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Posted: 1/4/2012 5:15:21 AM EDT
Do you keep all your money in a bank or should you gradually take so much out per week and buy precious metals?

Any links to this type of question!?
Link Posted: 1/4/2012 5:16:26 AM EDT
Yes. I'm in it for the long haul. If the ship goes down, I'm going down with it.

Link Posted: 1/4/2012 5:20:53 AM EDT
You could buy copper and lead and not lose money like you are now in a bank. With a less than 1% intrest rate on most savings account and inflation at 3%, which it's not, you are losing money in the bank. PM's are up and down so unless you are in for the long run don't dump all your funds into PM's. Not sure where to tell you to put your money, but a bank is only.02% better than your mattress.

Link Posted: 1/4/2012 5:23:20 AM EDT
nope. cash is king. i'm getting better returns from having it stuffed in a mattress.
Link Posted: 1/4/2012 5:30:17 AM EDT
Considering my Credit Union just emptied and closed my account over a bogus 'bad address fee,' no, I don't trust my bank.
Link Posted: 1/4/2012 5:31:56 AM EDT
[Last Edit: 1/4/2012 5:32:49 AM EDT by Dynamo]
Sorry to sidetrack, but when you guys are buying precious metals are you actually receiving metal bars, coins, ingots, etc or is it all on paper? If it's just on paper then what's the guarantee that owning it is better than having money in a bank? I have never bought any precious metals so I'm just curious.

ETA: No problems whatsoever with the credit union I've been using for the past 15 years so I will keep using them.
Link Posted: 1/4/2012 5:35:35 AM EDT
I have USAA. I trust them.
Link Posted: 1/4/2012 5:35:46 AM EDT
Nope......


With that said I do have a fair sum of money in it just for the fact that I don't have anywhere else to put it. Keeping more than a couple of grand in your house is just plain retarded due to fire/theft risks but considering I'm getting a whopping .85% interest on my ING accounts I'd rather buy ammo, guns, etc and keep just a certain amount in the bank. We just bought a generator this weekend as what good is the money doing sitting in the bank when the house is now wired for a generator that we may actually use.
Link Posted: 1/4/2012 5:36:38 AM EDT
Chase = Nope
Link Posted: 1/4/2012 5:38:38 AM EDT
Trust them to what extent? You mean do we fear a collapse where all our deposits vanish in a cloud of fat guys in 3 piece suits or do we trust them to have their customers' best interests in mind?
Link Posted: 1/4/2012 5:41:00 AM EDT
Originally Posted By DOG556:
Do you keep all your money in a bank or should you gradually take so much out per week and buy precious metals?

Any links to this type of question!?


Trust what, exactly? Hedging against the fools running the fed circus gradually destroying the dollar has nothing to do with your bank.
Link Posted: 1/4/2012 5:42:57 AM EDT
[Last Edit: 1/4/2012 5:43:27 AM EDT by Admiral_Crunch]
I love my credit union. They rock.

I love my online bank. They also rock.
Link Posted: 1/4/2012 5:43:03 AM EDT
Economically speaking, you are better off just spending all of your money when you make it. Keeping it in a low yield savings account, which most are, is slowly costing you money due to inflation.
Link Posted: 1/4/2012 5:47:47 AM EDT
You should not be buying metals.
Link Posted: 1/4/2012 5:47:54 AM EDT
[Last Edit: 1/4/2012 5:49:05 AM EDT by graysonp]
I trust my bank. Your money is FDIC insured in a bank, so if it gets to the point where you can't get your money back, you have much bigger issues to deal with than whatever cash you had in the bank.

Buying precious metals is just a hedge against inflation. It can easily go the other way and you can lose a lot of money if you stock up on gold/silver right now when inflation is high.
Link Posted: 1/4/2012 5:49:03 AM EDT

Originally Posted By poink:
Economically speaking, you are better off just spending all of your money when you make it. Keeping it in a low yield savings account, which most are, is slowly costing you money due to inflation.

Terrible advice
Link Posted: 1/4/2012 5:51:44 AM EDT

Originally Posted By poink:
Economically speaking, you are better off just spending all of your money when you make it. Keeping it in a low yield savings account, which most are, is slowly costing you money due to inflation.

The electronics I buy depreciate a hell of a lot faster than cash.
Link Posted: 1/4/2012 5:52:56 AM EDT

Originally Posted By cornholio123:
I have USAA. I trust them.

USAA YES but i dont trust my hometown bank
Link Posted: 1/4/2012 5:53:40 AM EDT
No, but what am I going to do, dump it in the stock market?
Link Posted: 1/4/2012 6:04:02 AM EDT
Originally Posted By DOG556:
Do you keep all your money in a bank or should you gradually take so much out per week and buy precious metals?

Any links to this type of question!?


No, but there welcome to hold my debt.
Link Posted: 1/4/2012 6:04:19 AM EDT
I meant buying silver and gold coins. In mint rolls or whatever. Silver is still going up. Gold slightly. I get nervous having alot of money in a bank. They are only going to give you so much when you withdraw....
Link Posted: 1/4/2012 6:06:42 AM EDT
I don't trust banks, and don't have enough money for it to matter... I think I have like 12$ right now.
Link Posted: 1/4/2012 6:07:34 AM EDT
Originally Posted By DOG556:
I meant buying silver and gold coins. In mint rolls or whatever. Silver is still going up. Gold slightly. I get nervous having alot of money in a bank. They are only going to give you so much when you withdraw....


Gold and silver won't go up forever. Look at the prices before the current economic crisis. Gold/Silver prices didn't even keep up with inflation for about 30 years.

