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Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
I want to throw a chunk of cash into CDs in one or two convienient walk in banks. Maybe a million or so. But I don't want to get totally ripped off just for the sake of safety, by accepting B of A type rates which are more than one percent below the best. On the othe hand, I don't want to take any more than about a one in a two thousand chance of losing my non insured money.
Does anyone think they know which, if any, banks in my neck of the woods ar within about a third of a percent of the top paying ones and are safe enough to ignore the FDIC? If so please tell me who they might be. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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I want to throw a chunk of cash into CDs in one or two convienient walk in banks. Maybe a million or so. But I don't want to get totally ripped off just for the sake of safety, by accepting B of A type rates which are more than one percent below the best. On the othe hand, I don't want to take any more than about a one in a two thousand chance of losing my non insured money. Does anyone think they know which, if any, banks in my neck of the woods ar within about a third of a percent of the top paying ones and are safe enough to ignore the FDIC? If so please tell me who they might be. [/ QUOTE ] put your money outside the USA |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
As a general and probably easier note you can just get additional insurance for amounts over the FDIC standard limits. Most banks will offer the additional insurance and it's fairly cheap to buy, should be much less then the one % difference in rates
Steve |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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[ QUOTE ] I want to throw a chunk of cash into CDs in one or two convienient walk in banks. Maybe a million or so. But I don't want to get totally ripped off just for the sake of safety, by accepting B of A type rates which are more than one percent below the best. On the othe hand, I don't want to take any more than about a one in a two thousand chance of losing my non insured money. Does anyone think they know which, if any, banks in my neck of the woods ar within about a third of a percent of the top paying ones and are safe enough to ignore the FDIC? If so please tell me who they might be. [/ QUOTE ] put your money outside the USA [/ QUOTE ] i agree. fly to Australia and open an account there. OR, open a eurodollar account in australian dollars. then hope the currency doesn't actually depreciate like it should in terms of interest rate diffs. Barron |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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[ QUOTE ] [ QUOTE ] I want to throw a chunk of cash into CDs in one or two convienient walk in banks. Maybe a million or so. But I don't want to get totally ripped off just for the sake of safety, by accepting B of A type rates which are more than one percent below the best. On the othe hand, I don't want to take any more than about a one in a two thousand chance of losing my non insured money. Does anyone think they know which, if any, banks in my neck of the woods ar within about a third of a percent of the top paying ones and are safe enough to ignore the FDIC? If so please tell me who they might be. [/ QUOTE ] put your money outside the USA [/ QUOTE ] i agree. fly to Australia and open an account there. OR, open a eurodollar account in australian dollars. then hope the currency doesn't actually depreciate like it should in terms of interest rate diffs. Barron [/ QUOTE ] the real best thing to do with US dollars now though is to buy silver. i own australian dollars too though, not a bad a move in general. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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[ QUOTE ] [ QUOTE ] [ QUOTE ] I want to throw a chunk of cash into CDs in one or two convienient walk in banks. Maybe a million or so. But I don't want to get totally ripped off just for the sake of safety, by accepting B of A type rates which are more than one percent below the best. On the othe hand, I don't want to take any more than about a one in a two thousand chance of losing my non insured money. Does anyone think they know which, if any, banks in my neck of the woods ar within about a third of a percent of the top paying ones and are safe enough to ignore the FDIC? If so please tell me who they might be. [/ QUOTE ] put your money outside the USA [/ QUOTE ] i agree. fly to Australia and open an account there. OR, open a eurodollar account in australian dollars. then hope the currency doesn't actually depreciate like it should in terms of interest rate diffs. Barron [/ QUOTE ] the real best thing to do with US dollars now though is to buy silver. i own australian dollars too though, not a bad a move in general. [/ QUOTE ] definitely agree that AUD is a good place to be. why do you think silver would yield more in terms of opporutnity cost than AUD? i don't see silver appreciating like other things right now given the direction of the US / global economy. what are your thoughts? thanks, Barron |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
I agree not to get a CD. Invest in other currency. Euros, Canadian $ or even British Pounds. Or somehow open a foreign account in the currency of your choice and get the going rate for a CD in that country. What are the odds that you put a Mill into a US CD and a year or 18 months or whatever from now the US $ depreciates > than the % you earned against 1 of those foreign currencies?
