Business advice from Banker

**marketsmart** · 07-15-2008, 09:32 PM

i keep my gold bricks buried in my back yard...

**Barefootsies** · 07-15-2008, 09:34 PM

I've heard the same.

**MRock** · 07-15-2008, 09:45 PM

I convert my cash immediately to livestock.

**fallenmuffin** · 07-15-2008, 10:00 PM

I have three bank accounts and 2 savings accounts all fdic insured for this very reason.

**Evil E** · 07-15-2008, 10:03 PM

I have no money so I'm good.

**Bossman** · 07-15-2008, 10:19 PM

Also if everything breaks down, then having cash on hand can make you survive, when everyone dies waiting in lines trying to get their cash from the ATMs

**woj** · 07-15-2008, 10:27 PM

Great, except who would keep univested 100k+ in a bank account anyway?

**DateDoc** · 07-15-2008, 10:40 PM

The prediction is that up to 150 small to midsize banks will fail in the next 18 mos.

**DateDoc** · 07-15-2008, 10:40 PM

Originally posted by fallenmuffin

I have three bank accounts and 2 savings accounts all fdic insured for this very reason.

Different banks right?

**datatank** · 07-15-2008, 10:43 PM

Originally posted by woj

Great, except who would keep univested 100k+ in a bank account anyway?

Plenty

**Evil E** · 07-15-2008, 11:29 PM

Wonder what happens if you have a credit line in the red with that bank and it goes bankrupt...

**Evil E** · 07-15-2008, 11:33 PM

Originally posted by Bossman

Also if everything breaks down, then having cash on hand can make you survive, when everyone dies waiting in lines trying to get their cash from the ATMs

Not if the money is worth nothing

**fallenmuffin** · 07-15-2008, 11:40 PM

Originally posted by DateDoc

Different banks right?

Yup different banks. My main bank has most of my cash though but I'm planning to starting to build up the other accounts. You can always tell which banks have more of my cash by the way the teller treats me lol.

**qxm** · 07-15-2008, 11:47 PM

The minute Countrywide got in trouble I knew big shit was just around the corner for the banks.... as the banker said, its a good idea to spread your monies across dif banks, just don't put yo monies in smaller run-of-the-mill banks.........

**OG LennyT** · 07-15-2008, 11:52 PM

good advice

**DaddyHalbucks** · 07-16-2008, 12:23 AM

Put some under your mattress too.

**Bossman** · 07-16-2008, 01:02 AM

Originally posted by Evil E

Not if the money is worth nothing

You can always bet on that the central bank will start destroying money/cash, if the value falls too much.... great depresion was casued because the centralbank destroyed 1/3 of the money.

**brandonstills** · 07-16-2008, 02:15 AM

just hedge it

**dready** · 07-16-2008, 05:58 AM

Originally posted by DateDoc

The prediction is that up to 150 small to midsize banks will fail in the next 18 mos.

Yep, and some very major banks too. American banks haven't really begun to report their credit writedowns yet. When they do, the number is going to be so large, they won't be able to raise enough new funds to cover it, and there won't be enough healthy banks to help them out. Other countries will be less likely to help because the dollar is so worthless now.

It will be similar to Japan in the 90s and USA in the 30s. Multiple major bankruptcies.

**pornguy** · 07-16-2008, 06:23 AM

Dont use banks. Use Credit Unions.

**pornguy** · 07-16-2008, 06:25 AM

Originally posted by MRock

I convert my cash immediately to livestock.

This may be a better idea than you think.

**Barefootsies** · 07-16-2008, 06:32 AM

Originally posted by pornguy

Dont use banks. Use Credit Unions.

Toetally agree 100%.

I've moved 90% of my accounts to one over the past year or so. It's proved most beneficial.

**stereolab** · 07-16-2008, 08:41 AM

all these responses are great for personal accounts, but what about small businesses that have all their payroll in one bank - far more than $100k. POOF. Out of business.

**DateDoc** · 07-16-2008, 09:11 AM

Originally posted by stereolab

all these responses are great for personal accounts, but what about small businesses that have all their payroll in one bank - far more than $100k. POOF. Out of business.

There has been quite a bit of talk about this and having payroll accts treated as pass thru accts which are not subject to FDIC limits. Unfortunately, this has not happened yet and the consensus stands that it may be better to make payroll any day but Friday as that is the day the FDIC typically seizes a banks assets and shuts it down. If you switch pay day to Monday most paychecks should have cleared by Friday thus reducing the chance of funds being uninsured.

**stereolab** · 07-16-2008, 09:16 AM

Originally posted by DateDoc

There has been quite a bit of talk about this and having payroll accts treated as pass thru accts which are not subject to FDIC limits. Unfortunately, this has not happened yet and the consensus stands that it may be better to make payroll any day but Friday as that is the day the FDIC typically seizes a banks assets and shuts it down. If you switch pay day to Monday most paychecks should have cleared by Friday thus reducing the chance of funds being uninsured.

you're still walking a very thin wire. if we see 8-9 more banks fail, you're going to see payrolls vanish into thin air and sudden, massive unemployment. yikes!

**DatingGold** · 07-16-2008, 09:29 AM

This is a very good solution: www.cdars.com

**notime** · 07-16-2008, 09:58 AM

put it on visa, mastercard, epassporte & paypal
and some in large worldwide banks that actually make money & profits
like the ING bank

**Phoenix** · 07-16-2008, 10:02 AM

how are cdn banks looking?

**JFK** · 07-16-2008, 11:31 AM

Originally posted by pornguy

Dont use banks. Use Credit Unions.

what makes you think they are safer ?

**stereolab** · 07-16-2008, 11:46 AM

Originally posted by notime

put it on visa, mastercard, epassporte & paypal
and some in large worldwide banks that actually make money & profits
like the ING bank

how's that going to work out when you have 50 employees expecting their paycheck like clockwork. some get paid in paypal? some in epassport? what if you have a few million bucks in Washington Mutual that handles your payroll - then tomorrow *poof*, all your payroll money is gone.

that could very well happen to a lot of mid/small biz.

**ztik** · 07-16-2008, 12:10 PM

Originally posted by woj

Great, except who would keep univested 100k+ in a bank account anyway?

Umm.. I do.. lol

What is the worry? I don't get it, I guess I am out of the loop.

Business advice from Banker

Business advice from Banker

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment