Posted on 09/04/2009 7:16:33 PM PDT by rabscuttle385
Regulators close banks in Arizona, Illinois, Iowa and Missouri.
BY AMY HAIMERI
NEW YORK (CNNMoney.com) -- Five small regional banks were closed by regulators on Friday evening, pushing 2009's tally so far to 88 institutions. Of the five failures, two were in Illinois, and there was one each in Arizona, Iowa and Missouri.
(Excerpt) Read more at money.cnn.com ...
Failed Bank Information for Platinum Community Bank, Rolling Meadows, IL
Failed Bank Information for Vantus Bank, Sioux City, IA
Failed Bank Information for InBank, Oak Forest, IL
Failed Bank Information for First Bank of Kansas City, Kansas City, MO
A bankless “recovery”. I new this was going to happen.
But..but...Thanks to Obama,(and Charlie Rangel) the failures are only half of what they would be because of Bush, Bush, and Reagan. /s
Bump for later.
I've had more than a few people ask my opinion on withdrawing money and putting it under the mattress. Any suggestions?
Find a strong credit union.
And...keep cash on hand.
There’s no need unless you have more than $250K in cash (deposits plus CD’s) in your bank. The $250K deposit guarantee has been extended into 2013, so you’re good there.
Now, if you’re in a rural area, and your local bank is “iffy,” it might be a good idea to have some extra folding money held out, but not a mattress full. You’d need enough to get you through a weekend and perhaps a holiday Monday (like the situation this weekend) where the FDIC is converting over these banks.
The other situation where you might want some money held out is when the FDIC rolls up on the bank, shut ‘em down and mails you a check. Your account is closed because the bank is closed. This happened as follows:
http://www.fdic.gov/news/news/press/2009/pr09164.html
I’m retired and depend on bank quarterly distributions. All was fine until they were cut 40% beginning this year. I suspect regs and an increase of FDIC fees to be the culprits.
Thank you. But I understand the FDIC only has enough money to cover a fractiion of the deposits.
I think it was here on FR that there is only $10 Billion to cover $4.4 Trillion.
And...keep cash on hand.
Probably best not to have larger bills for emergency transactions where no change is on hand.
If its $400M for 5 banks then at that rate it would be around $7B for 89 banks. Quick, print some more money!
What makes you think that the fedguv "guarantee" is good for anything?
I have some Elvis Presley Memorabilia, I wonder if I can trade this ‘as cash’.?
Why a credit union?
They have the Bureau of Engraving and Printing.
The Platinum Bank in Illinois went completely under. No opening on Tuesday as somebody else.
Barter it for something useful now, cash will be losing value due to coming inflation.
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