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Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
Revocable Trust Accounts, estate planning trusts and or (living trust, family trusts) are insured for up to $100,000 for each person on the account. Or just ask the bank to use a CDARS (which will cost you a very small percentage of your total yield).
Or since you are the genius perform the math yourself, from 2001 through 2004 22 banks were taken over by FDIC and four of these banks failed to return 100 cents on the dollar on uninsured accounts when the final dividend was paid. SOURCE: FDIC <font class="small">Code:</font><hr /><pre> Failed Bank--- Date Closed----- Total Uninsured Deposits Repaid Bank of Sierra Blanca 18 January 2002 65.35% Sinclair National Bank 7 September 2001 82.17% The Malta National Bank 3 May 2001 91.21% First Alliance Bank & Trust 2 February 2001 94.99% </pre><hr /> The remaining eighteen banks that went under had returned, by the spring of 2005, anywhere between 30% and 98% of uninsured deposits, but they are still in receivership and could return more. One percent of all the banks in the US fail each year. This should give you all the data you need to compute your 1 in 2000 thousand chance. www.idcfp.com is a good website to get an accurate rating of a banks solvency. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
We don't know the probability that a good bank will fail. There aren't enough events in recent years to estimate it very well. However, your requirements are fairly stringent and it may be that no institution today satisfies them.
In any event, retail bank CDs are unlikely your best alternative. If you think you are giving up too much owning Treasuries, you can find money market funds that both can get you where you want to be and are more liquid than CDs. There are a lot of issues in the short term funding markets today, so since you appear to be quite risk averse, find a super vanilla 2a-7 fund. I don't understand all the Australia stuff. Aside from being nonresponsive to the poster's question, Australia has been hit hard with -- US subprime mortgages! |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
Why AUD? |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
AUSSIE AUSSIE AUSSIE!!!
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Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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[ QUOTE ] [ QUOTE ] [ QUOTE ] [ QUOTE ] I want to throw a chunk of cash into CDs in one or two convienient walk in banks. Maybe a million or so. But I don't want to get totally ripped off just for the sake of safety, by accepting B of A type rates which are more than one percent below the best. On the othe hand, I don't want to take any more than about a one in a two thousand chance of losing my non insured money. Does anyone think they know which, if any, banks in my neck of the woods ar within about a third of a percent of the top paying ones and are safe enough to ignore the FDIC? If so please tell me who they might be. [/ QUOTE ] put your money outside the USA [/ QUOTE ] i agree. fly to Australia and open an account there. OR, open a eurodollar account in australian dollars. then hope the currency doesn't actually depreciate like it should in terms of interest rate diffs. Barron [/ QUOTE ] the real best thing to do with US dollars now though is to buy silver. i own australian dollars too though, not a bad a move in general. [/ QUOTE ] definitely agree that AUD is a good place to be. why do you think silver would yield more in terms of opporutnity cost than AUD? i don't see silver appreciating like other things right now given the direction of the US / global economy. what are your thoughts? thanks, Barron [/ QUOTE ] I can go into more reasons myself if you have more questions but here's a short case written by someone else (since its late and im lazy right this second). In fact i'll just write my opinions on this tomorrow but here a few facts to start with. I know you dont like article postings and prefer a summarization but these words are pretty concise and quite to the point. Commentaries from James Turk: Silver Is Money. http://www.kitco.com/commentary/imag...ep282007_1.gif This chart presents a base-100 analysis of crude oil prices in terms of dollars and goldgrams (grams of gold, and the unit of account of my company, GoldMoney) – and it now includes silver too, about which more in a moment. In other words, to establish the comparison in this chart, this analysis assumes that one barrel of crude oil equals 100 units of each currency as of December 1945. The month-end price is thereafter calculated based on the actual dollar price of crude oil and the prevailing dollar-to-goldgram