Bank Failure (Read 2641 times)

astroboy

Bank Failure
« on: March 11, 2023, 06:34:03 PM »
SVB (Silicon Valley Bank) has been closed by bank regulators. Over 90% of the accounts are not insured.
Last month CNBC's Jim Cramer (BUY, BUY, BUY) promoted SVB. Grand Ma Yellen says not to worry about it.
Joe claims the US economy is in great shape and wants to increase gov. spending by spending trillions more in spite of inflation.


ren

Re: Bank Failure
« Reply #1 on: March 11, 2023, 06:57:39 PM »
dumb people in charge
Deeds Not Words

astroboy

Re: Bank Failure
« Reply #2 on: March 12, 2023, 02:20:10 PM »
Grand Ma Yellen said there would be NO bank bail out for SVB. Now this has flipped to: There WILL be a bail out.
The Banksters win again. I guess the right palms continue to get greased in D.C.
It would be interesting to find out which politicians/government officials are involved with SVB.

hvybarrels

Re: Bank Failure
« Reply #3 on: March 12, 2023, 02:34:25 PM »
Uh oh they said the magic words. See you in line at the bank tomorrow.

“Wars happen when the government tells you who the enemy is. Revolutions happen when you figure it out for yourselves.”

changemyoil66

Re: Bank Failure
« Reply #4 on: March 12, 2023, 04:38:14 PM »
Doesnt FDIC insurance cover?

Also they spent lots of effort to promote climate change and liberal stuff like that.

Sent from my SM-G991U using Tapatalk

hvybarrels

Re: Bank Failure
« Reply #5 on: March 12, 2023, 04:55:21 PM »
Doesnt FDIC insurance cover?

Also they spent lots of effort to promote climate change and liberal stuff like that.

Sent from my SM-G991U using Tapatalk

They insure up to 250k, but its never been systemically tested. Knowing the clowns in charge are in a panic right now is not reassuring.

I’m not going to clean everything out, but keep enough cash on hand to meet expenses for a couple months.
“Wars happen when the government tells you who the enemy is. Revolutions happen when you figure it out for yourselves.”

Flapp_Jackson

Re: Bank Failure
« Reply #6 on: March 12, 2023, 05:38:02 PM »
Doesnt FDIC insurance cover?

Also they spent lots of effort to promote climate change and liberal stuff like that.

https://www.svb.com/FDIC/
"How can you diagnose someone with an obsessive-compulsive disorder
and then act as though I had some choice about barging in?"
-- Melvin Udall

dogman

Re: Bank Failure
« Reply #7 on: March 12, 2023, 07:45:06 PM »
So I should take the one million dollars I have in one bank account and split it between four banks?

Flapp_Jackson

Re: Bank Failure
« Reply #8 on: March 12, 2023, 08:36:32 PM »
So I should take the one million dollars I have in one bank account and split it between four banks?

Not exactly.

FDIC offers up to $250K per named account holder for all accounts combined under an account category.

One category is the Single Account -- meaning it's owned by one person.  So, if you have checking, savings, a CD, Money Market and business account (held as a Sole Proprietorship) all under your name, then the aggregate coverage for those accounts' balances is limited to $250K via FDIC

But, if you hold accounts in the same bank in different account categories, they are separately insured, so insurance coverage would be more than the $250K FDIC limit.

The account categories are:

• Single Accounts
• Certain Retirement Accounts
• Joint Accounts
• Revocable Trust Accounts
• Irrevocable Trust Accounts
• Employee Benefit Plan Accounts
• Corporation/Partnership / Unincorporated Association Accounts
• Government Accounts

So, as long as you divide up your money into, say, a single account in your name and a joint account in your and your spouse's names, you'd have up to $500K of insured funds at a single bank.

https://www.fdic.gov/resources/deposit-insurance/brochures/documents/your-insured-deposits-english.pdf

Of course, to be safe, using multiple banks might be wiser.  If one bank goes under, it may take time to regain access to your money, whereas having multiple banks means even if one goes under, you still have access to your money in the other banks.

"How can you diagnose someone with an obsessive-compulsive disorder
and then act as though I had some choice about barging in?"
-- Melvin Udall

macsak

Re: Bank Failure
« Reply #9 on: March 12, 2023, 09:12:43 PM »
ummmmm
Quote from: dogman on Today at 07:45:06 PM
So I should take the one million dollars I have in one bank account and split it between four banks?

Not exactly.

FDIC offers up to $250K per named account holder for all accounts combined under an account category.

