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US banks shaken by biggest fund withdrawals since 9/11
Russia Today ^ | 25 Januray 2013

Posted on 03/29/2013 5:00:22 AM PDT by MeneMeneTekelUpharsin

US Federal Reserve is reporting a major deposit withdrawal from the nation’s bank accounts. The financial system has not seen such a massive fund outflow since 9/11 attacks. The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government.

The program was introduced in the wake of the 2008 crisis in order to support the banking system. It provided insurance for around $1.5 trillion in non-interest-bearing accounts with a limit of $250,000. It was aimed at medium and small banks as the creators of the program believed bigger banks would cope with the crisis themselves. So the current “fast pace” of withdrawal comes as a surprise to financial analysts because the deposits are slipping away from those banks which supposedly were safe. Experts expected savers in small and medium banks would turn to bigger players come December 31.

There are a number of reasons behind this unpredicted fund outflow. Some experts believe it has to do with the beginning of the year when the money is randomly needed here and there. Others have concluded the funds are getting down to business and being invested. Another set of data from the US Federal Reserve shows some deposits may have moved within the banking system from one type of account to another.


TOPICS: Business/Economy; Crime/Corruption; Germany; Israel; News/Current Events; Russia; United Kingdom
KEYWORDS: banks; bankwithdrawals; cyprus; dsj; europeanunion; fed; germany; greece; israel; russia; turkey; unitedkingdom; usbankwithdrawals; withdrawals
Why was this story not widely circulated when published in January? This is the first time I'm seeing this. Interesting. Have there been even more major withdrawals about which we haven't been told? Big boys getting away with theirs....
1 posted on 03/29/2013 5:00:22 AM PDT by MeneMeneTekelUpharsin
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To: All
And, another excerpt from another article with interview on rt.com:

RT: At this point - how do you convince panicked savers across Europe that the EU won't dig into their accounts, next?

CM: You do not. If you are in Europe and you’re hearing this broadcast, you know what, if you can go to your bank and take your money out and you don’t, then you better be ready for what’s coming. They’ve made the announcement. They are going to go after savers in order to save these banks. There is no other way to describe it. Jeroen Dijsselbloem, the president of the European Stability Mechanism board of governors, even though he retracted the statement, he said two days ago that this should be the model going forward. There should be no doubt on anybody’s mind in Europe or Russia that they’re going to come after this money.

2 posted on 03/29/2013 5:04:10 AM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: All
Linky to other article:

Click here.

3 posted on 03/29/2013 5:05:52 AM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: MeneMeneTekelUpharsin
some deposits may have moved within the banking system from one type of account to another.

And this registers as a withdrawal? I think they are looking for excuses.

4 posted on 03/29/2013 5:07:58 AM PDT by ClearCase_guy (The ballot box is a sham. Nothing will change until after the war.)
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To: MeneMeneTekelUpharsin

The money is buying safe US Treasury bonds. /s


5 posted on 03/29/2013 5:10:13 AM PDT by bert ((K.E. N.P. N.C. +12 .....The fairest Deduction to be reduced is the Standard Deduction)
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To: MeneMeneTekelUpharsin

Well, it IS RT.com.

Whatever that is.


6 posted on 03/29/2013 5:11:40 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: MeneMeneTekelUpharsin

Now serving lokum.


7 posted on 03/29/2013 5:12:22 AM PDT by VRW Conspirator (Cyprus - the beginning)
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To: MeneMeneTekelUpharsin

I would bet that after Cyprus we have another big withdrawal.


8 posted on 03/29/2013 5:13:08 AM PDT by Venturer
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To: cuban leaf

RT = Russian Television = Not our friends = propaganda designed to hurt the West.

Yes, I know. A lot of what appears on RT is probably true, but all of it is presented to undermine our country and its allies.


9 posted on 03/29/2013 5:18:56 AM PDT by 3Fingas (Sons and Daughters of Freedom, Committee of Correspondence)
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To: MeneMeneTekelUpharsin

Hmmmm....I wonder why????


10 posted on 03/29/2013 5:23:13 AM PDT by Jack Hydrazine (I’m not a Republican, I’m a conservative! Pubbies haven't been conservative since before T.R.)
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To: 3Fingas

Look into a sweep account such as Fidelity’s. It’s probably not the best solution since any bank and the FDIC could fail but Fidelity will put your money in around 5-10 banks assuring all of your balances are insured and it looks like one account to you.