rate of exchange. We can see from this chart (the red line is the price of crude oil in goldgrams) that a goldgram today purchases basically the same amount of crude oil as it has at any other time shown on this data line. Thus, the price of crude oil today is not out of line with past experience, provided it is measured in terms of goldgrams. When viewed by its goldgram price, crude oil today costs not much more than it did throughout the sixty-two years presented in this chart, and has occasionally cost a lot less. These two prices of crude oil are surprisingly different. Why has the price of the same commodity taken two separate paths so unexpectedly divergent? Clearly, the answer lies in the money used to calculate crude oil’s price. We can see that crude oil’s price fluctuates in both data lines, rising and falling in dollars and goldgrams. After all, nothing in our world is static, and we clearly see in these prices an example of that reality. Supply and demand changes cause the price of crude oil to fluctuate in both dollars and goldgrams. This interaction between supply and demand is basic economics, but this fundamental principle becomes distorted and therefore difficult to assess over long periods of time when the dollar – or for that matter, any other national currency – is used to measure prices. National currencies do not provide an accurate, consistent measure of buying power. In other words, because the dollar is being inflated, the trend of crude oil prices in dollars in this chart (the blue line) is rising. But goldgrams are not being inflated, so the price of crude oil in terms of goldgrams continues to trend sideways. More on Silver. The movements up and down in the gold/silver ratio very clearly show the ebb and flow of demand between gold and silver. This ratio also shows us something else. There exists a phenomenon that I call the ‘silver paradox’. Namely, if we analyze the minerals in the earth’s crust, there is about ten times more silver than gold. Therefore, given this amount of the relative supply of these two metals, why isn’t the gold/silver ratio 10:1 instead of the present level of 55:1? The simple answer is that supply is only one-half of the supply/demand equation that determines price. The demand for gold and the demand for silver also need to be factored in, which leads to the second part of the silver paradox. Given that there is relatively little demand for gold as an industrial metal or for its use in items such as jewelry, gold’s demand clearly arises almost entirely from its monetary use, but silver is different. Silver has a very strong industrial demand. What’s more, in contrast to gold which is hoarded and not consumed – i.e., gold does not disappear – silver is consumed in photographic and other applications, never again to re-appear. To explain this observation another way, essentially all of the gold mined throughout history exists in its aboveground stock. While the size of the aboveground stock of silver is controversial and probably unknowable, it seems likely that less than one-half of all the silver mined throughout history still exists in its aboveground stock, which brings us back to the silver paradox. Given the relative amounts of gold and silver that appear in the earth’s crust and given silver’s relatively small aboveground stock compared to gold, should not their ratio be 10:1 or perhaps even less? The answer again comes back to demand. The demand for silver is elastic, while that for gold is relatively inelastic. Therefore, at the bottom of the precious metal bear market in the early 1990’s, it took over 100 ounces of silver to buy an ounce of gold. It still takes 55 ounces of silver to buy one ounce of gold, but the trend is clear. Silver is gaining on gold, and will continue to do so as this precious metal bull market continues to develop because on the margin any new money coming into the metals has a bigger impact on silver. Thus, while I am very bullish on the long-term prospects for gold, I am even more bullish on silver. Historically, the ratio of these two precious metals is about 16-to-1. Therefore, as both gold and silver climb higher in this current bull market, I expect silver to climb even faster than gold, outperforming so that eventually the gold/silver ratio approaches 16-to-1. http://www.kitco.com/commentary/imag...ct162007_1.gif |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
Nice post but the "only" reason besides supply and demand is is because silver production is lower than the current demand. If the demand curve increases too much many more silver mines will open and silver will fall back to stable levels. I see no reason to hold silver over gold nor especially Zinc, nickel or oil.