One category is the Single Account -- meaning it's owned by one person.  So, if you have checking, savings, a CD, Money Market and business account (held as a Sole Proprietorship) all under your name, then the aggregate coverage for those accounts' balances is limited to $250K via FDIC

But, if you hold accounts in the same bank in different account categories, they are separately insured, so insurance coverage would be more than the $250K FDIC limit.

The account categories are:

• Single Accounts
• Certain Retirement Accounts
• Joint Accounts
• Revocable Trust Accounts
• Irrevocable Trust Accounts
• Employee Benefit Plan Accounts
• Corporation/Partnership / Unincorporated Association Accounts
• Government Accounts

So, as long as you divide up your money into, say, a single account in your name and a joint account in your and your spouse's names, you'd have up to $500K of insured funds at a single bank.

https://www.fdic.gov/resources/deposit-insurance/brochures/documents/your-insured-deposits-english.pdf

Of course, to be safe, using multiple banks might be wiser.  If one bank goes under, it may take time to regain access to your money, whereas having multiple banks means even if one goes under, you still have access to your money in the other banks.

changemyoil66

Re: Bank Failure
« Reply #10 on: March 12, 2023, 10:24:19 PM »
So I should take the one million dollars I have in one bank account and split it between four banks?
Or spend $750k of it and have a lot of fun. Hookers and cocaine.

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hvybarrels

Re: Bank Failure
« Reply #11 on: March 13, 2023, 05:39:17 AM »
Or spend $750k of it and have a lot of fun. Hookers and cocaine.

…while it’s still worth something

That’s the other problem with bailouts

If you.make too much money then money loses value 
“Wars happen when the government tells you who the enemy is. Revolutions happen when you figure it out for yourselves.”

changemyoil66

Re: Bank Failure
« Reply #12 on: March 13, 2023, 08:42:07 AM »
…while it’s still worth something

That’s the other problem with bailouts

If you.make too much money then money loses value

The fact that the article stated 90% of the customers weren't covered by FDIC, means this is a very rich persons bank. Whether they diversified is on them.  Or have then done so and opened like 100 bank accounts thru out the state.

drck1000

Re: Bank Failure
« Reply #13 on: March 13, 2023, 08:54:44 AM »
So I should take the one million dollars I have in one bank account and split it between four banks?
Withdrawal, in cash. . . in singles. . .  ;D

hvybarrels

Re: Bank Failure
« Reply #14 on: March 13, 2023, 09:49:51 AM »
Withdrawal, in cash. . . in singles. . .  ;D

ATM be like

“Wars happen when the government tells you who the enemy is. Revolutions happen when you figure it out for yourselves.”

Brystont1

Re: Bank Failure
« Reply #15 on: March 13, 2023, 10:42:23 AM »
Looks like no need take money out. Bank bailouts otw. Thanks daddy government

changemyoil66

Re: Bank Failure
« Reply #16 on: March 13, 2023, 11:44:55 AM »
Looks like no need take money out. Bank bailouts otw. Thanks daddy government

Guarnz these people called the politicians who they donate big bucks to.

changemyoil66

Re: Bank Failure
« Reply #17 on: March 13, 2023, 11:50:01 AM »
Reminds me of a story I heard recently via a pod cast. IDK if I posted it here or not.

But a sports better who of course bets cash and wins in cash goes to his bank to take out $250K. It wasn't  a small in store branch, but a regular branch. He was told it will take a few days to get the cash. So he understood cause banks don't keep too much in the vault on site for safety reasons.  He came back when he was supposed to and they could only give him $140K or something. The rest would take like 5 weeks.  He took what he could and left. 

The point he was making is that "cash" is useless in an emergency.  It's all "digital" and those who control the banking system, control this.  Now imagine you're just a regular guy who goes to SVB to take out the $5K you have in your account so you can pay  your bills.  And are told "sorry, we don't got the cash".

IDK if he went on to which families control the Federal Reserve.  I only saw this 1 segment of the pod cast.

hvybarrels

Re: Bank Failure
« Reply #18 on: March 13, 2023, 12:15:44 PM »
Nobody knows where this is going

What we know for a fact is that we have idiots in charge

The prepper community generally recommends keeping enough cash on hand to get through at least 2 months in case of a systemic failure.
“Wars happen when the government tells you who the enemy is. Revolutions happen when you figure it out for yourselves.”

Brystont1

Re: Bank Failure
« Reply #19 on: March 13, 2023, 12:17:23 PM »
Guarnz these people called the politicians who they donate big bucks to.

Guarantee they did but what’s funny is the politicians didn’t even get to vote on it.