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Banking Flags

August 22nd, 2008 at 12:22 am

After reading a lot about the Indy Mac failure, I realize that when banks are in trouble, they try to increase their deposits to increase the cash reserves. I read so many stories about how Indy Mac had a great promotional CD rate a few months back so people had their money locked up.

So today I get a call from the local WAMU branch letting me know about a promotional 8-month CD rate they are offering. They were on the watch list. I'm just saying.

Posted in Consumers | 5 Comments »

5 Responses to “Banking Flags”

  1. sillyoleme Says:
    August 22nd, 2008 at 01:03 am 1219366998
    1219366998

    That is kind of foreboding. So are you rushing out for a new CD? Lol.

  2. merch Says:
    August 22nd, 2008 at 04:37 pm 1219423061
    1219423061

    CDs are usually federal insured, so no worries on the money.

  3. ihate2work Says:
    August 22nd, 2008 at 05:53 pm 1219427628
    1219427628

    My preference would be for deposits to go get their money before FDIC has to step in. I'd rather people salvage what money they can rather than to dip into federal funds. I really don't understand why someone would rather wait to file an insurance claim that have that process before you receive your money. That is just like driving dangerously just because you have beaucoup car insurance.

  4. merch Says:
    August 22nd, 2008 at 07:51 pm 1219434705
    1219434705

    I don't think your analogy is correct. If the FIDC took over your bank, I would you line up outside waiting for it to open? Most of the banks that FIDC take over are done on a friday and opened that monday.

    Then FIDC works to sell the bank to another bank.

  5. ihate2work Says:
    August 22nd, 2008 at 11:24 pm 1219447459
    1219447459

    I'm saying it is better to grab your money before FDIC takes over so that the FDIC pool of reserve is not depleted. Anyone know if a bank taken over by FDIC will honor and ACH transfer requestion from another bank such as ING?

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