Jimbo btw, silver is a base element, although it may not be cost effective to recover it never disappears, but the same holds true of gold used in production of electronic components. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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If the demand curve increases too much many more silver mines will open and silver will fall back to stable levels. I see no reason to hold silver over gold nor especially Zinc, nickel or oil. [/ QUOTE ] This isn't really entirely true for any of the above. Deposits are becoming rarer and the costs of mining are going up. This was more true in the past. Less true today. [ QUOTE ] btw, silver is a base element, although it may not be cost effective to recover it never disappears, but the same holds true of gold used in production of electronic components. [/ QUOTE ] Gold used in electronic components does not disappear. This can be refined and extracted. There is major industry around this. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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Gold used in electronic components does not disappear. This can be refined and extracted. There is major industry around this. [/ QUOTE ] How does this differ from what I wrote? [ QUOTE ] This isn't really entirely true for any of the above. [/ QUOTE ] Not quite entirely? What portion please, I was referring to silver in that portion of my comment. There is much more silver still underground than above. Why do you think we are drilling for oil in the middle of the ocean? I'll help, the current market price makes it worth drilling out there. Perhaps you weren't around when oil dropped to below $20 per barrell and stripper wells were closed all over the Anadarko basin. Guess what, they are up and operating again. Noetheless my conclusion that investing in silver is far from the best choice seems reasonable to me. Jimbo |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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How does this differ from what I wrote? [/ QUOTE ] i did read what you said wrong. im half asleep right now. however, gold is cost effective to extract. [ QUOTE ] I'll help, the current market price makes it worth drilling out there. Perhaps you weren't around when oil dropped to below $20 per barrell and stripper wells were closed all over the Anadarko basin. Guess what, they are up and operating again. [/ QUOTE ] I shouldn't even have drifted to this point because this isn't a significant part of my case. However demand is outpacing any bright picture for rare commodities supply increases. Regardless, the main point is an inflation issue. Oil isn't increasing that much in real terms, oil is mostly just increasing in inflated currencies. Gold and silver on the hand will have massive monetary demand increases when US bond markets start to really suffer. Thats the main reason to be in them. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
Great thread guys....esp. the siver/gold ratio debate [img]/images/graemlins/smile.gif[/img]
David, Before I start typing a fairly long answer to your question that will solve your dilemma from many perspectives: 1.Is your comment of a TOP TIERED walk-up money center bank (such as a Chase,BOA,Citi,etc),due to actually being able to withdraw physical CASH at some time at that particular location? 2.Is it imperative that the $1MM NOT be in a one chunk/one location/one time frame type vehicle? 3.When you say BOA is offering 1% BELOW other comparative CD's...are you referring to the interest rate/time period of each CD individually or as ONE CD over x months/years? 4.What is the min/max time frame of putting this money to work? 5.Where is your neck of the woods? [img]/images/graemlins/smile.gif[/img] I have several large trust accounts for my family/children(I have also helped clients with similar packages) that I have set up that have covered many of these bases.....such as secure bank worries,inconveniencies,FDIC concerns that you are addressing ...as well as NOT having your money tied up for a lengthy period of time without being substantially penalized Stephen Feraca [img]/images/graemlins/smile.gif[/img] |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
"silver is consumed in photographic and other applications, never again to re-appear."
With everyone using digital cameras these days this barely holds true |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
To keep the discussion to the original question, the risks have been pointed out very well. The good news is with online banking with a joint account you should be able to pick 5 financial institutions and open accounts at all in well under an hour of time.
There are many financial institions who have not reacted well strategicly to the change in interest rate environment and some rates 3-5 years out will look good now, but will look like a killing 6 months from now. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
I appreciate the advice but the posters here do not understand the degree of my laziness. Let's simplify the question.
Which of the following places would have a greater than a .05% chance of not giving me back all of my money plus interest in five years if I were to put a million bucks in there. Bank of America Citibank Nevada State Bank Washington Mutual Charles Schwab tax free sweep funds. I guess to be more precise I should say a .05% chance over and above the chance that Treasury Bonds or an FDIC insured account would. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
Many places also offer free SIPC insurance to supplement FDIC insurance. Generally this insures you for between $500k and $10M, and is quite reliable. I would check the fine print for whichever place you want to deposit to see if they provide this added insurance. I would think Charles Schwab or other brokerages would be most likely to.
