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ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011

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ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 Empty ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011

Post by Reev Tue Nov 01, 2011 12:38 pm

Today, 1nov2011, followed up with the Commerce Bank, Springfield MO, concerning security of our Non-Interest Bearing account, which has been establised. We were informed that Non-Interest Bearing Accounts are NOT insured above $250,000...... This is their interpretation of the DODD-FRANK ACT - TEMPORARY UNLIMITED FDIC COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS. When the account was set up initially, the bank was informed of this being for wire transfer of Dinars and stated the estimated amount to them, which was above $250,000.......



I am checking with other banks for THEIR interpretation of this act.



Do any of you have feed back on anything of this nature??? Now, I am Really concerned.......

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Post by Terbo56 Tue Nov 01, 2011 12:42 pm

If it has to do with the DODD-FRANK ACT, It is not a good thing-Your best bet would be a credit union,As that's what I plan on doing after cash-in, then you'll know your money is safe-
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Post by SBM0601 Tue Nov 01, 2011 12:49 pm

terbo56 wrote:If it has to do with the DODD-FRANK ACT, It is not a good thing-Your best bet would be a credit union,As that's what I plan on doing after cash-in, then you'll know your money is safe-

Iagrre with you on the credit union. There are things a credit union can offer thats banks will not.Laughing
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Post by Rockin'RV Tue Nov 01, 2011 12:52 pm

Yes, I have found that B of A has the same deal....NO FDIC above $250,000 non interest accounts .....savings nor checking.....Period....

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Post by danlourie Tue Nov 01, 2011 12:57 pm

Every bank that is FDIC insured should offer the type of non-interest bearing transaction account that is covered for unlimited funds until 12-31-12, unless it gets extended beyond that. Here the link to the details - I would print it off and take it with me when opening an account. http://www.fdic.gov/consumers/consumer/news/cnwin1011/insurance.html

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Post by Reev Tue Nov 01, 2011 7:41 pm

danlourie wrote:Every bank that is FDIC insured should offer the type of non-interest bearing transaction account that is covered for unlimited funds until 12-31-12, unless it gets extended beyond that. Here the link to the details - I would print it off and take it with me when opening an account. [url=http://www.fdic.gov/consumers/consumer/news/cnwin1011/insurance.html
http://www.fdic.gov/consumers/consumer/news/cnwin1011/insurance.html[/quote[/url]]

Just returned from doing just that. And, behold, all four banks I checked with DO indeed honor the FDIC policy of unlimited funds in non-interest bearing accounts. The print out made all the difference as some were not really sure about this policy. Thanks for your help..... I plan to carry a copy with me each time I go to any bank any where until I step off at "here's-your-money" station.

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Post by humingbyrd Tue Nov 01, 2011 7:59 pm

danlourie wrote:Every bank that is FDIC insured should offer the type of non-interest bearing transaction account that is covered for unlimited funds until 12-31-12, unless it gets extended beyond that. Here the link to the details - I would print it off and take it with me when opening an account. http://www.fdic.gov/consumers/consumer/news/cnwin1011/insurance.html
The only problem is that the FDIC is bankrupt! So no amount of insurance is safe in that they could not honor if the demand was placed! Over the last few years, any issues were met with them closing the doors of the banks!
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Post by SEBtopdog Tue Nov 01, 2011 8:02 pm

OK, Humingbyrd, other than the fact that the FDIC is probably bankrupt ... To the poster who started this thread: I was in the BofA today. They have a sign on the tellers' counter stating that the non-interest bearing accounts are fully insured up to any amount through 2012. If the question still remains, I'll ask them to photocopy the sign for me the next time I'm in there! ☀

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ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 Emoticon-animal-028
 
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ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 Bump~0 Will someone please let the RV Widget out of the jar?
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Post by humingbyrd Tue Nov 01, 2011 8:11 pm

SEBtopdog
I am not disagreeing that this is posted in the banks. I am just hoping that people will not get a false sense of trust that there money is not at risk!


