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Dodd Frank Act

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Post by GODSERVANT Mon Apr 02, 2012 10:34 am

Looked-up Dodd Frank today and couldn;t find it anymore. Went to my history and it took me to DF but not bank accounts. HELP!javascript:emoticonp(':(')

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Post by ou812 Mon Apr 02, 2012 10:38 am

People are putting to much into this Dodd Frank thing.

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Post by GODSERVANT Mon Apr 02, 2012 10:49 am

Thanks anyway.

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Post by prosetian Mon Apr 02, 2012 2:06 pm

OK, for fortyeleventh time.

There was an act passed called the Dodd Frank Act (the two main sponsors of the bill) there are pagges and pages of stuff in the bill that not many here would care about, but there is one provision that has some temporary value for us.

There use to be a government program that had bank accounts under the TAG program and some people are still referring to those accounts even though the program expired on Dec. 31 2010. That program insured certain bank accounts for an unlimited amount.

When the TAG program expired, a provision of the Dodd Frank Act took over. This provision grants unlimited insurance on non-interest bearing transaction (checking) accounts until Dec. 31 2012. The accounts it covers are NOT called Dodd Frank accounts and you will just create confusion in the bank if you even mention Dodd Frank. There is no need to refer to Dodd Frank as all non-interest bearing checking accounts in FDIC insured banks are automatically cover for an unlimited amount until the end of this year.

With the old TAG program banks were allowed to opt out of the program because there was a charged to the bank for being in the program. The unlimited insurance under the provision of the Dodd Frank Act is free to the bank and they are not allowed to opt out, this only applies to FDIC insured banks. Even though the banks cannot opt out of having the insurance, not all banks offer non-interest bearing checking accounts and they are not required to offer them. Most major banks do offer them.

Also, people are going around saying that these non-interest bearing accounts are going to be held in the alleged new UST (gold backed) Notes and won't devalue if the dollar devalues. My opinion of this is that it is pure fantasy. I can find no official writing of any kind that even implies there are going to be any UST Notes, much less gold backed ones. If anyone can point me to an official writing on this, I would appreciate it.

As for your bank account. Just go to an FDIC insured bank (that's most of the banks) and open a non-interest bearing checking account, these are automatically covered by the unlimited insurance until dec. 31 2012. Do not bother mentioning Dodd Frank as most bank employees will not have a clue what you are taliking about and there is no reason to bring them any printouts about Dodd Frank, the program is automatically applied.

Hope that helps.

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Post by GODSERVANT Mon Apr 02, 2012 2:45 pm

I'm sorry for any emotional discomfort I caused. Thank you for the sites to look up. What I stated was my concern that since I couldn't find the dodd-frank artical I had read in February in my history, was no longer there to print. Having also gone to four other dodd-frank sites, none had any reference to banking. I was concerned that the law had been changed. Thank you again for your assistance.

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Post by Kevind53 Mon Apr 02, 2012 6:17 pm

No change ... but on midnight of December 31st it'll make like Cinderella's coach ... *poof* and it's gone.

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