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Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
I would NOT put your money into Washington Mutual. Look at their stock price and default swaps....
Bank of A and citi are both safe. I'd say Schwab is safe as well, but thats a money market and not a CD though right? Different risks there. My original answer was the best one for the lazy man who doesn't want to think about it or worry about default risk. The extra insurance is insanely cheap and easy to get, just have to ask for it when you walk in. In this environment the bank may even pay it for you. SteveOMS |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
Banks are rated by people at Moody's and S&P. You can check the rating for considered institutions and go with the best one. There is also Bank Rate's rating: http://www.bankrate.com/brm/safesound/ss_home.asp I don't know if Bank Rate's rating is just a gimmic or a solid assesment (never heard of it) but Moody's and S&P data is what you should be looking at. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
Don't pay for insurance. Many Banks offer programs where they will take your money and give anything over $100K to various other banks (keeping your deposits under $100K at each bank). The Bank is part of a network and will get money back in return. Many will do this for free, especially with the bargaining leverage you will have with $1M +.
The Bank of course pays to be part of this network, but in return they are able to satisfy their high net worth clients which is worth much more than the few bps they charge. I work at a Bank and we use CDARS. Read more about it here: http://www.cdars.com/ Make sure you give them a list of all the institutions you have money at currently. They can select which institutions not to send your $ to. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
After I attempted to give some sound advice,and reply to your post....your reply of "I am too lazy to figure out where to put my MILLION dollars"...this is either a thinly veiled brag post..or just plain STUPIDITY
There are PLENTY of 2+2 members in BFI,that would LOVE to have "your million $$$ problem"...and would digest any useful information this forum may produce from the many intelligent posters. This is a "NICE" example you are setting(LOL)... for the younger/novice investors,as I would expect MUCH more from you.If you can compute,compare or even care about your <.05% loss worry.....what was the purpose of your post in the first place? Just drive to the nearest BOA branch...tell them how lazy you are.....deposit your $1MM in ONE five year CD at whatever interest rate they give you,....and "hope" your principle + interest is still there in 2012 I am pretty shocked right now,as I guess I would expect more from someone like you in BFI I am also THRILLED I didnt give you the sound advice I was sincerely going to suggest prior to me asking you some simple questions in my previous post...making you many times more than a standard CD will return w/o risk! Very Disappointed, Stephen Feraca [img]/images/graemlins/confused.gif[/img] |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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I appreciate the advice but the posters here do not understand the degree of my laziness. Let's simplify the question. [/ QUOTE ] lol, douchebag |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
stephen
I used to think you were a douche from reading hsnl and all that garbage but your posts on the forum are awesome. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
none of those banks will default in the short term. However, you have enough wealth to get financial planning at a private banking arm of one of the major wall st firms. Goldman, Deutsche, Merrill, JPMorgan, UBS.
The first thing they will tell you is that CDs are a joke. and a 5 YR CD is insane. They are illiquid and return less than the most basic of money market funds. but if you're lazy and OK with returns that can barely beat inflation PRE TAX, it's all on you. and to answer your questions, any of those banks are fine and don't face any bankruptcy issues. Schwab and BOA are the best names on that list. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
Correct me if I'm wrong, but doesn't SIPC protection apply for CDs and other securities? At Etrade, it covers up to $500,000 per account, and FDIC covers $100,000 in cash. Additional insurance is available for a small fee, I believe...
BofA is SIPC insured: " Banc of America Investment Services, Inc. is a registered broker-dealer and member FINRA(The Financial Industry Regulatory Authority) and SIPC (Securities Investor Protection Corporation). Both BAI and BAISI are licensed insurance agencies and nonbank subsidiaries of Bank of America, N.A." |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
I would make sure you have some governmental insurance. Due to the uncertainty of the current credit environment, you don't want to be left holding the bag if the bank you chose fails. Even some of the big ones are suspect right now. Check out this article.
