Since our economy is going to hell...

Discussion in 'Politics, Religion, Social Issues' started by TommyLee, Sep 29, 2008.

  1. TommyLee macrumors regular

    Joined:
    Jan 23, 2004
    Location:
    New Orleans
    #1
    Do I have to worry about losing the money I have in the bank?
    Would it be a smart move to pull all my money out?

    BTW, I'm with Regions.
     
  2. Aranince macrumors 65816

    Joined:
    Apr 18, 2007
    Location:
    California
    #2
    No. If you pull all your money out, money will lose its value and eventually be worth nothing. Your money should be protected. I have an account at WaMu, and they went bankedrupt, but my money is protected.
     
  3. swiftaw macrumors 603

    swiftaw

    Joined:
    Jan 31, 2005
    Location:
    Omaha, NE, USA
    #3
    Money in checking and savings accounts are insured by FDIC (essentially the federal government) for up to $100000 per account.

    Therefore, no reason to stuff it under your mattress.
     
  4. TommyLee thread starter macrumors regular

    Joined:
    Jan 23, 2004
    Location:
    New Orleans
    #4
    so if the money is protected, who loses in a bankruptcy?
     
  5. swiftaw macrumors 603

    swiftaw

    Joined:
    Jan 31, 2005
    Location:
    Omaha, NE, USA
    #5
    Shareholders.
     
  6. EricNau Moderator emeritus

    EricNau

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    Apr 27, 2005
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    San Francisco, CA
    #6
    I believe it's per depositor, not per account.
     
  7. hulugu macrumors 68000

    hulugu

    Joined:
    Aug 13, 2003
    Location:
    the faraway towns
    #7
    What if it's in raw cocaine? I don't think the FDIC covers that, do they?
     
  8. sushi Moderator emeritus

    sushi

    Joined:
    Jul 19, 2002
    Location:
    キャンプスワ&#
    #8
    In a savings or checking account up to 100,000, then no.

    If you pull all your money out, where will you put it? A hole in your back yard?

    Nope, a bank is a safe place to keep your money.

    Well said.
     
  9. pseudobrit macrumors 68040

    pseudobrit

    Joined:
    Jul 23, 2002
    Location:
    Jobs' Spare Liver Jar
    #9
    Depositors in most accounts (savings, checking, money market, CDs) are covered for $100,000, with an additional $250,000 of coverage per depositor for any money in an IRA.

    The money is insured to the limits above by the FDIC. In a case of bankruptcy, they will make good on any outstanding insured deposits for which the bank cannot. Equity shares and bonds are typically wiped out.

    The only reason to pull your money out is if you're above the insured limits or you suspect your bank is in trouble and absolutely cannot go without daily account access over any given weekend.
     
  10. TheAnswer macrumors 68030

    TheAnswer

    Joined:
    Jan 25, 2002
    Location:
    Orange County, CA
    #10
    Your cocaine should be in a safe deposit box, not a bank account.
     
  11. pseudobrit macrumors 68040

    pseudobrit

    Joined:
    Jul 23, 2002
    Location:
    Jobs' Spare Liver Jar
    #11
    Wall Street will want the government to give it to them as part of the bailout package also.
     

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