
Message edited 7/15/2008 2:47:36 PM.
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Posted 7/15/08 2:47 PM  |
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lucyloo
nope
Member since 1/06 9758 total posts
Name:
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Re: Who else is getting concerned with what bank your money is in?
100k in the bank? I wish! 
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| Posted 7/15/08 2:51 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: Who else is getting concerned with what bank your money is in?
Posted by nov04libride
Posted by ilt1221
dont panic if a bank goes under your $ will not go with it b/c its FDIC insured and like OP said it is only relevant if you are an investor. not a good time to buy stocks in financial institutions right now.
I think it is definitely a valid concern if you have over $100,000 in any one bank. It is insured UP TO $100,000.
Since it's a person's aggregate deposits, and their not individual accounts, that are insured, any amounts over $100,000 deposited at any one bank are not covered.
This is not a crazy or irrational fear if you have over $100,000 in any of the at risk banks.
I did not say it was crazy or an irrational fear. I'm just saying dont panic just like the head of FDIC is saying. The IndyMac bank issue is an isolated incident for now. If people start running to the bank to take out their money (sure its your $ you have a right to do so) its going to cause a general panic like in the days of the depression. If you have 100K in one the bank then yes take it out. Most people hopefully have it spread out over different retirement account and retirement accounts are insured up to 250K. 
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| Posted 7/15/08 3:08 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: Who else is getting concerned with what bank your money is in?
Posted by CathyB
Posted by ilt1221
not a good time to buy stocks in financial institutions right now.
unless you are of the opinion that they are going to go up in the future. 
one day but not now for sure too volatile JMO!!! lol
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| Posted 7/15/08 3:10 PM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: Who else is getting concerned with what bank your money is in?
I am concerned - you never know what could happen. We decided that we are going to spread our money out in a few banks just to be on the safe side.
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| Posted 7/15/08 3:14 PM |
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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
Name:
BahBahBlackJeep
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Re: Who else is getting concerned with what bank your money is in?
Posted by Blu-ize
what money?
 I hear ya!!!
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| Posted 7/15/08 3:21 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Who else is getting concerned with what bank your money is in?
I'm not worried - our $ is FDIC insured
what am I supposed to do, stuff it in my mattress?
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| Posted 7/15/08 6:22 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: Who else is getting concerned with what bank your money is in?
I WISH I had that much money you would need to be concerned!
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| Posted 7/15/08 6:23 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Who else is getting concerned with what bank your money is in?
I am not concerned at all, but last night on news12 they were talking all Doom and Gloom about the banks and people taking their money out, I really believe its these damnn news people who get everyone in a panic
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| Posted 7/15/08 6:29 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Who else is getting concerned with what bank your money is in?
Posted by stinkysmom80
I am not concerned at all, but last night on news12 they were talking all Doom and Gloom about the banks and people taking their money out, I really believe its these damnn news people who get everyone in a panic
ITA! only believe 1/2 of what you hear. the media hypes EVERYTHING
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| Posted 7/15/08 6:40 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Who else is getting concerned with what bank your money is in?
Posted by SweetestOfPeas
Posted by stinkysmom80
I am not concerned at all, but last night on news12 they were talking all Doom and Gloom about the banks and people taking their money out, I really believe its these damnn news people who get everyone in a panic
ITA! only believe 1/2 of what you hear. the media hypes EVERYTHING
The only thing that's going to get hyped are home invasions IMO.
Don't you think all the criminals are watching TV and seeing people pulling money out of banks and even dumber people on TV saying they are going to stuff their mattresses because they don't trust the banks?
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| Posted 7/15/08 6:44 PM |
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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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Re: Who else is getting concerned with what bank your money is in?
Well it seemed like a mess at IndyBank today - that is for sure. And YES it concerns me...when Bear Sterns collapsed I immediately went to my bank to make sure I was protected.