http://www.bloomberg.com/apps/news?p...d=aEUtlgwzL_qc What this means is that you either need to open up 10 different accounts for $100k each or buy some kind of supplemental insurance from the bank that you want to use. One good option might be to open a trading account at a place like Etrade where the bank is connected to the trading account. You invest 500k into a super short term bond fund or similar, and receive SIPC protection up to 500k. Then sweep the interest payments/dividends into your Etrade high yield savings account which is FDIC insured up to 100k. That covers 600k and gives you ATM access to 100k of it through local Etrade ATMs. If you need more than 100k, just sell some of the bond funds that day. I am not sure of another brokerage that does this, but I am sure one exists. In this way you would be fully gov't insured and fairly liquid with only two accounts. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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this is either a thinly veiled brag post [/ QUOTE ] ding ding ding! |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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I would make sure you have some governmental insurance. Due to the uncertainty of the current credit environment, you don't want to be left holding the bag if the bank you chose fails. Even some of the big ones are suspect right now. Check out this article. http://www.bloomberg.com/apps/news?p...d=aEUtlgwzL_qc What this means is that you either need to open up 10 different accounts for $100k each or buy some kind of supplemental insurance from the bank that you want to use. One good option might be to open a trading account at a place like Etrade where the bank is connected to the trading account. You invest 500k into a super short term bond fund or similar, and receive SIPC protection up to 500k. Then sweep the interest payments/dividends into your Etrade high yield savings account which is FDIC insured up to 100k. That covers 600k and gives you ATM access to 100k of it through local Etrade ATMs. If you need more than 100k, just sell some of the bond funds that day. I am not sure of another brokerage that does this, but I am sure one exists. In this way you would be fully gov't insured and fairly liquid with only two accounts. [/ QUOTE ] So, basically exactly what I said in the post directly above you. [img]/images/graemlins/wink.gif[/img] |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
Yes, I was typing mine while you were typing yours. I noticed after I clicked submit, that it was redundant. Sorry.
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Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
Citibank & Bank of America could arguably be described as too big to fail (though this is always at the discretion of the feds). Nevada State Bank is not too big to fail...
Another option is just to buy Treasuries or a Treasury ETF. .05% is a pretty small probability. Probably tough to get that level of certainty and make any more money than you would in Treasuries (outside of spreading the money around to have FDIC protection). But geez, if you are talking about a million or so, just hire somebody to take care of this! |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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After I attempted to give some sound advice,and reply to your post....your reply of "I am too lazy to figure out where to put my MILLION dollars"...this is either a thinly veiled brag post..or just plain STUPIDITY There are PLENTY of 2+2 members in BFI,that would LOVE to have "your million $$$ problem"...and would digest any useful information this forum may produce from the many intelligent posters. This is a "NICE" example you are setting(LOL)... for the younger/novice investors,as I would expect MUCH more from you.If you can compute,compare or even care about your <.05% loss worry.....what was the purpose of your post in the first place? Just drive to the nearest BOA branch...tell them how lazy you are.....deposit your $1MM in ONE five year CD at whatever interest rate they give you,....and "hope" your principle + interest is still there in 2012 I am pretty shocked right now,as I guess I would expect more from someone like you in BFI I am also THRILLED I didnt give you the sound advice I was sincerely going to suggest prior to me asking you some simple questions in my previous post...making you many times more than a standard CD will return w/o risk! Very Disappointed, Stephen Feraca [img]/images/graemlins/confused.gif[/img] [/ QUOTE ] You are way too sensitive. Everybody knows that I have a lot more than a million dollars so how was it bragging? And everybody knows that I know that putting money in the bank is one of the worst ways you can use it. But since I decided to do it purely because I am too lazy to go to any trouble at all for an extra 20K a year, it brought up the interesting question of whether the utterly horrible rate that BofA offers is even remotely related to the diminshment of risk. I suppose I could have asked the question in that form rather than have embellished it with my personal situation. But that was just window dressing to make the post less dry. I realize you were just trying to be helpful, but as I said, the main reason for my post was that I was curious about the probability that banks will lose uninsured deposits. It was really a political question that justhappens to have a tiny effect on my life. If I heard anyone else on this forum put a million dollars in a bank CD, I would have them flogged. