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about non-interest bearing checking account

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about non-interest bearing checking account Empty about non-interest bearing checking account

Post by Guest Mon Sep 12, 2011 12:50 am

Advice is being given to dump all your money into a non interest bearing checking account but doesnt this mean you wont make any interest off your money if you do that?

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about non-interest bearing checking account Empty It's a short term method

Post by phantomssecret Mon Sep 12, 2011 12:55 am

I believe the idea is to give you a place to have a wire transfer or bank deposit land. Then you have cash in hand, made decisions on investments, distributions, etc and then move your money accordingly.

It's just a safe way to have your money in your own bank account until you can complete your other transactions.
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Post by Guest Mon Sep 12, 2011 1:05 am

phantomssecret wrote:I believe the idea is to give you a place to have a wire transfer or bank deposit land. Then you have cash in hand, made decisions on investments, distributions, etc and then move your money accordingly.

It's just a safe way to have your money in your own bank account until you can complete your other transactions.

Thanks for clearing that up. Of course all of us want to live off the interest of our money in the bank.

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Post by TheBeav Mon Sep 12, 2011 1:05 am

I don't think we are meant to keep our funds there indefinitely. It's like an escrow account until we get together with our "professional financiers and attorneys" to make out our trusts, investments, etc. At that time, money will be moved accordingly. I think after that occurs, then a larger institution that is insured by say Lloyds of London could be a safer way to go. Heck, I will have enough funds to pay for the best advice I can get...then I'm going to do what they suggest...providing my gut says it's OK. affraid Yes....it is a bit scary traveling such unchartered roads! Wink :shock: :cheers: Lots of Prayer, Lots of due diligence...then faith you made the right decisions...AMEN!
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Post by BNICE Mon Sep 12, 2011 1:08 am

If its a non interest account then it is insured to the full value....an interest bearing only to $250000...this is to my understanding of why people are advising this. It is protected while you disperse it where wanted.

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Post by justpassntime Mon Sep 12, 2011 1:15 am

BNICE wrote:If its a non interest account then it is insured to the full value....an interest bearing only to $250000...this is to my understanding of why people are advising this. It is protected while you disperse it where wanted.


I agree with BNICE spot on! Smile

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Post by Guest Mon Sep 12, 2011 1:16 am

Thanks guys for the replys.

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Post by godsfool713 Mon Sep 12, 2011 1:23 am

i HEARD THE REASON WHY THIS IS ADVISED , THERE IS NO LIMIT OF PROTECTION (INSURANCE) OTHER ACCOUNTS ARE A LIMIT INSURED
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Post by mgbunch Mon Sep 12, 2011 2:14 am

how about we put this where it belongs. i dont belive this is okie chat... or am i wrong? sorry but its not hard to read and comprehend the rules laid out when posting in this part of the site, sorry

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about non-interest bearing checking account Empty This is not in the Okie Chat section

Post by phantomssecret Tue Sep 13, 2011 11:25 pm

mgbunch,

This post is in the GENERAL DISCUSSION category, NOT Okie Chat.

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about non-interest bearing checking account Empty BNICE.....Pretty much on, the FDIC will insure $250,000 per benificiary, so if you list yourself and 3 Benies you have covered 1 Mil of your deposit. Best to check with your intended Bank and get all the info. **Don't put all your eggs in one place !!

Post by sprinter88 Wed Sep 14, 2011 12:11 am

BNICE wrote:If its a non interest account then it is insured to the full value....an interest bearing only to $250000...this is to my understanding of why people are advising this. It is protected while you disperse it where wanted.

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Post by Huscarl1 Wed Sep 14, 2011 12:22 am

BNICE wrote:If its a non interest account then it is insured to the full value....an interest bearing only to $250000...this is to my understanding of why people are advising this. It is protected while you disperse it where wanted.

Actually the $250000 amount is per individual/per bank charter. If you use a BoA for instance, that has multiple charters through one location electronically you could have $250000 x the #of charters. So four charters at one institution would cover $1000000 insured. However, you don't want your money in a bank anyway so it really doesn't matter that much.

No bank interest rate is going to make you money.

The only way you can actually "make" money on an investment is if you are returning a minimum of 14% after taxes. Since the average cost of living increase in the U.S. averages about 7% without consideration for fuel costs and about 13% with consideration for fuel costs, then any interest rate below 14% is actually losing you money by losing you purchasing power as time goes by. Yes you have more money, but you have less buying power with it, so your overall standard of living slips away.

Savings acounts are for suckers, the same as blue chip diversified mutual funds, CDs, and municipal bonds.

Geez, I hope that interest rates skyrocket after the RV.

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