Money & Economics
- Thread starter bigredfish
- Start date
Yeah we have 4 banks ourselves, but we do have some Brokered CDs in those banks. I know a couple is insured $500k per institution. Wonder how IRAs work though, my wife retired recently and rolled over her 401k and pension to an IRA. They are in her name. Does the couple Insurance work for us, I am a Beneficiary on her IRA.
bigredfish
Known around here
We'll get out of BoA soon, that was an account of my Mother's with very little in it but we used it to temporarily park some assets.
I dont think IRA's are insured, but depending on the assets within it, some may be (CDS's etc)
I dont think IRA's are insured, but depending on the assets within it, some may be (CDS's etc)
Sybertiger
Known around here
I abandoned bricks and mortar banks a long time ago. Used to have Wells Fake-o and Bank of Ameriscam after they gobbled up all the local banks in Florida and across the nation. I sunk a chunk of change into short term real estate (medical, 4-plexes, storage, shopping centers, etc.) crowd funding investments that have fixed rates of return. And, I'm also involved with longer term real estate crowd funded projects that may or may not pan out out at a higher rate of return but who knows. None of this is 100% guaranteed. I've also got a chuck of change in Fidelity Investments accounts. It offers SIPC brokerage insurance similar to FDIC and they have private insurance (Lloyds of London) beyond SIPC (like I believe in mortgage insurance scams after 2008...LOL). They do utilize cash sweeps to distribute money across partner FDIC insured banks to up your investment coverage beyond $250K. For example, one of my accounts is considered a cash account not a brokerage account and it's distributed between four banks (Leader Bank, Fifth Third Bank, Truist Bank, Citibank). Theoretically, you have FDIC coverage up to $1M across four banks. No gold/silver.
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Sybertiger
Known around here
Just for grins, here are some money market yields at Fidelity. Show me what your bank is offering.
Fidelity is where my wife had her 401k and rolled it to an IRA. She ended up buying their brokered CDs (Ladder) with some of her money in 3 different banks, they left the rest of her money in a Fidelity Money Market account. I ended up opening an account with Fidelity too and did the same some of my inherited money, so we are assuming our CDs are spread out enough to have the FDIC protection. Last I looked our Money Market was yielding at 4.22%
Funny but both of my parents had BoA. I ended up closing both of their accounts. Had a crazy thing happen, I was thinking of keeping the accounts and adding my wife to the accounts, I already had my parents name's removed when they passed. Well in my main bank, Amegy, they just have us do a signature card, takes 5 mins. Not BoA, they required a credit report on my wife. I said our Credit Bureau accounts are Locked, so I went along with it and unlocked them for them to pull a report, so now I am 2 days into just trying to simply add my wife, we got a letter saying they denied her so we went to the bank and said we have excellent credit, always in the 800s credit score, what's the deal. They messed around without any good answer so I said this is the third time I am been here for a simple transaction, just close these accounts. Come to find out later, the letter was about them trying to get a credit report with our credit accounts locked and it got denied but the letter did not state this. Haha, their loss.
Also a pain was every time i went to deposit a check for my parents it was a problem, they had to verify. What, first I heard of a bank not wanting to take money. Then they came up with you had to have the App for verification. Glad I am done with that crazy bank...
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Sybertiger
Known around here
The craziest bank experience I had was when I was doing consulting work in NY. I was there 1.5 years and had a pretty sizeable 6 figure account. When the contract ended I went there to get a bank check (back in the day before easy EFT). So, I'm sitting in the office of the branch manager and I ask her to make sure that I receive the appropriate interest for the month. She grabs a calendar and proceeds to calculate interest payment.
Manager: "1, 2, 3, 4, 5.....okay those two days are the weekend, 6, 7, 8, 9 10, okay two more weekend days and Monday was a holiday, 11, 12, 13.....okay, 13 days of interest through the 19th of the month."
Me: "19 days of interest for 19 days. Are you trying to tell me your bank doesn't pay interest on days the bank is closed?"