That being said - I think I will still spread my money out a little. It would be terrible if all my cash was in one place and held up by the government for any amount of time...what if you need it NOW!?
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| Posted 7/15/08 8:09 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Who else is getting concerned with what bank your money is in?
Posted by SweetestOfPeas
Posted by stinkysmom80
I am not concerned at all, but last night on news12 they were talking all Doom and Gloom about the banks and people taking their money out, I really believe its these damnn news people who get everyone in a panic
ITA! only believe 1/2 of what you hear. the media hypes EVERYTHING
COMPLETELY AGREE. They tell the same story about home prices everyday and act like its new news and IMO are going to drive home prices below fundamentals just like they fueled the rise above them.
I do fear that other big banks will "fail", more for the implications on the greater economy, but I'm not afraid for my money.
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| Posted 7/15/08 8:16 PM |
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BunnyWife
Insert Witty Comment Here
Member since 5/07 8274 total posts
Name:
BunnyWife
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Re: Who else is getting concerned with what bank your money is in?
Posted by BabySammie
I have no $$$ to be scared about. how sad 
I feel that
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| Posted 7/15/08 9:02 PM |
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maiden
Whoa!
Member since 5/08 1814 total posts
Name:
T
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Re: Who else is getting concerned with what bank your money is in?
Yup, I am scared. I don't have $100,000, but I really believe these are scary times. I believed this before the "media hype". There have been some crazy things going on with the value of the dollar for a long time.
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| Posted 7/15/08 10:23 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Who else is getting concerned with what bank your money is in?
well being that you should probably shouldn't have $100K+ just sitting in a bank account anyway..I would diversify it. I would be trying to grow it in brokerage or bonds rather than letting it sit and worrying about whether the bank will have it for me.
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| Posted 7/15/08 10:32 PM |
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Re: Who else is getting concerned with what bank your money is in?
sorry if this is a stupid question... but for people like us who are saving for a down payment for a home... do you suggest that we split the money in different banks or just different accounts?
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| Posted 7/15/08 10:33 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Who else is getting concerned with what bank your money is in?
Posted by nov04libride
Posted by ilt1221
dont panic if a bank goes under your $ will not go with it b/c its FDIC insured and like OP said it is only relevant if you are an investor. not a good time to buy stocks in financial institutions right now.
I think it is definitely a valid concern if you have over $100,000 in any one bank. It is insured UP TO $100,000.
Since it's a person's aggregate deposits, and their not individual accounts, that are insured, any amounts over $100,000 deposited at any one bank are not covered.
This is not a crazy or irrational fear if you have over $100,000 in any of the at risk banks.
ITA
Not irrational at all if you do have over 100,000 in the bank, which many people do, esp of retirement age.
That's why a FDIC bank is important and so is using different banks if you have more than the covered amt.
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| Posted 7/15/08 11:01 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Who else is getting concerned with what bank your money is in?
Posted by hayleyandsteve
sorry if this is a stupid question... but for people like us who are saving for a down payment for a home... do you suggest that we split the money in different banks or just different accounts?
http://www.fdic.gov/deposit/deposits/deposit/faqs/index.html#common
Different banks would be a smart idea if you have one or more jt accts that are over 200k in one bank. You would only be covered for 100k each person, so yes, split up your banks. See above link for details on how accts can read to be sure you are covered.
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| Posted 7/15/08 11:03 PM |
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HLT407
So lucky
Member since 11/07 1910 total posts
Name:
Heather
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Re: Who else is getting concerned with what bank your money is in?
Posted by stinkysmom80
I am not concerned at all, but last night on news12 they were talking all Doom and Gloom about the banks and people taking their money out, I really believe its these damnn news people who get everyone in a panic
this is exactly the problem. The media has a lovely way of blowing things out of proportion & getting everyone in a panic.
I am NOT concerned about my money.. There is nothing substantial in the bank to worry about
Message edited 7/15/2008 11:35:44 PM.
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| Posted 7/15/08 11:35 PM |
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