LOS ANGELES, July 16, 2008
How Safe Is Your Bank?
With Some Banks Floundering, Is Yours Keeping Your Money Secure?
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How Safe Is Your Bank?
As customers rushed to withdraw their money from California's ailing IndyMac bank, Bill Whitaker explains how to check if your bank is fiscally sound.
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(CBS/AP)
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In-Depth
Bank Seizure Q&A
What if my bank fails? Some questions and answers in the wake of IndyMac Bank.
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Special Report
Money Matters
Get words to the wise, from the wise, on handling, making and saving money.
"You really don't know, do you?" said one depositor.
For the average consumer, what do you look for in a bank?
CBS News correspondent Bill Whitaker spoke with bank analyst Dennis Santiago, who says that while there is no foolproof checklist to determine if a bank is sound, there are important things to consider:
For do-it-yourselfers, the FDIC has numbers and information on every bank in the country and links to experts who have already crunched the numbers.
"To learn about a specific institution you're going to have to do your homework," Santiago said.
The main thing consumers can do is read the fine print.
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...those guarantees outweigh the FDIC "guarantees" by a huge margin! Which makes the answer to the question in the headline quite clear...
Not safe at all.
The whole private banking cartel Federal Reserve System needs to be brought into receivership so Congress can perform its duty and conduct bankruptcy before it''s too late.
"I don''t know," one depositor said.
Another said: "You really don''t know, do you?"
For the average consumer, what do you look for in a bank?
Maybe a chairman Phil Graham of Texas and of UBS bank, a swiss bank, will help all americans get their money in this Swiss bank and avoid taxes along with a group of really wealthy americans who already have and who won''t face the justice system either. There are rules of conduct for the super rich, don''t ask, don''t tell and there are laws and executions for the masses of little people. What a world, what finite world.
"I don''t know," one depositor said.
Another said: "You really don''t know, do you?"
For the average consumer, what do you look for in a bank?
How about looking for a good Swiss bank like UBS where Phil Graham of Texas is chairman. CBS news censors fails to report the news but it''s coming out that a group of very wealthy americans avoid taxes by stuffing their money in this foreign bank. Is tax evasion just for the super rich? Yes, we live in a defunct corrupted nation.
"I don''t know," one depositor said.
Another said: "You really don''t know, do you?"
For the average consumer, what do you look for in a bank?
How about looking for a good Swiss bank like UBS where Phil Graham of Texas is chairman. CBS news censors fails to report the news but it''s coming out that a group of very wealthy americans avoid taxes by stuffing their money in this foreign bank. Is tax evasion just for the super rich? Yes, we live in a defunct corrupted nation.
...by reigning in rampant greed and taking the profit out of war.
Very safe. In fact... it is a safe!
And it is guarded well.
At least I know that the silver bullion I put in there is not being thrown away by some elite scum investing in various Ponzi schemes.
Oh... that already happened! What do they want now... oh, that''s right- OUR FREEDOM.
Posted by shanev137
How about credit unions. No one has commented on them.
FDR said in 1932 that our system of government has been controlled by financial giants since the days of Andrew Jackson.
The cure for the fear that your money is worthless, or even worse, doesn''t even exist, is to anesthetize yourself with porn, shopping and beer.
I tried to open an account at Wells Fargo once and they refused saying something was on my credit ratig. I knoew my credit rating was perfect, but since they didn''t want my money i went to another bank. I also don''t think ,y credi rating should be checked by a bank or an insurance company. It has nothig to do with my banking or driving.
About as safe as a quadriplegic in a shark tank.
Concerns about the international breadth of the fallout from Fannie and Freddie''s problems also eased. South Korea''s central bank denied a media report that it had unrealized losses of more than $7 billion in investments in U.S. agency debt including bonds issued by Fannie Mae and Freddie Mac.
Bank of China 3988.HK 601988.SS , meanwhile, may hold roughly $20 billion worth of bonds issued by Fannie and Freddie, according to a research note by analysts at CLSA.
