Banking/UST Question.

Hey there everybody!

Have been on a fact finding mission for my boss. Yes, all should be set up by now, but am dealing with folks who are seriously set in their ways of waiting to see if and when this comes through. We are in a rural area, nearest major cities are approximately 100+ miles away - in just about every direction. Only one of the 3 or 4 major banks have a branch office close by. So, I did some checking with some of the other banks and apparently one can get two non-interest bearing checking accounts at the four or five other banks that I researched. All stating, of course, that how much covered, insurance wise, would be based on how you have your accounts set up. One came right out and said that as of March 12th, they would be implementing some new changes, another said that over the past 6 months that they have made huge changes to their services and of course their fees. Peachy.

So, while I can see where it is best for one to have accounts set up with one or more of the major banks involved with the rv, especially if you live in a major city, but for us country folks, this may not be much of an option. Many will have to go to whatever little bank available that offers the ability for one to open two non-interest bearing checking accounts.

Which leads me to my question!

If people have to go to smaller local banks to get their non-interest bearing accounts set up, are they still going to be protected and backed by the UST and get paid with the new UST money????? Or is that only offered through the 3 or 4 major banks set up for this rv??? Please keep in mind that some of these smaller banks are privately owned.

Thanks ahead of time!

Herb Lady.

@Herb Lady wrote:Hey there everybody!

If people have to go to smaller local banks to get their non-interest bearing accounts set up, are they still going to be protected and backed by the UST and get paid with the new UST money????? Or is that only offered through the 3 or 4 major banks set up for this rv??? Please keep in mind that some of these smaller banks are privately owned.

Thanks ahead of time!

Herb Lady.

First, there is no new UST money, if anyone still says these accounts are going to be held in UST Notes backed by gold or any other real substance, please show me where there is any official writing about this.

Next, if your local banks are FDIC insured institutions, they are automatically covered by the Dodd Frank Act and their non-interest bearing accounts will be cover for an unlimited amount until Dec. 31, 2012 when the provision expires unless extended. I believe the banks requirements for those accounts, fees, balances, etc., are up to the bank.

Personally I am not going to sweat that ... when we cash in we will move the money out into other places fairly rapidly. I am not going to leave it not working for me any longer than I have to .. this money is going to work ... and pay me interest. Remeber the parable of the talents.

Thanks prosetian and Kevin53! I plan on letting the interest work for me as well, but some of the people that I research for, well, let's just say that I can't answer for them, I can only furnish the information to the best of my ability.

I plan on a diversity of items, some blue chip stocks and utilities, some small stocks, I know a professional broker who specializes in living in the margins, small companies and startups that the biggies are not interested in, and will ask him if he is willing to take me under his wing and teach me a little.

I also plan on investing some in fixed products like annuities (I'll sell them to myself and make commission on them, so much the better). Some will of course remain liquid -- think money market, laddered CD's etc... depending on where I get the best bag for the buck at the time. Some will go into land. I'm undecided about investment properties, but will definitely be buying a little piece for us. How much depends on how much ... if you get my drift. Precious metals is a possibility, but for some reason I'm a little leery there, maybe it's all the commercials hawking gold and silver on TV.

Of course the most important investment is in the Kingdom of God, and we already have that planned out as well.

Well that's my plan in a nutshell ... subject to change depending on what exactly happens when things finally break, and of course depending on the advise I get from the people giving me advise ... and yea, I already have several financial people and a couple very successful business people who will be willing to let me pick their brains. I have a cpa in mind all I need is a sharp lawyer and I'll be good to go.

My attorney will be hooking me up with some investors that I can hang out with and learn from and I'll possibly check into an investing school. My cpa will most likely have a few ideas as well! But I will say this, no matter what they say or think about this - I'm sticking with the basics: tea, coffee, booze, cigarrettes, chocolate, paper and pens and pencils and let's not forget toilet paper!!! Because when the economy drops those are peoples primary purchases - they are not going to give up these things when the economic ball drops, they will be using more of them.