Just look at the safest banks in the world and you will see that only two (2) of them from North America are in the top twenty (20). Neither of these are the "big four"! Here is the link: http://www.gfmag.com/tools/best-banks/11341-worlds-50-safest-banks-2011.html


So people need to be diligent and cautious about leaving money for periods of time with banks that are not safe! Since this is going to be more than most people can ever imagine, it is wise to be prudent!
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Post by Guest Tue Nov 01, 2011 8:18 pm

Thanks for that article link...

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Post by SEBtopdog Tue Nov 01, 2011 8:30 pm

humingbyrd wrote:SEBtopdog
I am not disagreeing that this is posted in the banks. I am just hoping that people will not get a false sense of trust that there money is not at risk!


Just look at the safest banks in the world and you will see that only two (2) of them from North America are in the top twenty (20). Neither of these are the "big four"! Here is the link: http://www.gfmag.com/tools/best-banks/11341-worlds-50-safest-banks-2011.html


So people need to be diligent and cautious about leaving money for periods of time with banks that are not safe! Since this is going to be more than most people can ever imagine, it is wise to be prudent!

Kinda scary affraid We'll just have to invest our money elsewhere, won't we? ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 949729897

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ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 Emoticon-animal-028
 
Keep smiling ... It'll make 'em wonder what you're up to!
 

ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 Bump~0 Will someone please let the RV Widget out of the jar?
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Post by humingbyrd Tue Nov 01, 2011 8:38 pm

SEBtopdog wrote:
humingbyrd wrote:SEBtopdog
I am not disagreeing that this is posted in the banks. I am just hoping that people will not get a false sense of trust that there money is not at risk!


Just look at the safest banks in the world and you will see that only two (2) of them from North America are in the top twenty (20). Neither of these are the "big four"! Here is the link: http://www.gfmag.com/tools/best-banks/11341-worlds-50-safest-banks-2011.html


So people need to be diligent and cautious about leaving money for periods of time with banks that are not safe! Since this is going to be more than most people can ever imagine, it is wise to be prudent!

Kinda scary affraid We'll just have to invest our money elsewhere, won't we? ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 949729897


Yes we will won't we!!!!
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Post by jahlives Tue Nov 01, 2011 9:11 pm

Glad that I tiptoed into this thread - thx, humingbyrd, for the link. That list is very telling.

ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 174797362
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Post by ECOE Tue Nov 01, 2011 9:45 pm

.


Last edited by ECOE on Sun Jan 08, 2012 12:08 pm; edited 1 time in total

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Post by Guest Tue Nov 01, 2011 9:47 pm

humingbyrd wrote:SEBtopdog
I am not disagreeing that this is posted in the banks. I am just hoping that people will not get a false sense of trust that there money is not at risk!


Just look at the safest banks in the world and you will see that only two (2) of them from North America are in the top twenty (20). Neither of these are the "big four"! Here is the link: http://www.gfmag.com/tools/best-banks/11341-worlds-50-safest-banks-2011.html


So people need to be diligent and cautious about leaving money for periods of time with banks that are not safe! Since this is going to be more than most people can ever imagine, it is wise to be prudent!

So what would your advise be if we shouldn't leave our money in banks for long periods...

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Post by Inquisitive one Tue Nov 01, 2011 10:21 pm

My bank said the Dodd-Frank EO is called a TAG account. (Transaction Account Guarantee) they also said not all non-interest bearing accts r TAG accounts. You must specify that you want a TAG account to get the no limit on balance insurance.

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Post by Inquisitive one Tue Nov 01, 2011 10:25 pm

Also, this was never intended for us to leave the money in the TAG acct for a long period of time. Remember although the money is insured by the FDIC they have 99 years to pay you back if the bank shd go under. You shd b finding a good money mgr and putting your money in investments and living on the interest. At least thats what im going to do.

