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Posted: 12/17/2009 11:45:54 AM EDT
[#1]
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This part is piss poor planning - there are so many things working against you on this one - I'll bet you a cup of coffee you won't see any insurance money unless they die in the next 6 months and even then it is iffy at best. If you are implying that insurance companies are going to be going under, I believe my 401k would be pretty much useless around that point too. Please don't take offense, I just don't think it is prudent to plan on an insurance settlement or an inheritance for retirement income. |
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Posted: 12/17/2009 6:07:38 PM EDT
[#2]
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This part is piss poor planning - there are so many things working against you on this one - I'll bet you a cup of coffee you won't see any insurance money unless they die in the next 6 months and even then it is iffy at best. If you are implying that insurance companies are going to be going under, I believe my 401k would be pretty much useless around that point too. Please don't take offense, I just don't think it is prudent to plan on an insurance settlement or an inheritance for retirement income. None, taken. I will have two retirement plans plus a third that I will start once I start getting pay raises. I can't take them out until I am 65 or I have been employed 30 years at which point I will be 65. On top of that I will inherit two homes and the insurance settlements and thats only from my parents. I am an only child and an only grandchild on both sides of the family there is no where else for it to go. |
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Posted: 12/17/2009 6:14:13 PM EDT
[#3]
Don't worry, you money is probably safe. No bank as actually gone Chap 7/11. The FDIC will sell off the good parts, and they will keep the bad, well at least this is the way it supposed to work anyways.
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Posted: 12/17/2009 6:18:18 PM EDT
[#4]
Bank at Zions instead.
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Posted: 12/17/2009 6:19:00 PM EDT
[#5]
I should add I got my retirement re-routed to my other bank so that is a huge relief, now I only have to worry about my paycheck tommorow.
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Posted: 12/17/2009 6:19:22 PM EDT
[#6]
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You wont even know it happened. Monday will be business as usual, just like all the others this year. Background: I own a business. Rumor had it that the bank that I did my business banking at was going under. A few days before the supposed date, a Thursday before payday on Monday, I established a bank account at another bank to make sure I was going to be able to pay my people. Went to the first bank to get a cashier's check for the funds and wound up in a slow but steady bank run. While I was in there, 3 people closed out their accounts and a couple of others were making big withdrawals like me. Sure enough, the rumors were right and the Feds came in Friday night. The essentially told the employees that they had been bought out by another bank, and that they were expected to work all weekend to make sure that they were ready to do business under the new name come Monday morning. They did, and they were up and running sometime on Monday. I was still able to write paychecks out of the first bank's account, but having a backup bank was a wise choice for the business. My people would have been in bad shape if those funds had been tied up in red tape for a week. I still have an account with the first bank, and the transition has been smooth. -Hobbit |
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Posted: 12/17/2009 6:23:41 PM EDT
[#7]
Quoted: Quoted: Quoted: Quoted: not even close to 100k. How long does it take to get money from fdic though? They don't let it come to that... While some folks have given me shit for my 'no banks have actually failed' comment, given how the FDIC has been operating, that statement is correct... The FDIC has been doing 'shotgun weddings' of 'sick' banks with 'healthy' ones, with the intention of preventing the sort of irrational panic that would happen if any banks were actually allowed to fail... So what will likely happen, is you will go to the bank one Monday morning (it's always done on a Friday) and find it under new ownership... With all your accounts just like they were the friday before... Nothing more, nothing less.... This is one where Dave_A does have it right....no bank has technically failed.....they reached a level of insolvency where .gov stepped in and arranged for the failing bank to be taken over by an other bank. The FDIC used it's assets to guarantee that the bank taking over the failed bank was not put in jeopardy. To date lots of banks have gone insolvent....none have technically failed because they were merged ( some by force others not) with other banks before they could default on any obligations. As long as the FDIC can keep pulling this trick off there should be no runs on banks......if this tactic starts faltering and banks actually default preventing account holders from getting their money at will things will change....and not for the good. General Motors hasn't "technically failed" either. The old company, General Motors, symbol GM having been bailed out by 52 billion dollars of government money is now Motors Liquidation Company, symbol MTLQQ.PK and it is still producing automobiles. GM; as well as the banks that went tits up haven't "technically" failed.  No. GM went through (a sham of) the bankruptcy process... Which we can all agree is a 'failure' of a company (going BK)... The banks in question get sold off before they can get there... They haven't gone bankrupt, they haven't had their operations interrupted... They simply get merged with other banks. Is it a shotgun wedding? Sure... Would they have failed without the merger? Probably... Did they fail? No. They got 'rescued' by a government-arranged merger... |
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