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NON_INTEREST BANK ACCOUNT  DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

NON_INTEREST BANK ACCOUNT

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Cabo
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Post by MIss Rose Sat Feb 18, 2012 10:38 pm

Is their a difference between a non-interest checking account and a Dodd-Frank non-interest account?

Or are they the same?Rolling Eyes

Thank you!Laughing

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Post by Kevind53 Sat Feb 18, 2012 10:49 pm

Same beast ... however since they are scheduled to go away 12/31 of this year don't rely on them for any long term plans. FDIC insurance will also drop back to normal at that time.

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Post by jabberwockey Sun Feb 19, 2012 10:55 am

@Kevind53 wrote: ... FDIC insurance will also drop back to normal at that time.

What is "normal"?
Is it the $250K that it is now (or that I think it is)?

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Post by Cabo Sun Feb 19, 2012 12:21 pm

Here is the scoop

With the passage of the Wall Street Reform and Consumer Protection Act on July 21, 2010, the FDIC insurance limits of $250,000 per depositor per insured bank has been made permanent. The $250,000 limit had been temporarily set up during 2008 and then extended to 2013, but the new financial reform law makes the limit permanent in an effort to increase consumer confidence in the banking system.

I hopes this helps

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Post by jbish422 Sun Feb 19, 2012 12:57 pm







TAG Bank Opt-Out List by WeAreBlessed at PTR 02/19/2012



Transaction Account Guarantee Program ( TAG ) Bank Opt-out List (as of 5/6/09)

This will provide you with a list of Banks that have chosen not to participate in the TAG
program.

This is the list that opted out before the July 21, 2010 extension. Double check with your Banking Institution to insure they now (currently) participate and offer TAG accounts
(non interest bearing Checking accounts).

Link: http://www.fdic.gov/regulations/resources/tlgp/TAGP.xls


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Post by heyitsdavids Sun Feb 19, 2012 3:47 pm

What do you think about putting money in T-bills?

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Post by Terbo56 Sun Feb 19, 2012 3:53 pm

NOT a good idea- DON'T do it-
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Post by heyitsdavids Wed Feb 22, 2012 5:11 pm

Thanks. So would it be smart to have multiple accounts with $250,000 in each?

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Post by Kevind53 Wed Feb 22, 2012 5:15 pm

There is a way to do that ... the smartest thing though would be to have a good, solid financial adviser who is thoroughly vetted and has experience with handling large accounts. Even if you plan on managing it yourself, (i likely will), wisdom would be to hire one to help you set it all up. I already have several folks on my short list to talk to.

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Post by heyitsdavids Wed Feb 22, 2012 5:31 pm

I have seen many post about staying liquid for 6 months. They advised against making big purchases and stocks. What would you do to keep things liquid besides keeping all of your $ in a bank account?

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Post by Kevind53 Wed Feb 22, 2012 6:00 pm

Yes, you should have at least 3 to 6 months of funds liquid and accessible. How much is that? That is for you to determine, my wife and I have very simple tastes, and could live comfortably of a year or more with 20 or 30K in the bank. In a different part of the country it could be more or less than that.

You do not want to go out making wild purchases. But if a large purchase, (say physical gold, or land) or stocks are a part of your investment strategy that is a horse of a different color. Should you be in stocks at all? That depends, what is your risk tolerance? How much can you afford to lose? How old are you? If your are 35 and the market tumbles, and you lose 60% of your portfolio's value, no big deal, it'll likely come back before retirement age. If you are 55 or 60 and the market tumbles, it may not come back in time. If you are 70 something and it tumbles, you're pretty much screwed.

I can not emphasize enough get some good, expert help, at least in setting things up. I have a lot more expertise than the average person, and I will definitely seek out professional advise. I already have several people on my list to talk to, all with different areas of expertise, and if this pays of like we hope it does, one I will ask to mentor and teach me some of the finer points of being well off.

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Post by 1alaskan Wed Feb 22, 2012 8:07 pm

@heyitsdavids wrote:Thanks. So would it be smart to have multiple accounts with $250,000 in each?



Just in a Chase bank about 2 hours ago, not my branch, not even my state. I happened to get the Mgr. to handle my deposit, and asked that very question, Her answer was simply, RIGHT NOW, as change can come at any time from the government, but accounts are insured up to $250,000. per account, per account holder, with a max of $500,000. per bank, not per branch.



You might check this out:

http://www.cdars.com/aboutus/default.aspx

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Being defeated is often a temporary condition. Giving up is what makes it permanent.
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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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