FDIC Still As Bankrupt As Ever & people pulling money out of banks.

[dixiegrrrrl]

From Zero Hedge, 2 facts and the link:

Fact:
FDIC insolvent.

Fact:
last quarter bank customers withdrew $29 billion" from the not all that Too Big To Fail any longer banks"

Must read article, here: you have to scroll down about 1/3 of page to find the story.

http://www.zerohedge.com/article/fdic-still-bankrupt-ever-dif-deposit-ratio-038

[Ruby the Liberal]

1. Once again, ZH on top of the story.

Do those guys ever sleep?

[dixiegrrrrl]

2. I am just happy people are wising up and getting their money out in time.

[Ruby the Liberal]

3. You and me both...

[jtuck004]

4. And so is dixiegrrrrl. Never sleeps either.... ;)

[dixiegrrrrl]

7. My motto has always been

Don't fuck with my kids
don't fuck with my money
don't fuck with my car.

Other than that, I am as sweet as pie.

But I do keep a close close eye on the 3 essentials above.
:evilgrin:

[upi402]

8. :) n/t

[eridani]

5. Probably putting the money into credit unions instead of mattresses, I'll bet n/t

[dixiegrrrrl]

6. Yeah, the article did mention decreased depositis from the banks.

29 billion worth of less money to feed the monster is not a small amount.
Hopefully the credit unions have not gone over to the dark side.

[proudohioan]

11. Yeah, me too....

we pulled out of US Bank to go with a local credit union ourselves.

[upi402]

9. Credit union questions

For example, Wells Fargo looks less troubled:
http://banktracker.investigativereportingworkshop.org/banks/california/san-francisco/wells-fargo-hsbc-trade-bank-national-association/
than Boeing Employees Credit Union (random big one):
http://banktracker.investigativereportingworkshop.org/credit-unions/washington/tukwila/boeing-employees/

18 Troubled Asset Ratio for Wells Fargo HSBC
6.6 Troubled Asset Ratio for Boeing Employees Credit Union
(where a higher ratio means a more stressed bank)

I read a thread or two, and followed the links, making the case that credit unions were a concern as well. I'm wondering where to put my money to pay bills!

[dixiegrrrrl]

10. good on you for using a tracker!

"Assuming" any report can be trusted these days, you have a valid question.

There are people who are keeping their cash out of any institution, and the smart ones who do that follow the smart rules of telling NO ONE, using a fireproof lock box, and a clever place to
stash the bucks. Reportedly, from what I have read, they use bank account only for a month or so worth of bill pay at a time.

Other folks are using the tracker site ( which I find to be very good) and going only with
best rated banks/CU.


I personally refuse to use online banking or deposit services.
One flick of the switch and all access is gone instantly.

[Statistical]

12. Also some banks are good like USAA.

Bank is owned by members and is in better shape than any of CU around here.

Navy Federal Credit Union:
http://banktracker.investigativereportingworkshop.org/credit-unions/virginia/vienna/navy-federal-credit-union/

USAA Federal Savings Bank:
http://banktracker.investigativereportingworkshop.org/banks/texas/san-antonio/usaa-federal-savings-bank/

Nice thing is is look like USAA ratio has already peaked.

[jtuck004]

13. Unless you are talking about over $200,000 a decent

local credit union or bank is still probably the easiest.

But you should keep some cash, anonymously, safe in a metal fireproof box as stated below for the day when you can't get your money out because the FDIC has locked the doors and it won't be available for 3 days...or a week...or? You should also have an emergency preparedness kit, and a plan, for your family and pets. That's just basic stuff these days.

I also agree about the online bill paying. There are whole countries with groups of people doing nothing but looking for security holes in companies, and we hear about a very small percentage of successful attacks. It can be gone so fast.

But unless you want to run to the store and pay too high a price for American Express checks or something to pay your bills, a simple checking account at a local institution is probably the best.

And the comment about "assuming" those reports are accurate - no kidding. They are allowed to mark houses to the value they think is good, and are delaying foreclosures presumably so they don't have to mark the assets down and make their investments look like the big losers they are.

[jtuck004]

14. Do banks have to pay regular property taxes on houses they hold?

I suspect part of the reason foreclosures are not being processed is because they would then have to show those assets at somethin other than "mark-to-myth", but if they take posession don't they also have to pay the property taxes before it is sold?

[AnneD]

15. Or you can but them for taxes.......

at auction. A payment for tax lien is almost always the first lien holder.

[jtuck004]

16. I figured that, wondered if perhaps they got some kind of special

dispensation. So that adds to the pressure not to foreclose on too many, and to get rid of them fairly quickly so as not to increase their loss.

thanks

[AnneD]

17. I know for a fact....

that they have ringers in the auctions to jack up the prices. The banks will send a hand full guys over to raise bids (my brother has feed them lunch over at his place and has heard them talking around the table).