I want to move my money out of Bank of America. Need help choosing wisely
There’s been more and more talk about the fact that the Bank of America and other big banks may go bankrupt despite the massive bailout money they will receive and I am reasonably sure this is true.
My neighbors are a husband and wife (seniors) that bank with the local B of A. The reason I know this is because I bank there, too, and have seen them there. I would like to find a safer place for my money and their money, too. I know that they receive monthly pension checks from Soc. Sec. and that they don’t have much savings.
I’m confident that I know enough to do a pretty good job in finding a good place but I still have some questions and so I really would like some help to make sure I choose wisely.
What are the key things I should look for in a financial institution? Is the manager the right person to ask to get the information I need or is there an on-line source? And generally speaking are small credit unions the best way to go?
Do credit unions operate on the same 9 x 1 fractional reserve ratio as banks do?
Any recommendations you have are welcome and you’ll not only be helping me and my neighbors but probably many others that are in the same boat who will read this thread.
Thanks in advance for your help!
F4L
Check the banner at the very
Check the banner at the very top of the page, ^ ^ ^
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"Scwewy Wabbit!" Elmer Fudd
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People's Awareness Coalition: Deprogramming Sequence
Good Idea for Everyone
I like this idea. I currently have an account at JP Morgan and will be closing my savings account. I want to move it to precious metals, my mattress and some in a credit union.
A word of advice for everyone is to have at least two weeks worth of expenses ready in cash at home for a "Bank Holiday". Better safe than sorry.
Check the box at the top
of this page
Ditto on the suggestions
Ditto on the suggestions about using a credit union. My credit union has better rates than the big banks, excellent customer service, and is more discerning than most banks when issuing loans and credit (which means less bad debt to drag them down). It has elections where members nominate and vote in people to the Board of Directors--who have term limits--so you have some control over the upper management. They know that if they do a bad job, then they'll get voted out and lose their job.
I also have an INGDirect.com savings account. The rates are very nice, no fees, no minimums, and good customer service.
For the highest interest rates available -
Check >> http://www.money-rates.com/
Then Check >> http://www.bankrate.com/brm/safesound/ss_home.asp
You can buy -
Better than Bank Safety, T-bills, T-notes, and T-bonds sold at auction weekly at your local Federal Reserve Bank (easy-just call them for info) or through your stock brokerage at any time.
Tip: If you buy them at auction - always place non-competitive bids (easy form to fill out with cashiers/certified-check), otherwise if you are not the lowest bidder at auction on interest rates, they will return your money.
Tip 2: If you use a broker, unlike you, they can sell them early for you for a profit or loss (depending... if interest rates go up or down) otherwise the broker holds them in your account and holds them to maturity (however safe and sound your brokerage firm may be).
FYI, The Federal Reserve Instruments we are talking about are discounted and front loaded. Translation: You get your interest up front, not at the end. Not bad, huh ?
Makes you want to love this country (When interest rates are up and you got a couple bucks).
It is one big club, and if you ain't in it, it sucks.
P.S. There is always U.S. Savings Bonds, EE and I bonds. Years ago you could buy 15K a year, now they cut it to 5K.
When I was in the Marines, they use to force us to buy U.S. Savings Bonds or they would put us on shit-details and no liberty call. It was hell being patriotic, lol.
You must be new here?
Or you have made it a point to ignore all financial-related threads.
http://federalfallacy.com
http://federalfallacy.com
Sour grapes ?
Or do you have me mixed up with who posted this thread and Nystrom whose house this is - who incidentally posted here before me and doesn't seem to mind.
What's your problem ?
You are suggesting that this
You are suggesting that this person do business with the Federal Reserve as an alternative to a bank, and you call that safety? You should apply for a job at CNBC, you'd fit right in.
http://federalfallacy.com
http://federalfallacy.com
Hartman
Please tell us, in what parallel universe a commercial bank is stronger than the Federal Reserve bank ?
Be careful what you think is good for others (CNBC) , they might start thinking what is good for you.
You have a habit of putting
You have a habit of putting words in others mouths. I never said the Fed was less powerful than any bank. I said your advice is lunacy. Every third thread on DP is about the evils of the Fed, yet your advice is to put money into the very institution that has bankrupted this nation. Good advice sir!
The other, credible, advice in this thread is much wiser. Credit unions are a better choice. Hard assets are a better choice. Hell, even stuffing your FRNs under the mattress is a better choice.
http://federalfallacy.com
http://federalfallacy.com
Take the time to hear what you are saying -
Use Federal Reserve notes by putting them into Credit Unions and under your mattress, not the bank that issued them.
