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RE: Where to Bank??? ASAP - 9/18/2008 7:57:51 PM   
Joenextdoor


Posts: 145
Joined: 9/8/2004
Status: offline 		BB&T

(in reply to SavageFaerie)
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RE: Where to Bank??? ASAP - 9/18/2008 9:24:13 PM   
Vendaval


Posts: 10297
Joined: 1/15/2005
Status: offline 		I advise picking up a copy of The Wall Street Journal ASAP and also checking out reuters.com for the latest news reports to stay up to date on all the changes.

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(in reply to SavageFaerie)
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RE: Where to Bank??? ASAP - 9/18/2008 9:32:20 PM   
UncleNasty


Posts: 1108
Joined: 3/20/2004
Status: offline 		If there is a way to avoid banks altogether that would be the best idea.

Many more are poised to fall and as the number increases more concern and panic will lead to more and more. Kind of a deteriorating spiral we're in just now.

As for FDIC they aren't in particulalry good shape now either. How they attempt to adapt to growing and continuing demands remains to be seen.


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RE: Where to Bank??? ASAP - 9/18/2008 9:39:52 PM   
Thadius


Posts: 5091
Joined: 10/11/2005
Status: offline 		The only problem with avoiding banks, or storing it in the mattress is that most home owners or renters insurance will only guarantee $200 cash if a fire or theft occurs.

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RE: Where to Bank??? ASAP - 9/18/2008 9:46:01 PM   
Lynnxz


Posts: 4813
Joined: 10/3/2006
From: Atlanta
Status: offline 		X-P

No idea. I'm considering pulling my cash (Not like there's that MUCH) out of Wachovia, because I heard they are dipping out as well.

Now... how exactly do you go about exchanging cash for gold... eeep.


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RE: Where to Bank??? ASAP - 9/18/2008 9:51:09 PM   
Thadius


Posts: 5091
Joined: 10/11/2005
Status: offline 		Taking your cash out of the banks is exactly the wrong thing to do.  It further tightens up the capital available, and will definitely lend to creating more potential of a failure.

If you are getting a decent rate, and service has been good, why panic and add to the problems?  Besides depending on what comes out of the closed door meeting with the fed and leaders of congress today, may stave off alot more of these problems.

By all means be aware of what is going on with your bank, and research other posibilities, just don't panic.

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RE: Where to Bank??? ASAP - 9/18/2008 10:48:38 PM   
proudsub


Posts: 6142
Joined: 1/31/2004
From: Washington
Status: offline 		We use BofA and from what i can tell they are pretty sound.  However, their security sucks.  We've had  problems with identity theft three times and have thought about changing banks, but each time it was quickly resolved, so we're hanging in there.  They did find out it was an inside job.
Our business account is at Key Bank and we've had no problems there, but it's not nearly as convenient as BofA.

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RE: Where to Bank??? ASAP - 9/18/2008 11:02:06 PM   
DomKen


Posts: 19457
Joined: 7/4/2004
From: Chicago, IL
Status: offline 		I've looked, quite extensively, and can find no indication that WaMu has announced that you have to come in to withdraw funds starting Monday. I think the OP may have fallen prey to a rumor. WaMu is a very large bank and while it is in trouble and is seeking abuyer its imminent failure would be on reuters etc. and it isn't.

On the general discussion of taking money out of stable banks, please don't do that. That is how bank runs get started and that way lies true disaster.

(in reply to proudsub)
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RE: Where to Bank??? ASAP - 9/19/2008 2:10:16 AM   
TheUtopian


Posts: 259
Status: offline
quote:

First off I will say I practically know nothing about financial knowledge, meaning the current state of affairs.



Well....I'm not here gloat, but I've posted no less than three times over the last sixty days repeatedly warning collarme members specifically about WaMu.

http://www.collarchat.com/m_2024714/mpage_1/key_wamu/tm.htm#2024858

Look....in a nutshell, here's what's true : There are currently 117 banks on the FDIC watch list. They are not going to name the banks because the depositors would panic, and the general public would lose what little faith they have left in the entire system. But with a little proactive investigation on your part, its not too terribly hard to figure out if your bank is solvent and in good shape. And the thing you really wanna be careful with, is liquidity vs. solvency. Your bank could be flush with liquidity, yet still be insolvent.

Now, personally, I would not keep any money in a bank other than to meet/cover my weekly personal/family operating costs. When the cost of petroleum products and food are factored back into the CPI, you're prolly losing at least ten percent due to inflation. And bonds, CD's and other types of exchange-traded instruments are not much better. There are far better ways to hedge your hard earned cash....

