Business advice from Banker - GoFuckYourself.com

Redrob · 07-15-2008, 10:30 PM

My banker told me today that some banks are going to be having problems.

He also said that nobody should keep more than $100K in a bank and that includes the total of multiple accounts if you have more than one.

He said to spread your cash and investments around to multiple banks that are FDIC insured to $100K and keep less than the $100K in each.

If one fails, the money is insured and the others are still solvent. That way you won't get hurt if the shit hits the fan.

FYI

marketsmart · 07-15-2008, 10:32 PM

i keep my gold bricks buried in my back yard...

Barefootsies · 07-15-2008, 10:34 PM

I've heard the same.

MRock · 07-15-2008, 10:45 PM

I convert my cash immediately to livestock.

fallenmuffin · 07-15-2008, 11:00 PM

I have three bank accounts and 2 savings accounts all fdic insured for this very reason.

Evil E · 07-15-2008, 11:03 PM

I have no money so I'm good.

Bossman · 07-15-2008, 11:19 PM

Also if everything breaks down, then having cash on hand can make you survive, when everyone dies waiting in lines trying to get their cash from the ATMs

woj · 07-15-2008, 11:27 PM

Great, except who would keep univested 100k+ in a bank account anyway?

DateDoc · 07-15-2008, 11:40 PM

The prediction is that up to 150 small to midsize banks will fail in the next 18 mos.

DateDoc · 07-15-2008, 11:40 PM

Quote:

Originally Posted by fallenmuffin

I have three bank accounts and 2 savings accounts all fdic insured for this very reason.

Different banks right?

datatank · 07-15-2008, 11:43 PM

Quote:

Originally Posted by woj

Great, except who would keep univested 100k+ in a bank account anyway?

Plenty

Evil E · 07-16-2008, 12:29 AM

Wonder what happens if you have a credit line in the red with that bank and it goes bankrupt...

Evil E · 07-16-2008, 12:33 AM

Quote:

Originally Posted by Bossman

Also if everything breaks down, then having cash on hand can make you survive, when everyone dies waiting in lines trying to get their cash from the ATMs

Not if the money is worth nothing

fallenmuffin · 07-16-2008, 12:40 AM

Quote:

Originally Posted by DateDoc

Different banks right?

Yup different banks. My main bank has most of my cash though but I'm planning to starting to build up the other accounts. You can always tell which banks have more of my cash by the way the teller treats me lol.

qxm · 07-16-2008, 12:47 AM

The minute Countrywide got in trouble I knew big shit was just around the corner for the banks.... as the banker said, its a good idea to spread your monies across dif banks, just don't put yo monies in smaller run-of-the-mill banks.........

OG LennyT · 07-16-2008, 12:52 AM

good advice

DaddyHalbucks · 07-16-2008, 01:23 AM

Put some under your mattress too.

Bossman · 07-16-2008, 02:02 AM

Quote:

Originally Posted by Evil E

Not if the money is worth nothing

You can always bet on that the central bank will start destroying money/cash, if the value falls too much.... great depresion was casued because the centralbank destroyed 1/3 of the money.

brandonstills · 07-16-2008, 03:15 AM

just hedge it

dready · 07-16-2008, 06:58 AM

Quote:

Originally Posted by DateDoc

The prediction is that up to 150 small to midsize banks will fail in the next 18 mos.

Yep, and some very major banks too. American banks haven't really begun to report their credit writedowns yet. When they do, the number is going to be so large, they won't be able to raise enough new funds to cover it, and there won't be enough healthy banks to help them out. Other countries will be less likely to help because the dollar is so worthless now.

It will be similar to Japan in the 90s and USA in the 30s. Multiple major bankruptcies.

pornguy · 07-16-2008, 07:23 AM

Dont use banks. Use Credit Unions.

pornguy · 07-16-2008, 07:25 AM

Quote:

Originally Posted by MRock

I convert my cash immediately to livestock.

This may be a better idea than you think.

Barefootsies · 07-16-2008, 07:32 AM

Quote:

Originally Posted by pornguy

Dont use banks. Use Credit Unions.

Toetally agree 100%.