Does that really make sense to you ?
safest place for your money
Keep some money in a tampon box ,you can keep it in plain sight. There isn't a robber or a man alive anywhere that will touch it.
Not in the UK
Prince Chalers might stop over....'eg'
Freedom is another way to God...A corrupt government is a straight way to hell.
I believe in Hope & Change..I Hope the government will Change
Spindale-Rutherford County-North Carolina
You are right
if you exclude perverts
Here is another good link (I use)
Safe & Sound® ratings
http://www.bankrate.com/brm/safesound/ss_home.asp
They have both a financial statement and summary of banks/thrifts, and credit unions.
Five stars are the highest rated institutions.
P.S. keep a little under the mattress too ;)
Credit Unions
Are way Safer than banks.......but if you really want the truth......and you should of done this long ago.......is to buy Silver and Gold. Trade your paper fake money for real money.
In regards to Bank of America..........I am convinced that we will not have a bank run. They will keep this thing propped up. The US Government will not allow a mad rush to the banks. They will print us into oblivion...but they will not allow a bank run. I seriously would focus your attention on wealth preservation rather than worrying if you will get at your paper dollars.
My 2 cents
I have banks
With better safe and sound credit ratings than my 2 local credit unions. But I'm splitting hairs...5 Star Banks -vs- 4 Star Credit Unions (bankrate.com)
What ever lets you sleep better ;)
Use this link
http://www.thestreet.com/screener/index.html?src=ratingsinde...
It is a rating for banks. The bank you choose should be rated above B.
It should be pretty self explanatory.
I moved my money to Fidelity - both my brokerage account, and bank account. They are a private company (no stock traded), and very conservative, even though they're big. They have an A- rating in MA, one of only 4 such banks.
I stay local
Home Trust Banking
Freedom is another way to God...A corrupt government is a straight way to hell.
I believe in Hope & Change..I Hope the government will Change
Spindale-Rutherford County-North Carolina
As long as your deposits are less than $250,000 ...
in any one bank ...
They are completely safe.
There may be a few days waiting period if the bank fails ...
but you will be able to get your money out ...
WAHOR!!
http://www.dailypaul.com/node/48994
WAHOR!!
http://www.dailypaul.com/node/48994
The FDIC
The FDIC Bad Joke: only $52 Billion Fund - not all of it liquid and available - to PROTECT/INSURE $4.2 Trillion Deposits = 1.22% Ratio, or 1.2 cents on the Dollar…
... except when FRNs become
... except when FRNs become completely worthless. What are they going to do? Replace your FRNs with more FRNs? Awesome.
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"Live free or die: Death is not the worst of evils." -- General John Stark.
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"Live free or die: Death is not the worst of evils." -- General John Stark.
not with deflation
i wouldn't hold on to that kind of money ever. turn your money into hard assets..
food, shelter, guns & ammo, and get a lot of the 'essential' stuff people will need because that will be worth a fortune.
things like soap, toilet paper, toothpaste, sugar, flour, dry milk, honey, wheat, yeast. i am telling you now, that stuff is going up fast.
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Stock up, it's gonna be a long winter.
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A great empire, like a great cake, is most easily diminished at the edges. - Ben Franklin
Ditto Zak Carter (below)
Buy precious metals, store *some* of them in a large fireproof safe that's bolted to the floor, but hide most of it by burying it in sealed PVC containers away from your property where it will be unlikely to be found with a metal detector. Check out the site and burial instructions here:
http://www.flickr.com/photos/36494393@N00/3205903910/in/set-...
Keep only what you need for paying bills in a credit union account.
New Hampshire and Ecuador
The neighbors need a place for SS checks to be deposited
You all don't want to tell Social Security where the safe is now, do you? lol!
Truth exists, and it deserves to be cherished.
Local Credit Union
I did ask about the reserve requirement and the guy had no idea what I was talking about. He said he'd ask his boss and the answer his boss provided (forwarded via email) showed he didn't know what I was asking either. Oy.
But they're the way to go anyway if you want out of big banks such as B of A.
I'll join the chorus
Credit Union. Ask them about their fractional reserve, our little local one does NOT do the 9:1 routine, but I don't know if all are like that.
Truth exists, and it deserves to be cherished.
Credit Unions!!
Credit Unions!!
http://www.lp.org/
http://mises.org/
I've been considering to
I've been considering to move my money away from BoA as well, simply because they took so much TARP money. I'd prefer to not be rewarding them with any benefits they receive due to my deposits. Considering alternatives at this point.
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