A Bank of China spokesman could not immediately be reached for comment. Because the U.S. government has taken steps to support Fannie and Freddie, CLSA said in its note that it regards the credit risk for the two as near to that of a sovereign credit rating for the government itself.
we owe to much to china japan, and other country.
what bull s/h/i/t/
Financial markets and U.S. legislators alike have derided U.S. Treasury Secretary Henry Paulson''s plan to bail out the mortgage lenders. One of the two key elements is illogical, while the second is plain outrageous.
Just last week, Fannie Mae said it ``has access to ample sources of liquidity, including access to the debt markets.'''' Freddie Mac said it was ``adequately capitalized, highly liquid and an essential part of the nation''s housing system.'''' Either they are being economical with the truth, or the decision to let them borrow from the Federal Reserve''s discount facility is window-dressing that serves no real purpose.
Defending the Indefensible
Worse is the scheme to allow Paulson to dip into the nation''s tax revenue to purchase shares in Fannie and Freddie -- shares that investors have already deemed to be almost worthless. If the mortgage lenders can''t survive in their current form, the government shouldn''t be defending the indefensible.
In April, Standard & Poor''s said the risk that the U.S. would have to prop up its so-called Government Sponsored Enterprises posed a bigger threat to the country''s AAA rating than its willingness to underwrite securities firms.
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Posted by forthepeopl1 at 12:17 PM : Jul 17, 2008-
That''s right my friend,
Standard and Poor''s allways stand as the 2nd con man who comes at the end of the scam game and tells you "it''s over" your country''s AAA is now downgraded.
That will immediately force whoever is left holding so called dollars or Federal Reserve Notes to immediately dump what''s left and it''s almost next to impossible to get that credit rating back unless your country goes through horrible austerity packages like end social security, stop all infrasucture projects it''s the death nail.
Now Paulson''s job is to make sure that all of this bad paper CDO''s MBS SIV''s all that sub-prime wash through Fannie and Freddie so that you and your pension funds are left holding the bag.
It''s evil folks, truly evil.
That formula comes at a heavy price. Fannie and Freddie were supposed to help Americans buy their own homes, by making the mortgage market work better. But it has been an awful deal for the taxpayer%u2014a Fed economist calculated the implicit debt-guarantee was worth a one-off sum of between $122 billion and $182 billion. Because Fannie and Freddie barely lowered the cost of borrowing, little of this subsidy went towards boosting home ownership. Instead, just over half%u2014about $79 billion%u2014went straight to their shareholders.
Normal financial-services firms should have been dealing in the safe, middle-of-the road mortgages that Fannie and Freddie specialise in. Except that they were crowded out into subprime mortgages. Fannie and Freddie should never have grown so large. Except that they wanted to exploit the margin
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by scm1122
July 19, 2008 10:40 PM EDT
- The news stated tonight that if you had more than 100,000.00 at a bank you would not be insured, this is totally not true. FDIC insurance has many different ways to legally title your accounts so that your funds are insured. Let''s not try to scared people into taking all but 100,000.00 from their bank thanking it is not insured or you just might cause more banks to have a problem. Below is a little more information; you might want to check out the FDIC website for the complete story and come back with more accurate information.
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Reply to this comment
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See all 34 CommentsThe FDIC insures deposit accounts such as checking, NOW and savings accounts, money market deposit accounts and certificates of deposit, or CDs. The basic insurance limit is $100,000 per depositor per insured bank.
If you or your family has deposits at one insured bank totaling more than $100,000, you should know that different ownership categories of accounts are separately insured up to $100,000. You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.
The most common ownership categories are:
Single accounts
Self-directed retirement accounts
Joint accounts
Revocable trust accounts
The FDIC Web site also has EDIE, the Electronic Deposit Insurance Estimator, that will allow you to input the particulars concerning your deposits and estimate your insurance coverage.