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Thread: Processing Deposit Accounts in a Bank Failure: new rules?

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    Default Processing Deposit Accounts in a Bank Failure: new rules?

    Check out this: http://www.fdic.gov/news/news/financ...8002.html#body

    so what does this mean?

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    Default Re: Processing Deposit Accounts in a Bank Failure: new rules?

    It means that the FDIC is preparing itself for the day when it is no longer possible to immediately find willing buyers to take over failed banking institutions and continue depositor account service as if nothing had happened (as has typically been the case with recent isolated bank failures).

    It means that the FDIC is clarifying its authority to 'freeze' account balances in failed banking institutions, so that FDIC insured depositors and non-FDIC insured depositors alike won't be allowed to withdraw any of their money immediately. The intent of course is to make sure that non-FDIC insured depositors will not be allowed to withdraw any of their money AT ALL, so that whatever remains of assets in the failed banking institution can be directed to pay off FDIC insured accounts first. In a general sense, it means long bureaucratic delays before FDIC insured depositors will actually receive their money !

    It means that the FDIC realizes that its total amount of 'insurance' reserve funds is woefully inadequate to pay off FDIC insured depositors immediately should a 'wave' of financial institutions find themselves in trouble at the same time for the same reason (reference to impending bankruptcy of bond / mortgage insurers, and associated rating downgrades and devaluations of worthlessly insured bonds / notes / derivatives forcing banks to write off the devaluations)

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    Default Re: Processing Deposit Accounts in a Bank Failure: new rules?

    so pretty much cash in hand, preferably, in Swiss francs? getting ready for bartering goods and services? lol

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    Default Re: Processing Deposit Accounts in a Bank Failure: new rules?

    the US banking system is almost totally insolvent. the Fed. Reserve is propping the larger banks up, but there is simply no money. minusing out what the Fed's put in, there is like 199 MILLION TOTAL. for banks worth billions on paper, who supposedly can cover billions in deposits made.

    and the next bubble is in commodities. this crazy gambler's mentality where 'oh the government will bail us out' is progressing to OUR FOOD SUPPLY. ugh.

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    Default Re: Processing Deposit Accounts in a Bank Failure: new rules?

    Quote Originally Posted by Adelina View Post
    so pretty much cash in hand, preferably, in Swiss francs? getting ready for bartering goods and services? lol
    And what American is going to accept Swiss francs as society is crumbling. Most americans don't even know the differenct between Switzerland and Sweden. If everything goes to shit, I'm selling ass (not. necess. my own) in exchange for food and protection. Dammit!

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    Default Re: Processing Deposit Accounts in a Bank Failure: new rules?

    Quote Originally Posted by Katrine View Post
    And what American is going to accept Swiss francs as society is crumbling. Most americans don't even know the differenct between Switzerland and Sweden. If everything goes to shit, I'm selling ass (not. necess. my own) in exchange for food and protection. Dammit!
    Horses are a little more powerful though.

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    Default Re: Processing Deposit Accounts in a Bank Failure: new rules?

    Call me paranoid, but stuff like this is why I'm a FIRM believer in precious metals... And I DON'T keep my silver and gold in a safety deposit box (nor do I pay anyone else to "store" it for me), because if society collapses, getting to the bank will be nigh impossible, and cash money will be worthless. I have a safe in my house (secured to the floor) with my valuables.

    And food storage... Don't forget food storage!

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