Comments on: 3 Warnings Signs Your Bank May Fail

By: mario

mario — Wed, 18 Nov 2009 15:29:46 +0000

Hi all, I am thinking of opening a CD with Discover Bank, it seems pretty secure and a little less risky than WAMU and others, a good rate as well for a 5 year CD. Any advice? I just finished a CD with another major bank and they’re wanting me to stay with them but thinking of opening a Discover account to diversify. Thx.

By: down with wamu

down with wamu — Fri, 26 Sep 2008 18:27:12 +0000

WaM-U with Fees… time to pop the cork open, lol

By: Max

Max — Tue, 23 Sep 2008 14:59:58 +0000

I guess our next step is to place cold cash under our mattresses. I kid not…my grandmother didn’t trust banks after going through the Great Depression…and here we are again.

By: steve

steve — Mon, 22 Sep 2008 21:06:36 +0000

Careful folks. There is not nearly enough money in the FDIC insurance account to cover a WaMu failure. Not even close. The FDIC would probably have to petition Congress for 100 billion additional dollars just to cover WaMu’s insured accounts. And what happens if another bank fails (or when another bank fails). Where is the government getting any money right now? It owes out over 10 trillion dollars, and every month needs to come up w/ 200 billion just to cover the interest on that debt. Can you see the next move you should be making?

By: Jason

Jason — Fri, 19 Sep 2008 04:12:22 +0000

Dre,

Bear Stearns is NOT a bank.

end.of,.story.

By: Bob

Bob — Fri, 19 Sep 2008 04:11:34 +0000

Hey WaM-U with Fees-

did you overdraw your account & they charge you an overdraft fee you idiot?

they invented free checking

what fees do you speak of?

By: Ange

Ange — Sun, 07 Sep 2008 19:14:45 +0000

Anyone can comment on ING Direct saving.CD Service?
Thanks,

By: WaM-U with Fees...

WaM-U with Fees... — Mon, 01 Sep 2008 13:17:10 +0000

I just want to say that WaMu is one of the WORST banks ever when it comes to unethical fees and other nonsense.

If WaMu goes under it will MAKE MY DAY!!! I”ll be SO HAPPY!!

I’m going to keep a bottle of Champaign ready so when I hear the news on CNN that WaMu has FAILED I can pop the cork and celebrate!!

By: dre

dre — Sun, 31 Aug 2008 01:31:13 +0000

ahm… two words.. Bear Stearns.. need i say more? a bank ISN’T too big to fail

By: Stan

Stan — Tue, 12 Aug 2008 07:27:03 +0000

The problem with counting on FDIC is that in abnormal banking times like this, the fed government may not have enough money to save every depositer out there. What you can do to protect yourself is to deposit your cash in a highly regarded bank like Hudson City Bank. Since I don’t live anywhere near it ( I live in Florida ) I plan to start buying shares of it’s holding company, Hudson City Bankcorp, Inc.

By: Dee

Dee — Sun, 10 Aug 2008 23:12:03 +0000

These are true statements. Watch out for those outlandishly high rates! Check your banks stock price. Although all banks have been seriously effected by our troubled market, if your bank has a higher stock price compared to the rest AND the deposit rates are comparable or lower than others….stay with that bank. However, if the deposit rates are high and the stock price is down, remember, that 2% higher rate is not worth the trouble. Afterall, if a bank fails, FDIC may take a while to reimburse you.

By: Nancy

Nancy — Fri, 08 Aug 2008 13:50:36 +0000

Maddy,
I appreciate the feedback! I also noticed on bauerfinancial.com that HSBC Bank of Nevada (which appears to be an online bank also) has a 5-star rating. Just getting over the leap of faith for internet banking since I’m a boomer and this is new to me! Brick and mortar just isn’t as safe as it used to be so I guess I better open up to new options.
Thanks again.

By: Maddy

Maddy — Thu, 07 Aug 2008 14:18:13 +0000

Nancy,

I have heard only good things about ING Direct so far, (except the electronic checks, which again is not quite bad really)

I opened an online savings account with them just a week back, the process is pretty simple (I did it online). The rate they offer maybe a little less than some of the other players, but from what I heard, they are a safe bet!

By: Bali

Bali — Thu, 07 Aug 2008 03:38:50 +0000

i want to open a cd account. Do not know which bank i shoould open.
In my MA states, rates are very low.
Does any one have experience with Discover bank ? rates are good
for 5 years term. I was going to open at WA-MU, but afer reading
all the comments, it make me scared. any suggestion.

By: Nancy

Nancy — Thu, 07 Aug 2008 02:41:37 +0000

I, too, had money with Indymac and got it all back. The FDIC rules made that very easy. The new Federal Indymac has offered new CDs with new rates. Also did hear WAMU is not doing as well right now. I live in Nevada and it’s a bit of a mess here.
Anyone have feedback on other alternatives such as E-trade or ING-Direct savings accounts?

By: Mocirne

Mocirne — Wed, 06 Aug 2008 03:43:38 +0000

Basically if you have a CD that is less than or equal to $100,000 in a bank that goes under (bought out by the FDIC), the FDIC will either send you a check literally within a few days for the full amount (principal + interest) or retain the CD in its Open status and you will continue to earn interest on this. Somewhere down the line, the FDIC will sell the bank to a buyer, who will then do 1 of 3 things: 1) close your CD account on the spot and send you a check for the full amount, 2) keep your CD open at its existing rate, 3) notify you that they are changing the rate, which you can accept or reject… if you reject they will send you a check for the full amount. Bottom line is, if your amount is under $100,000 (that includes principal AND interest, by the way) you will either get all of your money back, or nothing will change for you and your account will continue gaining interest under its original conditions.

By: Edward Obi-Akpere

Edward Obi-Akpere — Sat, 02 Aug 2008 11:39:45 +0000

The point that interest me most is; “Is your bank being slaughtered on the stock market?”. It is very true that when stocks and shares of a bank is going down in the stock exchange market, there is clear indication such a bank is not performing, in this market (stock exchange market), prices are determined by the free market forces of demand and supply.

By: Jocie

Jocie — Fri, 01 Aug 2008 18:10:08 +0000

Hi Maddy, I
f you place your money into a CD with a bank that is FDIC insured (including let’s say IndyMac) and the total of your account (including interest accrued) is less than $100,000, then you will get all of your money back even if the bank fails. You can visit the FDIC web site for more info. I’ve learned this first hand from IndyMac, the FDIC web site and bankrate.com.

By: Maddy

Maddy — Wed, 30 Jul 2008 18:38:50 +0000

Tom,

No more 4.11, it’s now 3.3 !!

#
tom b said:
on July 25th at 04:50 am

even boa is 4.11%, hmm… what’s the deal with CDs if your bank fails? do you get all of the money back with the full interest?

By: Dan Tanner

Dan Tanner — Wed, 30 Jul 2008 03:41:48 +0000

Always check stocks on publicly traded banks. Are they going single digits? Outlandish rates are another act of desperation. Always deposit no more than $ 100,000 in each legal name you can open an account, no ifs and buts on this.

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