Are the banks a safe place?

Chuck7 · 09-26-2008, 03:51 PM

At this time ..is the bank a safe place to store your money??

Champlain Islander · 09-26-2008, 05:53 PM

FDIC insured for 100K...that is assuming the FDIC stays solvent.Make sure your bank is insured by FDIC and if you have assets of over 100K split them up. When times are tough you see people making a run on banks pulling the money out. That usually happens when the bank is rumored to be going belly up. The reality is the banks rarely have enough liquid cash to accomodate all their customers. The chance of a bank going belly up are far less than the chance you will lose your money by keeping it in a personal safe or under your mattress.

BigTiny · 09-26-2008, 05:59 PM

I don't think so. I took mine out a few months ago. I only keep enough in there to conduct my business. The rest I keep in cash or metal. Security wasn't as big an issue for me as the poor interest rate on my money. If you want to hold my money, you have to pay enough to make it worth my while.

BTW, I'm only referring to American banks, the Swiss and Cayman banks I still highly recommend.

Chuck7 · 09-26-2008, 06:08 PM

Lot's of people are taking their money out down here in Florida..times are getting shakey

BigTiny · 09-26-2008, 06:12 PM

I'm sorry Chuck, did I read that right? They have your money and won't give it back? In Louisiana, that's theft.

Chuck7 · 09-26-2008, 06:15 PM

Looks like tough times ahead.

BigTiny · 09-26-2008, 06:20 PM

Can I have your money? I promise to give it back, in segments.

Fieldmouse · 09-26-2008, 06:25 PM

Do you really think you need to pull your money out of a bank? Please, I'm sitting with money right now in two money markets. I'm a little concerned about them but decided I'm not concerned enough to pull the money. I decided it will be better to plan my next move in the stock market.

I don't know what other's think. My question about JP Morgan went unanswered. So let me pose it again. Do you think JP is set up for a very nice run after this storm blows over? They've bought what's left of Bears and now took over branches and accounts owned by Wamu. Something tells me they got them at bargin prices and could really benifit.

909bowsniper · 09-26-2008, 06:41 PM

Me...I am not pulling out of anything, I am actually going to contribute more, nows the time when everything is low. Gotta get in there when it's low...Just gotta be careful!

TimberCreek · 09-26-2008, 06:53 PM

Pull it out and put it where? I have too much money to leave anywhere else!Put each $100,000 in different banks, spread it around!