bank closing
bank problems
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wachovia news
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your thoughts
bank problems - what will you do...
By jairgirl
@jairgirl (2877)
United States
July 22, 2008 8:22pm CST
i am sitting next to my man and he ask me that he is reading a lot of people wondering if they just have to take their money out on the bank and just store it somewhere.
we dont have money at the bank coz we are just starting over again (long story so i just make it short LOL) so we dont have to worry that much compared to others.
i just heard in the news that wachovia is having some problems and there is a news online saying that there are some more to come, sorry i dont have the referral link coz i am just talking to my hubby who is doing the reading - but if you are interested you can google it right? 
they say that you can have it insured if you have 100K and more in your account BUT to those who are like you and me if you only have less money (i mean really less) then you will not get anything at all.
imagine that is all you have...
the economy is really bad, home foreclosure is rising and some companies are closing, those who have jobs are earning less than what they used to earn few years ago.
then you are doomed to suffer like those in katrina victims.
so my question is...
with all this bank problems going on...
are you worried at all?
what will you do to make sure that you are protected?
do you know if you are protected at all?
do you think about the bad situation right now and already have plan an alternative in case it get worst.
will you move your money out of the bank and keep it with you? do you think that is safer?
some people thinks that america is doing well BUT in reality they dont see that americans are suffering big time too, i think the worst is about to happen BUT i am not looking forward to that nor will anyone out here.
with this.. are you prepared at all?
your thoughts about the subject matter is highly appreciated.
have a good one!
they say that you can have it insured if you have 100K and more in your account BUT to those who are like you and me if you only have less money (i mean really less) then you will not get anything at all.
imagine that is all you have...
the economy is really bad, home foreclosure is rising and some companies are closing, those who have jobs are earning less than what they used to earn few years ago.
then you are doomed to suffer like those in katrina victims.
so my question is...
with all this bank problems going on...
are you worried at all?
what will you do to make sure that you are protected?
do you know if you are protected at all?
do you think about the bad situation right now and already have plan an alternative in case it get worst.
will you move your money out of the bank and keep it with you? do you think that is safer?
some people thinks that america is doing well BUT in reality they dont see that americans are suffering big time too, i think the worst is about to happen BUT i am not looking forward to that nor will anyone out here.
with this.. are you prepared at all?
your thoughts about the subject matter is highly appreciated.
have a good one!2 people like this
3 responses
@pyewacket (43903)
• United States
23 Jul 08
I think you got it the opposite...from what I understand the FIDC insures people's money in banks that are UNDER $100,000 not more. But yes I've been hearing all the dire news. When the one bank, think named moneymac? was having problems, they were showing people in long lines trying to get their money out and it looked reminiscent to the Depression days when people did the same thing I think another bank that is having problems is WaMu (Washington Mutual)
I've often heard people joke though and say they were going to take their money out and do the old stuff it in the mattress...LOL
2 people like this
@jairgirl (2877)
• United States
23 Jul 08
hello pye,
yeah i got confused last night and i have to blame my man for that LOL
it is fannie may and freddie mac (i think they are insurance company) who have problems this month.
i didnt know that WaMu is having some problems, that is an online banking one right? i remember crossing their site one time but not sure if that is the same you are talking.
anyway, i have heard in the news two days ago about Wachovia having some problems and they show in the news that Bank of America is having a little problem but not that much coz they are bigger banks, still if that continues fact that they are bigger banks will affect tremendously to our economy.
my hubby is reading an article last night stating that it is not safe to have your money at home and place it in a vault or have it with you everywhere.
seems like the options is less now, but going back to the old fashion mattress thing is not bad at all hmmmm.
takecare
@CharRay7 (1549)
• United States
23 Jul 08
Hi my friend 
Hon, I think you might have read that wrong. The FDIC coverage is $100,000 for the total of all single accounts owned my one person. That means that the FDIC (the government) guarantees that up to $100,000 will be guaranteed if you have it in a bank and they go under. The people that are in trouble are the ones that have over $100,000 So us piddly people like me don't have much to worry about because I darn sure don't have $100,000 in a bank. 
To find out more information you can go to:
http://www.fdic.gov/consumers/banking/facts/index.html
Happy MyLotting,
Char
Hon, I think you might have read that wrong. The FDIC coverage is $100,000 for the total of all single accounts owned my one person. That means that the FDIC (the government) guarantees that up to $100,000 will be guaranteed if you have it in a bank and they go under. The people that are in trouble are the ones that have over $100,000 So us piddly people like me don't have much to worry about because I darn sure don't have $100,000 in a bank.
To find out more information you can go to:
http://www.fdic.gov/consumers/banking/facts/index.html
Happy MyLotting,
Char
@jairgirl (2877)
• United States
23 Jul 08
hello char,
thanks for correcting me, that is what i understand in the past when fannie may and freddie mac news is everywhere but i got confuse big time last night, my bad!
i appreciate you giving me the link of FDIC., i have to question my hubby for making me confuse haha he says i am always confuse yay! 
anyway, yeah it is true that we dont have to worry that much if we dont have more than 100K but there is one worry that most are having right now. i think it took 10% of FDIC to pay the fannie may and freddie mac accounts and now there is wachovia who is bigger than the later so if that continues and there is a bigger bank who fails then it'll be a big one and the insured money will not be enough.
i know it is very unlikely but nowadays we cant really tell.
i hope the economic situation will get better soon but i remember reading last week that it will get worst.
again, thanks for correcting me.
have a good one!
anyway, yeah it is true that we dont have to worry that much if we dont have more than 100K but there is one worry that most are having right now. i think it took 10% of FDIC to pay the fannie may and freddie mac accounts and now there is wachovia who is bigger than the later so if that continues and there is a bigger bank who fails then it'll be a big one and the insured money will not be enough.
i know it is very unlikely but nowadays we cant really tell.
i hope the economic situation will get better soon but i remember reading last week that it will get worst.
again, thanks for correcting me.
have a good one!
@josephperera (2906)
• Sri Lanka
23 Jul 08
Though I am not familiar with the American banks, I know a common rule that should be applied to anything: "Don't keep all your eggs in one basket". That is what I have to say to anyone who inquires as to where they should keep their money.
Next I think banks are much safer than your house. What I know about America is my cousins came their by illegally running away from a sports group that attended a particular event, and now they are building mansions here in Sri Lanka with that money. So whatever the problems are it is a land of opportunity.
I keep my most of my money invested in Shares. That too I have a good portfolio so that even if one company does not do well I will be compensated by the others. If all the companies go down then the economy in the country will also be down and the money at home will also not have any buying power.
@jairgirl (2877)
• United States
24 Jul 08
hi joseph,
i thought i have replied to your response this morning when i first checked it but i guess it was kicked off coz of the maintenance going on in mylot this morning - oh well!
anyway, i do agree with you that it is best to keep your savings to different place if its possible. i even think that if you have extra cash with you better keep it at home just in case something come up and there is no way you can get money from the atm so it will be best to have something sometimes.
same thing why we like to keep at least 40 bucks at the car just in case we forgot our wallet (it happens once and we are happy that we have something there) at least we can use that few dollars to buy a meal or to get a gas to come back home. haha
that is great of your cousin to have that money when he returned to sri lanka, i dont know how it happens but i am not asking either haha!
thanks for sharing your thoughts about it and i am happy to hear your side of the story.
have a good one!