And this nonsense about causing a ''run'' on the system is just that---nonsense! You the loyal depositors/customers didn't cause these banks to fail!!! The top tier of their hierarchical structure gambled away your funds/the proceeds in a high stakes, highly leveraged game called '' derivatives. ''  And if you the depositor would have known and understood that ahead of time, you wouldn't have deposited your money there.

So in times such as these, its all about CYOA {Cover your own ass } And sure all deposits under the 100k limit are covered by the FDIC window - but like the OP has mentioned, what if you can't afford a few days, a few weeks, or a few months for the regulators to re-administer your funds back to you or into another institution?

The bottom line is - start paying attention and be proactive....and if you through your proactive behavior and intuitive prowess you feel uncomfortable - Take that first step and don't look back.



My best wishes to the OP.




- R









< Message edited by TheUtopian -- 9/19/2008 2:18:38 AM >

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RE: Where to Bank??? ASAP - 9/19/2008 2:50:20 AM   
meatcleaver


Posts: 9030
Joined: 3/13/2006
Status: offline 		Convert your money into gold and store it in a safe deposit box with a reputable security company.  The banks have fucked everyone, its pointless waiting around to be fucked further. Gold will rise in a financial situation like there is now.

I've actually bought a couple of properties in Berlin because they are unbelievably cheap and I'm earning from the rents. At some point in the future property prices will rise again and I can afford to wait long term and there are always people who need somewhere to live and rent.

When politicians are shouting 'Don't panic! Don't panic!", you know its time to panic. 

< Message edited by meatcleaver -- 9/19/2008 2:52:16 AM >

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RE: Where to Bank??? ASAP - 9/19/2008 3:39:31 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		I am sorry.

ONLY a credit union.

Do not stray from that.

Banks are owned by other banks who are owned by other banks who just got sold to some other bank.

So-
http://www.creditunion.coop/cu_locator/index.html

3 of the CUs I belong too, I have never set foot in. And I do use them. [mail/atm]

Next- I have to wonder.   Suppose one has 15k available on VISA- with  9k open.  That 9k might not be available   too much .longer.

soooooooooooooooooooooo-    consider that.

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RE: Where to Bank??? ASAP - 9/19/2008 4:15:28 AM   
LaTigresse


Posts: 26123
Joined: 1/15/2006
Status: offline 		If your bank is federally insured then you are fine.

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Just because you are well educated, articulate, and can use big, fancy words, properly........does not mean you are right!

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RE: Where to Bank??? ASAP - 9/19/2008 4:21:23 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: LaTigresse

If your bank is federally insured then you are fine.


yes, but is the insurance , INSURED?

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Profile   Post #: 33
RE: Where to Bank??? ASAP - 9/19/2008 4:31:39 AM   
SavageFaerie


Posts: 4377
Joined: 12/3/2004
From: NYC
Status: offline 		Thakns for all the advise.

As TheUtopian mentioned. This is a matter of covering my ass. I hardly think 950 a month is going to impact anything.

I do know that Wamu is in serious trouble. I CANT afford to wait and see, as my check is direct deposit, and I have to notify SSI by Monday to change THAT deposit to another bank.

Rog, credit union isnt a option for me, I move around to much. I dont honestly see myself staying in NYC and mostly likely end up back in Texas or god knows where. I do occassionaly need to access my bank in person. Most of my money is in and out of the bank within 2 weeks. I coast the rest of the time. I dont have time to look at every every cresit union for access nationally.

I literly have enough to open a new account elsewhere $25.00. So far Im leaning on going to JP Morgan Chase, as it seems a pretty stable one, and their banks are all over the US.

I certainly dont want to have them mail my checks, stuff gets lost in the mail. Then with No bank who is gonna cash it.?

I personally can not wait on what if's as I mentioned.  Wamu is in serious trouble and I cannot afford to not get that check.

While I am not certain about it closing its doors immediately, I do know they are in serious trouble. I can not afford to take a chance and wait and see as I mentioned. My check hits in a week. I dont want the week to come and find the doors locked. If so Im so totally screwed, while I only have me to worry about, that me has to eat.

Wamu Mortgage operations just about loaned money to anyone and everyone....now all the anyone's they loaned to have to walk away from those mortgages.

One of the main things I wanted to know was those that not in  financial crisis, which National bank is stable enough now where I can get my measly check so I can pay my bills, get my needed meds and eat.

I seriously have no backup, no savings, no cd's, no credit cards.. The only thing I have is that wee little check. I for one am not willing to wait out and see what happens to only find in a week I may well be screwed. I cant afford to wait.