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Post by Guest Tue Nov 01, 2011 10:35 pm

Inquisitive one wrote:My bank said the Dodd-Frank EO is called a TAG account. (Transaction Account Guarantee) they also said not all non-interest bearing accts r TAG accounts. You must specify that you want a TAG account to get the no limit on balance insurance.

Wow...interesting.

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Post by rfguy Tue Nov 01, 2011 10:52 pm

Reev wrote:Today, 1nov2011, followed up with the Commerce Bank, Springfield MO, concerning security of our Non-Interest Bearing account, which has been establised. We were informed that Non-Interest Bearing Accounts are NOT insured above $250,000...... This is their interpretation of the DODD-FRANK ACT - TEMPORARY UNLIMITED FDIC COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS. When the account was set up initially, the bank was informed of this being for wire transfer of Dinars and stated the estimated amount to them, which was above $250,000.......



I am checking with other banks for THEIR interpretation of this act.



Do any of you have feed back on anything of this nature??? Now, I am Really concerned.......



PM me and I will help you. I know the executives at Commerce Trust I will get you your information.

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Post by Roughrider Tue Nov 01, 2011 11:04 pm

I was told by my banker that a non interest bearing account is up to $250,000 per individual on any trust

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Post by Texas Fire Lady Tue Nov 01, 2011 11:30 pm

FYI-in reviewing some of my notes that I have taken from this site and others, some advice that I thought worthy and important to explore further was, "Consider a very affordable Umbrella Policy from Lloyds of London in conjunction to the usual FDIC Insurance on a non-interest bearing account - that way you are doublely secure."

My CPA suggested the same thing! What is "very affordable?" Well after the RV, I think anything that could insure the safety of our long awaited investment is worth exploring further!

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Post by Guest Wed Nov 02, 2011 1:56 pm

Texas Fire Lady wrote:FYI-in reviewing some of my notes that I have taken from this site and others, some advice that I thought worthy and important to explore further was, "Consider a very affordable Umbrella Policy from Lloyds of London in conjunction to the usual FDIC Insurance on a non-interest bearing account - that way you are doublely secure."

My CPA suggested the same thing! What is "very affordable?" Well after the RV, I think anything that could insure the safety of our long awaited investment is worth exploring further!

Thanks for the info...i think alot of us are going to need some good advise.

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Post by Terbo56 Wed Nov 02, 2011 2:04 pm

The credit union is your best bet-Banks will eventually fall by the wayside,and credit unions will have options that the banks cannot do-Just be safe,is all I'm saying-
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Post by KAI Wed Nov 02, 2011 2:28 pm

Here are the published facts from the FDIC. Please see below, especially the "note" in red at the bottom:

FDIC Deposit Insurance Coverage


Link: http://www.fdic.gov/regulations/resources/brochures/index.html


The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the
United States government that protects the funds depositors place in banks and
savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds. FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities.


The standard insurance amount is $250,000 per depositor, per insured bank for each account ownership category. The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met. (For details on the requirements, go to [url=http://www.fdic.gov/deposit/deposits. [/size][/size][size=9]www.fdic.gov/deposit/deposits. [/url]The following chart shows standard insurance amounts for FDIC account ownership categories. All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.


FDIC Deposit Insurance Coverage Limits by account ownership category


Single Accounts owned by one person $250,000 per owner


Joint Accountsowned by two or more persons $250,000 per co-owner


Certain Retirement Accounts includes IRAs $250,000 per owner


Revocable Trust Accounts$250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific conditions and requirements)


Corporation, Partnership and Unincorporated Association Accounts $250,000 per corporation, partnership or unincorporated association.


Irrevocable Trust Accounts $250,000 for the non-contingent, ascertainable interest of each beneficiary
Employee Benefit Plan Accounts $250,000 for the non-contingent, ascertainable interest of each plan participant


Government Accounts$250,000 per official custodian (more coverage available subject to specific conditions)


To calculate your deposit insurance coverage www.fdic.gov/edie


[/sizeNote:From December 31, 2010 through December 31, 2012, at all FDIC-insured institutions, deposits held in noninterest-bearing transaction accounts will be fully insured regardless of the amount in the account. For more information, see the FDIC’s comprehensive guide, Your Insured Deposits ], at www.fdic.gov/deposit/deposits .