I've moved 90% of my accounts to one over the past year or so. It's proved most beneficial.

stereolab · 07-16-2008, 09:41 AM

all these responses are great for personal accounts, but what about small businesses that have all their payroll in one bank - far more than $100k. POOF. Out of business.

DateDoc · 07-16-2008, 10:11 AM

Quote:

Originally Posted by stereolab

all these responses are great for personal accounts, but what about small businesses that have all their payroll in one bank - far more than $100k. POOF. Out of business.

There has been quite a bit of talk about this and having payroll accts treated as pass thru accts which are not subject to FDIC limits. Unfortunately, this has not happened yet and the consensus stands that it may be better to make payroll any day but Friday as that is the day the FDIC typically seizes a banks assets and shuts it down. If you switch pay day to Monday most paychecks should have cleared by Friday thus reducing the chance of funds being uninsured.

stereolab · 07-16-2008, 10:16 AM

Quote:

Originally Posted by DateDoc

There has been quite a bit of talk about this and having payroll accts treated as pass thru accts which are not subject to FDIC limits. Unfortunately, this has not happened yet and the consensus stands that it may be better to make payroll any day but Friday as that is the day the FDIC typically seizes a banks assets and shuts it down. If you switch pay day to Monday most paychecks should have cleared by Friday thus reducing the chance of funds being uninsured.

you're still walking a very thin wire. if we see 8-9 more banks fail, you're going to see payrolls vanish into thin air and sudden, massive unemployment. yikes!

DatingGold · 07-16-2008, 10:29 AM

This is a very good solution: www.cdars.com

notime · 07-16-2008, 10:58 AM

put it on visa, mastercard, epassporte & paypal
and some in large worldwide banks that actually make money & profits
like the ING bank

Phoenix · 07-16-2008, 11:02 AM

how are cdn banks looking?

JFK · 07-16-2008, 12:31 PM

Quote:

Originally Posted by pornguy

Dont use banks. Use Credit Unions.

what makes you think they are safer ?

stereolab · 07-16-2008, 12:46 PM

Quote:

Originally Posted by notime

put it on visa, mastercard, epassporte & paypal
and some in large worldwide banks that actually make money & profits
like the ING bank

how's that going to work out when you have 50 employees expecting their paycheck like clockwork. some get paid in paypal? some in epassport? what if you have a few million bucks in Washington Mutual that handles your payroll - then tomorrow *poof*, all your payroll money is gone.

that could very well happen to a lot of mid/small biz.

ztik · 07-16-2008, 01:10 PM

Quote:

Originally Posted by woj

Great, except who would keep univested 100k+ in a bank account anyway?

Umm.. I do.. lol

What is the worry? I don't get it, I guess I am out of the loop.

07-15-2008, 10:30 PM	#1
Redrob Confirmed User Industry Role: Join Date: Oct 2004 Location: In a refrigerator box by the tracks. Posts: 4,791	Business advice from Banker My banker told me today that some banks are going to be having problems. He also said that nobody should keep more than $100K in a bank and that includes the total of multiple accounts if you have more than one. He said to spread your cash and investments around to multiple banks that are FDIC insured to $100K and keep less than the $100K in each. If one fails, the money is insured and the others are still solvent. That way you won't get hurt if the shit hits the fan. FYI

07-15-2008, 10:34 PM	#3
Barefootsies Choice is an Illusion Industry Role: Join Date: Feb 2005 Location: Land of Obama Posts: 42,635	I've heard the same. __________________ Should You Email Your Members? Link1 \| Link2 \| Link3 Enough Said. "Would you rather live like a king for a year or like a prince forever?"

07-15-2008, 10:45 PM	#4
MRock Confirmed User Join Date: Dec 2007 Location: Tampa Posts: 251	I convert my cash immediately to livestock. __________________ Sell more Jill: Strapon Gurl Clips - Pixaloons Video Clips - Busty Smoker Clips

07-15-2008, 11:03 PM	#6
Evil E Confirmed User Join Date: Apr 2005 Location: Lazyness is a lifestyle Posts: 3,201	I have no money so I'm good. __________________ A girl once told me "Give me 8 inches and make it HURT". So, I fucked her twice and hit her with a brick.