< Message edited by SavageFaerie -- 9/19/2008 4:35:52 AM >

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RE: Where to Bank??? ASAP - 9/19/2008 4:40:40 AM   
slaveboyforyou


Posts: 3607
Joined: 1/6/2005
From: Arkansas, U.S.A.
Status: offline 		I do mine with Bank of America.  I went there in 2005.  I was traveling a lot then, and I didn't know where I might end up.  So I wanted a bank with locations nationwide.  I have never had a problem with them.  Any concerns I've ever brought to them were quickly resolved.  It like most banks is federally insured.  Despite the bad shit that's happening, we are not entering another Great Depression.  As LaTigresse said, your money is fine.  If you don't like the service your getting or the rates, change banks.  The only thing I'm not doing is putting any money in my savings account because the interest rates suck right now.   



< Message edited by slaveboyforyou -- 9/19/2008 4:41:41 AM >

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RE: Where to Bank??? ASAP - 9/19/2008 6:53:37 AM   
SavageFaerie


Posts: 4377
Joined: 12/3/2004
From: NYC
Status: offline 		Just to update.

I went to Chase and opened an account,  they are in the running to scoop Wamu up anyways, I have left a minimial amount in Wamu and will just let it ride.

My direct deposit will go the Chase so no more anxiety over it.

I do kindly thank everyone for their input and ideas.

Plus they gave me a $100 bonus just for opening the account up which will be available to me within 10 days or less.....so I definetly am not bitching about that little bonus.

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RE: Where to Bank??? ASAP - 9/19/2008 7:18:44 AM   
LaTigresse


Posts: 26123
Joined: 1/15/2006
Status: offline
quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: LaTigresse

If your bank is federally insured then you are fine.


yes, but is the insurance , INSURED?



It's okay Chicken Little, the sky is not falling, just a few small meteors.


_____________________________

My twisted, self deprecating, sense of humour, finds alot to laugh about, in your lack of one!

Just because you are well educated, articulate, and can use big, fancy words, properly........does not mean you are right!

(in reply to pahunkboy)
Profile   Post #: 37
RE: Where to Bank??? ASAP - 9/19/2008 7:56:02 AM   
faerytattoodgirl


Posts: 5824
Status: offline 		950 on ssi ..thats pretty good...i get just a little more here...(46 more LOL).

almost makes it worth it to move to us....hmmm....want a roomy?? LOL...

$100 just for a bank account???? nobody does that here...damnit i could buy a couple new pairs of pants for that.... and a vic secret bra...if i wore them lol...




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Profile   Post #: 38
RE: Where to Bank??? ASAP - 9/19/2008 8:13:18 AM   
SavageFaerie


Posts: 4377
Joined: 12/3/2004
From: NYC
Status: offline 		I get 950 for SS disability. I worked from the time I was 16 till I went on disability so have paid my dues so to speak.

Roomie sure I will ask my sister. Your stuck on an airbed in this 350sq ft apt, Im not giving up my top bunk LOL

Yeah, I went to their atm to draw out enough to open the account and it said (the machine) now that you have drawn your money, (at wamu) Chase will give you 75 to open, I went and told the guy and they said I should have been able to answer a couple of questions for the coupon code, so messed that up, but the manager pulled out a $100 voucher and said no worries about that, here is $100 voucher, plus it will help absord the atm withdrawals.

I will leave wamu floating for now with a bare min. since I dont have an services charges there, including using outside atms. I do have an attached savings account but that is already bare minimum I'm talking $1 but I opened it with the 5% offer. If they manage to make it, I could still use savings account. LOL yeah right like I ever have anything left.


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RE: Where to Bank??? ASAP - 9/19/2008 8:29:23 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		New people to SSDI,SSI,SS must recieve direct deposit.

I prefer check in hand.
They are fairly good at addresses.

Many credit unions start with just $5.

A government check is not hard to cash. Jenny does so and buys money orders. She has no checking account- has not for years. I tried to talk her into one-- but she has never had a NSF fee.

I dont trust banks.   their surprise fees drain an account- legally.


I can remember the last time a credit union went under.

It floors me that people "need" a bank.   With the crises too,I picture
an insessent bean counter locked in a vault somewhere frantcally stacking rolls of coins.


This while bands of Wall Street lawyers- armed with quigees- invade the hood-  cleaning windshields  for a dollar.   Will work for food.



yeah right

(in reply to SavageFaerie)
Profile   Post #: 40
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