11 posted on 03/29/2013 5:23:45 AM PDT by lancium
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To: MeneMeneTekelUpharsin

The unemployed draining their savings to survive?


12 posted on 03/29/2013 5:26:33 AM PDT by moovova
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To: 3Fingas
"A lot of what appears on RT is probably true, but all of it is presented to undermine our country and its allies."

Sounds like the US Democrat Party to me.

13 posted on 03/29/2013 5:33:09 AM PDT by mosaicwolf (Strength and Honor)
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To: MeneMeneTekelUpharsin

Whenever you withdraw money, make sure to tell the teller it is because you are afraid of what obama is going to do.


14 posted on 03/29/2013 5:35:25 AM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
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To: lancium

I have divided my my deposits among several credit unions and banks already.


15 posted on 03/29/2013 5:40:08 AM PDT by 3Fingas (Sons and Daughters of Freedom, Committee of Correspondence)
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To: mosaicwolf

The difference being that almost nothing the demoncrats say is true and almost everything they do is bad for our Republic.


16 posted on 03/29/2013 5:45:34 AM PDT by 3Fingas (Sons and Daughters of Freedom, Committee of Correspondence)
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To: MeneMeneTekelUpharsin
This doesn't make much sense.

"[The program] was aimed at medium and small banks as the creators of the program believed bigger banks would cope with the crisis themselves"

And

"The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks"

Sumpin stinks in bankster town

17 posted on 03/29/2013 5:48:02 AM PDT by SwankyC (Democrats and Republicans agree, govt coercion is OK if it fits your idea of whats OK)
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To: SwankyC

Sumpin always stinks in bankster town.


18 posted on 03/29/2013 5:53:37 AM PDT by Rich21IE
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To: SwankyC

Dimrat politicians pulling their money out because they know what is coming?
Bet that is the case.


19 posted on 03/29/2013 5:53:55 AM PDT by Texas resident (I'm not a lawyer, but I play one on FR)
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To: MeneMeneTekelUpharsin

>>Why was this story not widely circulated
>>when published in January?

Because the insurance companies who are now reaping windfall profits from the mandates of Obamacare don’t pay for ~that kind of advertising?

“COMMERCE BETWEEN MASTER AND SLAVE IS DESPOTISM”
—Thomas Jefferson

Are we there yet?


20 posted on 03/29/2013 7:00:55 AM PDT by TArcher ("TO SECURE THESE RIGHTS, governments are instituted among men" -- Does that still work?)
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To: Texas resident
I'm reading lots of articles that Cyprus is already in the works in Canada, New Zealand, the UK and US.

Me thinks you may be right.

21 posted on 03/29/2013 7:27:25 AM PDT by SwankyC (Democrats and Republicans agree, govt coercion is OK if it fits your idea of whats OK)
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To: SwankyC
I'm reading lots of articles that Cyprus is already in the works in Canada, New Zealand, the UK and US.

Fasten your seatbelts, here we go....

22 posted on 03/29/2013 7:56:40 AM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: MeneMeneTekelUpharsin

Good post. Possession is 10/10ths in a lawless environment.


23 posted on 03/29/2013 9:38:31 AM PDT by PGalt
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To: PGalt

Why hasn’t OUR media covered this is my question? Anyone?


24 posted on 03/29/2013 12:37:20 PM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: MeneMeneTekelUpharsin; All
Why?

They don't want to upset their golden delicious apple carts? Plebes need to pay for their pampered lifestyle? They're in the matrix of marxists? They get to manipulate meandering morons? In the pyramid of progressive power pay is plentiful? They get facetime with familiar fascists?

25 posted on 03/29/2013 1:05:42 PM PDT by PGalt
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To: MeneMeneTekelUpharsin

I don’t think this is such a big deal. Heck, at the interest rates banks are paying these days, it’s a wonder ANYONE is keeping any money in the bank.


26 posted on 03/29/2013 6:59:58 PM PDT by Alberta's Child ("I am the master of my fate ... I am the captain of my soul.")
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