How safe is "your" Money in the Bank, page 1

posted on Aug, 3 2008 @ 09:19 PM

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Yes, that is the real question that lingers on everyones mind right now....How safe is Your Money in the Bank, will it be insulated from a head-on collision or will it be a collision....Head On !!!

Nobody really will tell you the truth these days, simply because nobody wants to burn their fingers, but the reality is staring everyone in the eyes, reputable banks are now folding up, without any prior warning, because they know that the people will immediately claim their money. This Housing and Banking scam has now become so huge and complicated that even the Book Cookers, who usually know how to Cook Books, are lost in the maze of deception.

So, the question is still there to be answered....

How Safe is "Your" money in the Bank ?

yellowcard

posted on Aug, 3 2008 @ 09:28 PM

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It's perfectly safe because it's NCUA insured, and most other people have FDIC insurance. Anyone who goes around feeding stories that people's money aren't safe are actually endangering the banks...banks that would have otherwise been perfectly fine until some idiot cried wolf and caused a run....That's what happened with Indy Mac, had Chuck Schumer not said anything about it, it would have never needed a rescue. It wasn't even on the FDIC's watchlist....he should be indited on criminal charges for costing the FDIC millions and causing a bank to go bust. So...anyhow, yes my money is safe and so is everyone else's stop your fear mongering...

Ian McLean

posted on Aug, 3 2008 @ 10:03 PM

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reply to post by Dubyakadubla

I haven't heard that thesis before: "A huge risk to the American financial system is that the deceptions are getting so complex that day-to-day dishonest accountants can't ply their trade. The bedrock of American Capitalism is being undermined!"

A little cynical, perhaps, but potentially a valid 'risk'.

With regard to safety of your money: diversify investments, don't keep over the FDIC limit in any one place, balance risky investments with less risky investments, and have such cash or hard-value funds as you feel you might need for emergencies. Basic common-sense financial conservatism.

hotbakedtater

posted on Aug, 3 2008 @ 10:09 PM

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I dislike banks, because I dont trust them, and they confuse me. I wish I could get paid in cash. The only reason I have a bank account is to cash my paycheck. What makes me mad is I can never cash my check though. Due to 'policy' I have to deposit half and can only receive half of my check and must wait two days to spend the poor half in the account!! That is ridiculous to me.

I vote no I dont trust banks.

Ian McLean

posted on Aug, 3 2008 @ 10:12 PM

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reply to post by hotbakedtater

Have you tried taking your check to the issuing bank (not your bank, but the bank your employer uses), and cashing it there?

I know that used to be possible (with sufficient ID, of course), get cash on the spot, but I've heard stories now that it's a hassle. Anyone have any experiences to share about this?

Edit to add: You're right not to trust banks; they're a business with the purpose of making money, not being your friend other than necessary to keep you as a customer, if they want to. Which isn't to say some bank employees aren't friendly people -- they are -- but it's not their primary job to be.

[edit on 3-8-2008 by Ian McLean]

hotbakedtater

posted on Aug, 3 2008 @ 10:15 PM

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reply to post by Ian McLean

I used to at an old job, but after about six times, the lady at the drive through kept pressuring me to open an account, saying 'technically' she should charge me 8 bucks!! Kroger wants a thumb print and five bucks per check. Why cant my employer give me cash?

Ian McLean

posted on Aug, 3 2008 @ 10:25 PM

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reply to post by hotbakedtater

Not sure what the laws are in KY, but in some locations the employer must prove a way for you to get your cash without extra fees:

California Labor Code section 212 requires employers to arrange for employees to cash paychecks without incurring a fee. The Labor Code says that if the bank charges a fee, then the employer must find another way to comply, such as by designating a location in California where the check can be cashed without charge and by including the name and address of that location on the check.

Source

I also found this amusing article from Time Magazine, in 1924. Oh how the times have changed!

The recurrence of payroll robberies in Manhattan has led the Merchants' Association to investigate the desirability of paying employes by check instead of with cash. The Association has discovered that "generally speaking, employers liked the scheme, employes viewed it with disfavor, and the banks were on the fence."

Employers who pay entirely by check claim for the practice that it prevented robberies and holdups, as well as disputes over the accuracy of payments; in addition, it entailed less clerical work, provided an automatic receipt for payments, and educated employees in using banking facilities.

Opponents of the payment-by-check plan, on the other hand, maintain that it offended employes by making generally known the amounts of their wages and salaries, that it wasted time by forcing employes to cash their checks in banking hours, and that it created a new danger of dealing with "raised" checks.

From the banking standpoint, it is open question whether the extra trouble to which banks are put is recompensed in the aggregate deposits gained; also, special methods of identification are necessitated to enable tellers to cash pay checks with safety and confidence.

Time Magazine: Check vs. Cash (1924)

Please visit the link provided for the complete story.

princeofpeace

posted on Aug, 4 2008 @ 11:42 AM

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As long as you have less than 100,000 and your bank is FDIC insured then you are compleltely safe.

Its not the bankls im worried about....its the value of the dollar. Who cares if all 100,000 of your dollars are safe in the bank if they arent worth anything? Thats the bigger question.

Dubyakadubla

posted on Aug, 4 2008 @ 04:48 PM

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Originally posted by princeofpeace
As long as you have less than 100,000 and your bank is FDIC insured then you are compleltely safe.

Banks are now on the "Suspect List" of folding without notifying their clients...they are in Deep trouble but prefer to stay quite. Every morning, the Bankster says his Economic Prayer.....Oh Lord, Don't let them find out that I'am Broke....just give me one more day to play with their Money !!!