Manager: "Yes, that's correct".
Me: "What the #&%@%$ are you talking about? I've never heard of something do ridiculous in my life and you are the branch manager?"
I think I blanked out after that and only recall my demands on interest payment and telling her I don't trust her or her bank and to give me my money in #%$&@ CASH! She goes on to tell me they don't have that kind of cash in the bank so it could take awhile to assemble it.....LOL! In the end, after making her sweat it out, I told her to give me a paper check and that I'd never do business with her bank and would let people know of their scam.
This was the BANK OF NEW YORK and not Billy Bobs Bank and BBQ Emporium. I never could figure out how a fucktard could become the branch manager as she looked to be in her late 50's or early 60ish back then.
Manager: "1, 2, 3, 4, 5.....okay those two days are the weekend, 6, 7, 8, 9 10, okay two more weekend days and Monday was a holiday, 11, 12, 13.....okay, 13 days of interest through the 19th of the month."
Me: "19 days of interest for 19 days. Are you trying to tell me your bank doesn't pay interest on days the bank is closed?"
Manager: "Yes, that's correct".
Me: "What the #&%@%$ are you talking about? I've never heard of something do ridiculous in my life and you are the branch manager?"
I think I blanked out after that and only recall my demands on interest payment and telling her I don't trust her or her bank and to give me my money in #%$&@ CASH! She goes on to tell me they don't have that kind of cash in the bank so it could take awhile to assemble it.....LOL! In the end, after making her sweat it out, I told her to give me a paper check and that I'd never do business with her bank and would let people know of their scam.
This was the BANK OF NEW YORK and not Billy Bobs Bank and BBQ Emporium. I never could figure out how a fucktard could become the branch manager as she looked to be in her late 50's or early 60ish back then.
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Sybertiger
Known around here
Sybertiger
Known around here
You know, when you start looking at these "high" interest rate bearing banks or neo-banks you see a lot of shenanigans:
- Up to 5% on the first $5,000 and lower interest rate on a higher deposit
- 4% or higher but only if you participate in a paycheck direct deposit schedule
- $10K per day transfer limits
- Not automatically enrolling you in higher bearing rate when a higher rate becomes available/advertised
Ssayer
BIT Beta Team
When you deal with the mafia, you get the mafia.
Ssayer
BIT Beta Team
Nope, nothing funny going on here:
Here's my screenshot, in case it disappears. May I direct your eyes to the Dollar to Gold ratio and the Dollar to Silver ratio:
Here's my screenshot, in case it disappears. May I direct your eyes to the Dollar to Gold ratio and the Dollar to Silver ratio:
Ssayer
BIT Beta Team
Yeah, I have a minimal amount of junk silver (i.e. pre-1964). Honestly though, when this circus comes down (and it will), it's not going to matter much. When the hordes of people that had less than 3 days worth of food on hand go roaming...
Agreed.
Question, since we know physical cash will one day go away, would it be a good idea to get rid of any before it becomes worthless?
Ssayer
BIT Beta Team
Only problem with that is that I've been watching this situation going downhill since 1996. That's 27 years. When do we make the call to completely divest ourselves of cash/banks/whatever? It could be today, tomorrow, 2035, whatever... I'm glad I didn't make that call in '96, eh?
Study the "Reconstruction Era" in North Texas. There was no Hard Money as we in the conquered South were substandard.
Very little US coin was available so, Mexican coin was once again Coin of the Realm and, little of that too! So it
was "Chucky Cheese" tokens.
If one is sucker for the "paper gold" maybe one may scrape the gold leaf off the header of the certificate.
Post-hole banking might be making a comeback!
My roots go back to the "Lee Peacock Feud".
Very little US coin was available so, Mexican coin was once again Coin of the Realm and, little of that too! So it
was "Chucky Cheese" tokens.
If one is sucker for the "paper gold" maybe one may scrape the gold leaf off the header of the certificate.
Post-hole banking might be making a comeback!
My roots go back to the "Lee Peacock Feud".