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View Full Version : FDIC warns US bank deposit insurance fund could tank

waitforevergc
03-05-2009, 05:09 PM
People,

What does this mean? I am not too strong regarding finances, so asking.

http://news.yahoo.com/s/afp/20090305/pl_afp/financeeconomyusbankinggovernment


Does it mean there wont be insurance on our bank deposits if this happens?
gcseeker2002
03-05-2009, 05:52 PM
If this happens, there will be some other type of insurance for the bank accounts that will be set up at that time, btw , if your money is in any of the sensitive banks it is better to move it out to more stable banks.
arc
03-05-2009, 05:57 PM
Which are the Sensitive Banks!???
saileshdude
03-05-2009, 05:58 PM
If this happens, there will be some other type of insurance for the bank accounts that will be set up at that time, btw , if your money is in any of the sensitive banks it is better to move it out to more stable banks.

What are the ones that are sensitive and which ones are stable?
bbct
03-05-2009, 06:01 PM
Do we have to start withdrawing or transfer back to India? It's hard earned money after the employer exploitation.
pointlesswait
03-05-2009, 06:14 PM
FDIC insures any deposits upto 250000....
so if you have 10k in ur account..even if the bank goes belly up..u can get expectto recover thatamount...but if FDIC goes for a toss..god save US all..;)

crazy times..bro..crazy times..


People,

What does this mean? I am not too strong regarding finances, so asking.

http://news.yahoo.com/s/afp/20090305/pl_afp/financeeconomyusbankinggovernment


Does it mean there wont be insurance on our bank deposits if this happens?
waitforevergc
03-05-2009, 06:16 PM
Means the whole US is going to be screwed? FDIC is like our mother ship.
hpandey
03-05-2009, 06:21 PM
The FDIC has less than 50 billion left but I think if the govt can provide the banks with a trillion dollars then it will certainly bail out FDIC. No need to panic . FDIC will be the last bastion to fall. The govt would certainly not let it happen in any scenario.
Imigrait
03-05-2009, 06:47 PM
Agree with hpandey
yestogc
03-05-2009, 07:13 PM
Can we all try to list some big so called stable banks (as of this writing)........... all we can do is keep the funds in them, but if FDIC tanks, we will loose a LOT.

Wells Fargo
Bank Of America (People may differ with me on this choice)

can we add more to this list
belmontboy
03-05-2009, 08:24 PM
Can we all try to list some big so called stable banks (as of this writing)........... all we can do is keep the funds in them, but if FDIC tanks, we will loose a LOT.

Wells Fargo
Bank Of America (People may differ with me on this choice)

can we add more to this list

chase
belmontboy
03-05-2009, 08:25 PM
What are the ones that are sensitive and which ones are stable?

"Shitty" bank - almost dead!!
buehler
03-05-2009, 09:18 PM
Wells Fargo might not be as bad as Citibank but is far from being considered as a stable bank.
ilikekilo
03-05-2009, 09:22 PM
I dont think we have to panic...if needed gvot will print money for FDIC...heck when they can do it for banks..
return_to_india
03-05-2009, 09:53 PM
Transfer money to State Bank of India .
ssingh92
03-05-2009, 11:33 PM
People,

What does this mean? I am not too strong regarding finances, so asking.

http://news.yahoo.com/s/afp/20090305/pl_afp/financeeconomyusbankinggovernment


Does it mean there wont be insurance on our bank deposits if this happens?

I forget the site the FDIC lists the trouble banks that may fail. You bank should not be in the list. Even if it is in the list and your account is FDIC insured and account has less than 100K then you will get money from FDIC if bank fails.

If FDIC fails than we all in the US are in trouble. It will total collapse of the system. I dont think it will ever happen but who knows.
champu
03-06-2009, 01:18 AM
Transfer money to State Bank of India .

I agree. Diversify. Gold is another option.
BTW in a few days all banks will be undergoing stress test...
You would know where to put money.
yestogc
03-06-2009, 01:34 AM
In India, as of this day only Rs 1L is secured if a bank fails ............... isn't that way too low.
http://www.dicgc.org.in/GuideToDepositInsuranceInIndia.htm#q3
bbct
03-06-2009, 08:23 AM
In India, as of this day only Rs 1L is secured if a bank fails ............... isn't that way too low.
http://www.dicgc.org.in/GuideToDepositInsuranceInIndia.htm#q3

That is way too low compared to what FDIC insures us.
return_to_india
03-06-2009, 11:47 AM
http://finance.yahoo.com/news/Worst-is-yet-to-come-for-job-cnnm-14564910.html