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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[ QUOTE ] After I attempted to give some sound advice,and reply to your post....your reply of "I am too lazy to figure out where to put my MILLION dollars"...this is either a thinly veiled brag post..or just plain STUPIDITY There are PLENTY of 2+2 members in BFI,that would LOVE to have "your million $$$ problem"...and would digest any useful information this forum may produce from the many intelligent posters. This is a "NICE" example you are setting(LOL)... for the younger/novice investors,as I would expect MUCH more from you.If you can compute,compare or even care about your <.05% loss worry.....what was the purpose of your post in the first place? Just drive to the nearest BOA branch...tell them how lazy you are.....deposit your $1MM in ONE five year CD at whatever interest rate they give you,....and "hope" your principle + interest is still there in 2012 I am pretty shocked right now,as I guess I would expect more from someone like you in BFI I am also THRILLED I didnt give you the sound advice I was sincerely going to suggest prior to me asking you some simple questions in my previous post...making you many times more than a standard CD will return w/o risk! Very Disappointed, Stephen Feraca [img]/images/graemlins/confused.gif[/img] [/ QUOTE ] You are way too sensitive. Everybody knows that I have a lot more than a million dollars so how was it bragging? And everybody knows that I know that putting money in the bank is one of the worst ways you can use it. But since I decided to do it purely because I am too lazy to go to any trouble at all for an extra 20K a year, it brought up the interesting question of whether the utterly horrible rate that BofA offers is even remotely related to the diminshment of risk. I suppose I could have asked the question in that form rather than have embellished it with my personal situation. But that was just window dressing to make the post less dry. I realize you were just trying to be helpful, but as I said, the main reason for my post was that I was curious about the probability that banks will lose uninsured deposits. It was really a political question that justhappens to have a tiny effect on my life. If I heard anyone else on this forum put a million dollars in a bank CD, I would have them flogged. [/ QUOTE ] David, i think we all know the real solution to the problem of you having $1million you don't want to have to worry about +/- 20k: http://home.earthlink.net/~h111/Media/horserac.jpg [img]/images/graemlins/smile.gif[/img] Barron |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
David,
First of all I dont care if you have $200MM(and I dont want to get into embarassing you in a pissing contest ...lol)...but your first line of your reply blows your cover,and validates my response/POV: Everybody knows that I have a lot more than a million dollars so how was it bragging Word to the wise sir, You may enjoy kissing YOUR mirror in the morning when you wake up...but I can see through the other side of the glass my friend...as you are NOT impressing some 17yr old HS kid here Dont make a fool of yourself any longer than you already have.The average age/experience level/IQ on the WHOLE 2+2 website IS very low lately....but since I started posting/reading BFI the last few weeks....its been a pleasure to help,lead,guide as well as LEARN myself about any and all subjects pertinent to ones financial growth along with life type situations/questions You can tell Mason & Co. to BLOW UP the other 20+ forums on this website for all I care,because no one would miss them in the least bit...EXCEPT the group I described above.The quality of posts/threads on 2+2 has diminished to ZERO....except for BFI in my opinion,and I hope each time I post/reply....I may help someone in some way,shape,or form I have recieved more PM's since posting in BFI,than you could imagine.....and I LOVE responding to everyone of them...just I as "tried" to do with you in the original post Your ignorant reply belongs in the NVG forum,where it would fit like a glove for Christ sakes I actually dont know what else to say? Stephen Feraca [img]/images/graemlins/confused.gif[/img] ***if you want to BAN me...please do so....you have the BADGE......so feel free if you cant handle brutal honesty. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
You are wrong. Period. The million bucks was mentioned only because it is way over the FDIC insurance. My personal situation was mentioned only to put a little flavoring on the question regarding banks chances of not paying off non insured deposits.
And I have never banned one person from this website. |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
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...making you many times more than a standard CD will return w/o risk! [/ QUOTE ] Could you please explain this anyway? |
Re: Are Any Non Mega Banks Safe Enough To Ignore 100K FDIC Limit?
I promise to close my eyes.
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