Financial Meltdown?

[Patriotic Sheepdog]

Well, the first, which I believe will be many to follow, has had its doors shuttered by the FDIC. With a large amount, 93%, of the depositors that do not have all their money insured as it was too high of amounts.

This is the first, how many more over the coming months? Hold on people.....the turbulence is starting....

https://www.cnbc.com/2023/03/10/silicon-valley-bank-is-shut-down-by-regulators-fdic-to-protect-insured-deposits.html

https://mishtalk.com/economics/silicon-valley-bank-collapses-93-percent-of-deposits-not-insured-what-now

[rockriver]

i posted above article with some comments over in econ. deleting that and moving here.

https://readwise.io/reader/shared/01gv7acne9h2j3ag2wtz9x1vkj/

[1Admin]

Monday will likely be a good indication of how far this will go.

If more panic runs start on Monday with other banks, then this could go further.

So the million dollar question is: on the FDIC insurance, assuming it works as it should- are you insured for $250K PER account at a bank, or all your accounts at ONE bank?

[surviort_wwdnet]

For an FDIC insured bank, the limit is $250k per account owner. For a joint account with no beneficiaries, the limit is $500k, assuming 2 account owners. The total coverage includes the total of all accounts of a specific type at a single bank. Credit unions fall under NCUA but the limits of coverage is the same.

"You may qualify for more than $250,000 in coverage at one insured bank or savings association if you own deposit accounts in different ownership categories. The most common account ownership categories for individual and family deposits are single accounts, joint accounts, revocable trust accounts, and certain retirement accounts."

https://edie.fdic.gov/calculator.html?#05

[Patriotic Sheepdog]

Today will be interesting for sure....
Interesting read....

https://roundingtheearth.substack.com/p/why-would-silicon-valley-be-ground-e24?utm_source=post-email-title&publication_id=295776&post_id=108129783&isFreemail=true&utm_medium=email

[Lowdown3]

We have a wonderful gal for our personal banker. She is by far the only person that has actually seen through things we have needed to be done at our bank for years. From small stuff to larger stuff, everyone, up to "branch managers" would eff up the simplest things, not follow through on anything, etc. We found a squared away gal and have stuck with her over the years. She is literally the reason we have stayed with the regional bank we have stayed with for years.

I told my wife this morning- "I'm going to email (the banker gal) and tell her "I'm going to be over in an hour to pick up $250,000. in cash, please have it ready. I won't need any security, but you all might if my money isn't all there." LOL

Thought it might lighten her day LMAO.

[jimLE]

Bancorpsouth is one of the banks that was temporary halted when svb shutdown.and to top it off.bancorpgroup is at least a part of Paypal. I'm thinking that's why it's considered as a checking account.now I'm wondering what will happen if bancorp goes bankrupt.i have a account with first convenience bank.in which I transferred most of my money from Paypal to it.in which I hope that I made the right decision on that.

[Lowdown3]

Welcome to the forums.

[prc-104]

Welcome aboard from me too.

Banking situation might need some levity:


Then there's this cutesy one:

Don't take me overly serious. I tend to laugh at many things.

[Lowdown3]

Wells Fargo up next?

[prc-104]

Good question, has me wondering.
Had a girlfriend who went to work at Wells Fargo as a teller but said screw it and quit after 2 weeks.
Why?
First was illegals came in to open up checking account and for ID had a drivers license with their picture scotch taped over the picture on the license. Manager said "Accept it!"

Second was teller manager was modifying her end of the day tally sheet with out telling her.

Wells Fargo has felt scummy to me ever since.