Are any banks safe?

I have heard so much bad news about banks lately, and have even had a friend or two tell me to put some cash away inside my house, just in case. Well, now I'm in a pickle, because I need to open a bank account and Im not sure what type of bank I should go with. Should I go with a well known big bank, such as US Bank, or a smaller one, such as Regions? I dont know if it makes any difference, but if something should happen, I want to be able to get my money out!

reply to post by Yummy Freelunch
Go for one of the big players at the mo.You need a bank that the government has ploughed a ton of taxpayers money into.They are the safest,however you never know how this nightmare scenario is eventually going to pan out so keep some cash at home in case the banks shut for a while.If emergency banking acts are brought in this could happen.

Truthfully I dont trust a single one of them. That is why my pay check every week goes on a debit card. I figure that way I can go straight to the ATM and pull it out and then go pay my bills. Anything left over I keep here at home in my safe. Of course if there is a worse case scenario my cash wouldnt be worth the paper its printed on.

J P Morgan-Chase Bank is all part of the Rockefeller and Rothchild money- monger cartel. So your money is probably very safe in one of their institutions.

Just be sure it's FDIC insured, and remember that this insurance is typically limited ($200,000 per account holder for most as I recall...not that I ever have anywhere near that anyhow...lol!!!)

reply to post by pmbhuntress


Don't you realize that the banks own the debit cards and control what go's in and out of the ATM's? Who do you think regulates the money? It's the banking systems. Where did you get the debit card? They are all part of some banking institution!

reply to post by Yummy Freelunch


Maybe try a Credit Union. Haven't heard much about them having as many problems like regular banks have. Maybe it just hasn't been reported as much, i dunno. I've only used Navy Federal Credit Union since 1985, and North Island Credit Union since 2005.

Just an idea.

I know this is going to sound like a dumb question, but what is the difference between a credit union and a bank.

reply to post by pmbhuntress


That's the problem I have right now! The bank I have, which is why Im looking for another one, wont even let me have my money on my debit card! I had over 500 bucks this weekend, and they wouldnt let me have it!!! I was only able to draw out 60$!

I'd suggest putting no more than $1000 in checking and or savings at USBank.

They haven't taken bailout that I'm aware of and have done me right in 9 years with them (We have many accts. all with small balances.) Talk with any banker where you may open an acct. they aren't monsters after all and the better of an impression and working relation that you develop with them the better your banking experience.

However, After yelling at BoA for 45 mins. for taking bailout (after buying ML!) I have closed all my accts. there (banked at BoA for 14 years.)

We also have accts. with a local credit union. Again, we don't keep more than $1000 in any acct. at any one time, else, it gets moved to another acct.

Northern Rock bank is now owned 100% by the UK government and they are the only bank that guarantees all sizes of deposits 100% others only guarantee the first £50,000 under the FSCS. So my US buddies stick your wonga in Northern Rock for total piece of mind,......I think

reply to post by DrMattMaddix


May I ask why you move your money around to different accounts?

I know Im asking a lot of questions, but you see, I'm a single mom now, and had always let the husband handle all the money situations. I've been learning on my own now, and it's not as easy as I thought. Especially with what is going on with the banks. If the banks get nationalized, what will happen to our accounts? I dont want the government poking around in my business!

[edit on 2-3-2009 by Yummy Freelunch]

Originally posted by Yummy Freelunch
reply to post by DrMattMaddix

 

May I ask why you move your money around to different accounts?

We move money around by 'external bank transfer', BillPay etc.; Most if not all banks have web based mgmt. I miss BoA only because I could move money IMMEDIATLY to any other bank or acct. I asked USBank why they don't have that ability and they said the network to do that is too expensive to maintain. e-Xfers cost. Blah. Oh well, last resort is to withdrawl a few hundred, or whatever, to keep balances... well balanced, and redeposit in the credit union for example. (BTW we aren't rich, if we had over $100K we would do things different, but it works for us since we have under $10K)

In case something happens with one bank or credit union we can always fall back on others. We've only had to do that twice in the last 2 years because of acct. issues but I also wouldn't invest in anything that wasn't REAL.

(total side track: When my employer sent out an email saying EVERYONE was going to be enrolled in 401K if they didn't respond to the email, I freaked and went straight over to HR and ranted. 'Don't you EVER do that to me again.' NO I don't want 401K (that was 2 years ago and NOW I suspect they knew something) but 401k since it's inception I've suspected to be a scam and want nothing to do with it) BTW I quit that company for their unethical business practices)

reply to post by DrMattMaddix


The local bank Im with now has web based management, also, which is what I need. I do all my business online otherwise, I wouldnt even care if I had money in the bank. Id just put it all in paypal.
Would that company take your money and invest it in the 401k then, without your permission?

If you want to continue to have a good financial standing and do business a bank acct. is REQUIRED these days.

Personally, I've always hated banks and the fact that THEY keep our money and then charge us to keep it (accts. may vary.)

If you make a mistake and overdraw your acct. they not only charge you to overdraw (kinda seems reasonable) but they try to make you feel bad about it.

The email sent out stated that if you didn't reply to the email, then funds would have been invested at 1% of payrate plus the co. would match the amount. So, yes, they were doing it without an employees permission.
I always thought that it was a scam and NOW even with matching funds 0+0=0. And I would have been even more indebted because that money would be ½'ed in today's market. Plus you can't touch it unless you pay early withdrawl penalties and taxes and OMG 401K is a scam.

If I wanted to invest in the market I'd get ScotTrade =)

Are any of the banks safe? Certainly, especially if you live and work in Canada.

Our banking system is the envy of the world and I believe that your government and others are checking out the regulations we have in force to protect their liquidity, depositors and earnings.

Canada rocks!

All accounts are safe, if they are FDIC insured. Other than that, look at the banks which weren't involved with sketchy mortgages- like BB&T.

I've been banking with TCF for many years since they took over my old bank around 1996. As far as I know, they have free online services and free checking as long as you have direct deposit etc. I can call on my account status and balance most of the day toll free. I nver use the internet for banking though. (too paranoid)

I tried to get an account at another bank, but they turned me down because of my credit and said I coldn't have a debit or check card either. That was Fifth Third Bank and I haven't bothered with anyone else since. It seems bad credit can intefere with new bank accounts. Especially with other banks....it seems.

I have my 401k with a comercial bank, which is supposedly different from a higher risk investment bank. Although, I keep a watch on the failed bank list since they're a corporation and wonder about a domino effect with them. They still haven't updated their asset worth since 2007, which I think should be illegal.