07-15-2008, 11:19 PM	#7
Bossman Confirmed User Join Date: Jun 2006 Location: EU Posts: 1,263	Also if everything breaks down, then having cash on hand can make you survive, when everyone dies waiting in lines trying to get their cash from the ATMs __________________ Live Sex Buying membership sites E-mail: support AT epcrew.com

07-15-2008, 10:32 PM	#2
marketsmart HOMICIDAL TROLL KILLER Industry Role: Join Date: Dec 2004 Location: Sunnybrook Institution for the Criminally Insane Posts: 20,419	i keep my gold bricks buried in my back yard...

07-15-2008, 11:00 PM	#5
fallenmuffin Confirmed User Industry Role: Join Date: Nov 2005 Posts: 8,170	I have three bank accounts and 2 savings accounts all fdic insured for this very reason.

07-15-2008, 11:27 PM	#8
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	Great, except who would keep univested 100k+ in a bank account anyway? __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager Last edited by woj; 07-15-2008 at 11:28 PM..

07-15-2008, 11:40 PM	#9
DateDoc Outside looking in. Industry Role: Join Date: Feb 2005 Location: To Hell You Ride Posts: 14,243	The prediction is that up to 150 small to midsize banks will fail in the next 18 mos. __________________

07-16-2008, 12:29 AM	#12
Evil E Confirmed User Join Date: Apr 2005 Location: Lazyness is a lifestyle Posts: 3,201	Wonder what happens if you have a credit line in the red with that bank and it goes bankrupt... __________________ A girl once told me "Give me 8 inches and make it HURT". So, I fucked her twice and hit her with a brick.

07-16-2008, 12:47 AM	#15
qxm Confirmed User Join Date: Jul 2006 Location: NoHo Posts: 5,970	The minute Countrywide got in trouble I knew big shit was just around the corner for the banks.... as the banker said, its a good idea to spread your monies across dif banks, just don't put yo monies in smaller run-of-the-mill banks......... __________________ ICQ: 266990876

07-16-2008, 12:52 AM	#16
OG LennyT Wall Street Pimp Industry Role: Join Date: Jun 2003 Location: Phoenix, AZ Posts: 14,345	good advice __________________ Tradeking - my online broker \| 4.95 a trade \| make real $$

07-16-2008, 01:23 AM	#17
DaddyHalbucks A freakin' legend! Industry Role: Join Date: Feb 2004 Location: Las Vegas, Nevada USA Posts: 18,975	Put some under your mattress too. __________________ Boner Money

07-16-2008, 03:15 AM	#19
brandonstills Confirmed User Join Date: Dec 2007 Location: Chatsworth, CA Posts: 1,964	just hedge it __________________ Brandon Stills Industry and programming veteran [email protected] \| skype: brandonstills \| ICQ #495-171-318

07-16-2008, 07:23 AM	#21
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	Dont use banks. Use Credit Unions. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

07-16-2008, 09:41 AM	#24
stereolab Confirmed User Join Date: Mar 2004 Posts: 798	all these responses are great for personal accounts, but what about small businesses that have all their payroll in one bank - far more than $100k. POOF. Out of business. __________________

07-16-2008, 10:29 AM	#27
DatingGold $6 PER EMAIL JOiN Industry Role: Join Date: Feb 2003 Location: California Posts: 13,185	This is a very good solution: www.cdars.com __________________ 9 Years of SOLID payouts and conversions! ADULT DATING - $100 PPS LIVE CAMS - $214 PPS WWW.DATINGGOLD.COM ICQ: 27442303

07-16-2008, 10:58 AM	#28
notime Confirmed User Industry Role: Join Date: Jun 2003 Location: cyberspace Posts: 8,022	put it on visa, mastercard, epassporte & paypal and some in large worldwide banks that actually make money & profits like the ING bank

07-16-2008, 11:02 AM	#29
Phoenix BACON BACON BACON Industry Role: Join Date: Nov 2002 Location: Poems everybody, the laddie fancies himself a poet Posts: 35,462	how are cdn banks looking? __________________ Skype Phoenixskype1 Telegram PhoenixBrad https://quantads.io