Last edited by KAI on Wed Nov 02, 2011 2:56 pm; edited 1 time in total (Reason for editing : Clean up, easier to read.)
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Post by SEBtopdog Wed Nov 02, 2011 2:32 pm

Wow, KAI ... I AM IMPRESSED!!!!!!!!!! Thanks for being a super sleuth! ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 1261280965

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ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 Emoticon-animal-028
 
Keep smiling ... It'll make 'em wonder what you're up to!
 

ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 Bump~0 Will someone please let the RV Widget out of the jar?
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Post by Guest Wed Nov 02, 2011 3:23 pm

terbo56 wrote:The credit union is your best bet-Banks will eventually fall by the wayside,and credit unions will have options that the banks cannot do-Just be safe,is all I'm saying-

Why do u think all banks will fall...?

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Post by Terbo56 Wed Nov 02, 2011 3:29 pm

With Bernanke wanting to raise interest rates .25%,a monthly charge of $5.00 4 using a debit card, how long will it b b4 people yanking their money out of the banks and using credit unions or alternative solutions to try to keep what money they do have, and trust me, it's only going to get worse,IF things don't start to change in grand fashion!!
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Post by rfguy Wed Nov 02, 2011 5:23 pm

From my own private banking contact. They are all telling me the same thing. The below email came to me today.





XXX,





We never hear anything until it is announced, but as of the last FDIC announcement, non-interest bearing accounts are insured above 250K until 12/31/2012.





Thanks,









XXX

Vice President

Private Banking


Last edited by rfguy on Wed Nov 02, 2011 5:24 pm; edited 1 time in total (Reason for editing : Took out bank name)

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ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 Empty Re: ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011

Post by Guest Wed Nov 02, 2011 5:28 pm

Thanks for that.

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Post by dinarace Wed Nov 02, 2011 6:09 pm

Dodd-Frank is a blank check for the Government as 3/4 ths of the bill hasn't been written yet and FCIC presently has 99 years to pay off losses insured.

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Post by dinarace Wed Nov 02, 2011 6:11 pm

FDIC

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Post by pastorwright Wed Nov 02, 2011 6:39 pm

IMHO: These accounts should not be used to "keep" money in, just a place to hold it while you seek professional advice and get your accounts, trusts etc. set up. If it were to happen this YEAR, BY June of 2012, you should have your money else where, working hard, so you don't have to. I wouldn't trust anything financial after the election, except the Heavenly Father!
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Post by 1alaskan Wed Nov 02, 2011 6:46 pm

That settles it, I'm stuffing mine in the mattess.


Last edited by 1alaskan on Wed Nov 02, 2011 7:22 pm; edited 1 time in total (Reason for editing : spelling)

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant

Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

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Post by humingbyrd Wed Nov 02, 2011 6:50 pm

1alaskan wrote:That settles it, I'm stuffing mine in the mattess.


Gonna take a big mattress though!
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Post by 1alaskan Wed Nov 02, 2011 7:06 pm

Or more than one, I suppose

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant

Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

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Post by SEBtopdog Wed Nov 02, 2011 7:09 pm

1alaskan wrote:That settles it, I'm stuffing mine in the mattess.

Atta boy, 1 alaskan! Will you then need a ladder to climb into bed? Wink

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ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 Emoticon-animal-028
 
Keep smiling ... It'll make 'em wonder what you're up to!
 

ALERT:::non-interest bearing account - not insured above 250K ! ! ! ! 1Nov2011 Bump~0 Will someone please let the RV Widget out of the jar?
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Post by 1alaskan Wed Nov 02, 2011 7:23 pm

Well, maybe a step ladder,



One good thing after the income tax on the RV, I won't pay any more!

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant

Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

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