Non interset barring accounts

[Duke]

Hi folks, I am not advising you of any thing, this i just fyi, some banks participat in a program the will cover unlimited funds deposited. What this means is all othre accounts are covered up to $250,000 per person on the account. This coveres all monies in the account.

I have one just to put my monies somewhere until I can deciede what i want to do and still be covered by FDIC. Yes you will not earn interest at the point but it is protected. Check with your bank and see if they particiapte in this program if you are interseted. This is not in any way finacial advise, just something my banker advise me to do.

Have a great rv when it happens

duke1

[Mesha]

thanks buddy!

[JMac]

Check this out CAREFULLY and require the bank to provide all of the info in WRITING. One of the deals of TARP was to extend deposit insurance from $100k to $250k. Originally that was set to expire at the end of 2009 but it has been extended through 2013 -- as in dropping dead as of January 1, 2014. I don't know of any "special program" that guarantees anything above that level, though I do know that most of the "monster mega banks" (ClarkHoward.com) would be more than happy to take in $ without having to pay for it. Whether they pay interest or not doesn't affect federal insurance, and federal insurance protects only $250k, either in credit unions (http://www.ncua.gov/news/press_relea.../MR09-0526.htm) or banks (http://www.fdic.gov/deposit/deposits...is_english.pdf). FDIC provides $250k insurance per co-owner in joint accounts (see the website), but there's NO accommodation for anything over that amount.

If there are any bankers above flat-out lying I'm not aware of them. The best advice is not to trust any of them further than you can throw three of them.

That said, there is some sort of account that can accept larger amounts short-term. They're used in situations such as insurance company settlements intended for the care of someone over a period of years, or maybe a temporary holding place for dinar rewards? They're special case things, however, and I believe (could be wrong) they're intended for short-term use. But the very banks that WE TAXPAYERS bailed out a few months ago now are striving to screw us every way they can. Don't trust any employee of any bank seeking to get debit card holders from opting out of overdraft (theft) opt-in.

Also: don't forget to assess the dependability of our illustrious leaders and our increasingly socialist-leaning government. So the govt guarantees $250k or $500k for a joint account? Can our corrupt government actually PAY such claims if a bank fails? Only if it happens b4 China cancels our line of credit... If after that, then screwees are simply screwed -- and broke.

The best advice can be found in Proverbs 3:5-6. But when dealing with a banker, get it in writing.

[4aprofit]

Most also dont know that the FDIC Insurance has in their "Fine Print" of their Insurance, that they have up to 99 years to pay you back in case of a default, bank going defunct, insolvent, etc., etc...FYI!!!

[ayechief]

Yes, and FDIC, on the occasion there is a run on the banks only has assets to cover about 33% of deposits. There real control is bank regulation. Check out A rated insurance banks (that actually back our FDIC) that cover your bank deposits with higher assets. They are the most secure. Just something to check out!

[braywilkins]

J-mac: VERY well said.....................I like your thinking

[66gto]

my banker told me to send it to my current account, then come in next day and branch out the funds as neccessary. but first rv, i look for the elections to hold things up for quiet awhile. this is a major event, i can't see them doing it in the middle of elections. sounds like it's going to get ugly because of a close race. i expect alot more waiting. but i would love to be wrong. just trying to keep it real..............

[IcemanSC]

Thanks for the post.