And I don't understand the comment about the bank only giving you so much money? They will give you whatever amount you withdraw. Why do you think they're going to refuse to let you withdraw money?
Link Posted: 1/4/2012 6:10:22 AM EDT
Originally Posted By DOG556:
They are only going to give you so much when you withdraw....


? You can take as much of your money out as you want. If it's a shitload you might have to give them notice so they can get the cash to the branch though.
Link Posted: 1/4/2012 6:12:35 AM EDT
I don't trust larger banks, which is why I moved my accounts from BOA to a small local bank a few years ago.

I have known the CEO of this local bank since before he started the bank, and I see him every week since his bank is also a client of the business where I work.

Link Posted: 1/4/2012 6:15:53 AM EDT

Originally Posted By PBIR:
Originally Posted By DOG556:
They are only going to give you so much when you withdraw....


? You can take as much of your money out as you want. If it's a shitload you might have to give them notice so they can get the cash to the branch though.

and then they tell the government, who then tracks you.
Link Posted: 1/4/2012 6:20:55 AM EDT
[Last Edit: 1/4/2012 6:22:48 AM EDT by PBIR]
Originally Posted By tesla120:

Originally Posted By PBIR:
Originally Posted By DOG556:
They are only going to give you so much when you withdraw....


? You can take as much of your money out as you want. If it's a shitload you might have to give them notice so they can get the cash to the branch though.

and then they tell the government, who then tracks you.


Says who? At what monetary point does this occur? I've taken large amounts of cash out before, in the 10's of thousands, and no black helo, crown vic, or mysterious van ever tailed me. ETA: are you talking about the little IRS form and liability release you have to fill out?
Link Posted: 1/4/2012 6:23:19 AM EDT
I use a small local bank. Yes, I trust them. The other two banks in my little one horse town. Not on your life.
Link Posted: 1/4/2012 6:24:41 AM EDT

I certainly wouldn't have deposits in any bank I didn't trust.

As for $1600 gold, I'll leave that for others.
Link Posted: 1/4/2012 6:25:28 AM EDT
Originally Posted By tesla120:
and then they tell the government, who then tracks you.


No they don't. Do you know how many thousands of those forms they receive every day when large sums of money get moved around? Unless you are suspiciously depositing massive amounts of cash every week, the government doesn't even bat an eye.
Link Posted: 1/4/2012 6:27:25 AM EDT
OK- So leave the paper and dont trust the silver and gold coin market....
Link Posted: 1/4/2012 6:27:46 AM EDT
I don't trust anybody these days. Having said that, it's pretty damn convienent to have my money in the bank.

Link Posted: 1/4/2012 6:31:24 AM EDT
Originally Posted By DOG556:
OK- So leave the paper and dont trust the silver and gold coin market....


I'm not saying avoid the precious metals market all together. Just don't turn all your cash into gold or silver, especially when it's selling at all-time highs. If you don't trust an FDIC insured bank to hold your cash, gold and silver isn't going to make it any better.
Link Posted: 1/4/2012 6:32:28 AM EDT
Originally Posted By cornholio123:
I have USAA. I trust them.


This.

I've been fucked hard by BoA, and lied to by many Wachovia/wells fargo employees.

USAA has 98% of the time, been easy to deal with and very agreeable, while also keeping their prices (insurance and auto loans) fair and competitive.

Link Posted: 1/4/2012 6:34:24 AM EDT
Perfectly happy with my credit union.
Link Posted: 1/4/2012 6:35:18 AM EDT
Credit Union...

I keep about two years living expenses in my variable account (~1% or less interest).
Pulled $25K out in November to put towards priciple on the house.
Will pull the last $30K out by March and pay the house off...

Yes, I trust my CU...but keep a bill or two in my safe...
Link Posted: 1/4/2012 6:35:38 AM EDT
I want to kill Bank of America.
Link Posted: 1/4/2012 6:41:30 AM EDT
Originally Posted By PBIR:
Originally Posted By tesla120:

Originally Posted By PBIR:
Originally Posted By DOG556:
They are only going to give you so much when you withdraw....


? You can take as much of your money out as you want. If it's a shitload you might have to give them notice so they can get the cash to the branch though.

and then they tell the government, who then tracks you.


Says who? At what monetary point does this occur? I've taken large amounts of cash out before, in the 10's of thousands, and no black helo, crown vic, or mysterious van ever tailed me. ETA: are you talking about the little IRS form and liability release you have to fill out?


This I have withdrawn up to 50k at a time and not had a radar blip from uncle sam.
Link Posted: 1/4/2012 10:34:43 AM EDT
Originally Posted By California_Kid:
I want to kill Bank of America.


Get in line.

Link Posted: 1/4/2012 10:49:46 AM EDT
I should, I work there.
Link Posted: 1/4/2012 10:55:40 AM EDT
JP Morgan Chase.... I'm gonna go with, hell no!

WAMU I liked, fuck Chase.

I keep a percentage of money not in the bank because they reserve the right to refuse to give you YOUR money if you don't give them advanced notice of withdrawling it. For ammounts over $500 I believe.
Link Posted: 1/5/2012 6:57:59 AM EDT
This. Not that they would. But they could
Link Posted: 1/5/2012 7:12:38 AM EDT
Most of my money is kept in a small employees credit union.

My IRA is kept at a small conservative village bank in the village I work at due to direct deposit capability.
Link Posted: 1/5/2012 8:03:46 AM EDT
What is this "spare money" and savings you speak of?
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