Customer Deposits Are Property of the Bank: Close Your Account NOW

[snewbie]

LOLOL!!!!

You guys are SOOOOO funny.

Oh wait.

Are you being serious?

FDIC is based on a gamble that no more than 1/4 of ONE percent of American depositors will ever need their deposit covered.

And that was a statistic that I heard about 30 years ago when I was slightly involved in the world of mortgage finance.

I'm sure that the FDIC, like everything the government fiddles with, is now simply JUNK.

Godwit is Godwit and most certainly not "you guys". No offense meant, Godwit.

[Godwit]

Godwit is Godwit and most certainly not "you guys". No offense meant, Godwit.

None taken. The point that I was trying to make is that FDIC had no role in protecting or not protecting the folks who lost money, as described in the OP. The firms that did the bad deeds were not banks.

[packyderms_wife]

The FDIC is like everything else that the govt. has touched, And hence, how could they ever cover all the deposits in the banks across the nation, when they don't even have enough to cover 1 of the five major banks closing. This is end game times, but most will listen to the people touting, all is well. FDIC is another sick joke, and has as much chance of covering your account during a collapse as the Congress that stole all the social security fund, and replaced them with IOUs, paying that back. Happy days, right.

And people wonder why Romney has his money in swiss bank accounts, which are backed by gold???

[nvscanman]

To date....the private funds being used as collateral for bad investments were funds
that were placed in investment instruments at a brokerage. Not money deposited into
a bank savings or checking account. There is a difference. Now.....having said that,
just because a judge has not to date allowed a bank to take money from a personal
checking or savings account to satisfy an obligation or a debt that the owner of said
account has no relation to does not mean such a thing could not happen and could not
be held legal by a black robed pirate. Just because it hasn't happened yet does not
mean it won't happen soon. The goal of the powerful few who pull the strings on
Wall St and in big banking is to acquire ALL of the wealth...EVERYWHERE. That means
that money an ordinary person has deposited into a bank or CU is fair game to them.
If they can find a way to steal and make it look legit or buy off a judge to let them steal it they will.

[MidnightTide]

Applies to brokers, in certain types of transactions, not banks. Bank deposits are still protected by FDIC.

I can say I am a unicorn that farts rainbows, but doesn't mean it is true. The same goes for the Federal Insurance, it is all based on perceptions. If there is a run on the banks, you can be sure the government does not have the ability to cover bank deposits.

The stated Goal of Occupy/SEIU in 2010 or 2011 was to get PPL to close thier accounts and cancel credit cards so that Capitalists would suffer

The funny thing about TPTB, they are running things in both camps. They are leaving nothing to chance. Take out your money, system collapses - leave your money in, they will crash the system.

[PyratePrincess]

To date....the private funds being used as collateral for bad investments were funds
that were placed in investment instruments at a brokerage. Not money deposited into
a bank savings or checking account. There is a difference. Now.....having said that,
just because a judge has not to date allowed a bank to take money from a personal
checking or savings account to satisfy an obligation or a debt that the owner of said
account has no relation to does not mean such a thing could not happen and could not
be held legal by a black robed pirate. Just because it hasn't happened yet does not
mean it won't happen soon. The goal of the powerful few who pull the strings on
Wall St and in big banking is to acquire ALL of the wealth...EVERYWHERE. That means
that money an ordinary person has deposited into a bank or CU is fair game to them.
If they can find a way to steal and make it look legit or buy off a judge to let them steal it they will.

^^^This^^^

As with most everything else these days: If you don't physically have it, you may never get it.

[Irishamerican]

The FDIC has been out of money for years.

People are getting a few hundred dollars a month on the loss of insured deposits.


My bank told me this (although I already knew it) when they tried to get me to put the proceeds from the sale of my house in their securities subsidiary. Don't make me laugh, I said.

Anybody else hear anything similar to this?

[Silverheart]

Current U.S. debt is approximately <$15,984,331,758,000> (http://www.usdebtclock.org/)

Just for the sake of discussion, let's say a cataclysmic failure of U.S. banks were to occurr. What previously undisclosed, untouched, reserve of cash does the FDIC tap to fulfill that insurance?

[nvscanman]

Current U.S. debt is approximately <$15,984,331,758,000> (http://www.usdebtclock.org/)

Just for the sake of discussion, let's say a cataclysmic failure of U.S. banks were to occurr. What previously undisclosed, untouched, reserve of cash does the FDIC tap to fulfill that insurance?

Well.....when you are helicopter ben and turbo timmy you have the power of
the treasury at your beck and call. In the old days they would fire up
the printing presses and create the $$$$ needed. Nowdays....just log into
the treasury's version of Quicken and add a couple zeros to the bank balance.

Debt is not an issue when you can create money on a whim......at least it's
not an issue till people refuse to honor your fiat currency because it's been
turned into goat turds.

[Cyclonemom]

Current U.S. debt is approximately <$15,984,331,758,000> (http://www.usdebtclock.org/)

Just for the sake of discussion, let's say a cataclysmic failure of U.S. banks were to occurr. What previously undisclosed, untouched, reserve of cash does the FDIC tap to fulfill that insurance?

Bits and bytes and a cashless society. . . . .