@clinen11 wrote:
But you needed to have $10,ooo for a savings account?
@Bubbabubba wrote:
Just remember that that 10 K you deposited is NOT YOUR MONEY anymore. You are now a lender/creditor to the bank. You are LAST inline when SHTF.
When SHTF there will not be an FDIC payment because there is not enough to go around and your LAST.
ECON 101
But good job on the earnings.
@PasswordNotFound wrote:
Scanman, if you have $10k to put somewhere, you might spend some time reading at [biggerpockets.com]
@Bubbabubba wrote:
Just remember that that 10 K you deposited is NOT YOUR MONEY anymore. You are now a lender/creditor to the bank. You are LAST inline when SHTF.
When SHTF there will not be an FDIC payment because there is not enough to go around and your LAST.
ECON 101
But good job on the earnings.
@Bubbabubba wrote:
Just remember that that 10 K you deposited is NOT YOUR MONEY anymore. You are now a lender/creditor to the bank. You are LAST inline when SHTF.
When SHTF there will not be an FDIC payment because there is not enough to go around and your LAST.
ECON 101
But good job on the earnings.
@JohnieQ wrote:
@Bubbabubba wrote:
Just remember that that 10 K you deposited is NOT YOUR MONEY anymore. You are now a lender/creditor to the bank. You are LAST inline when SHTF.
When SHTF there will not be an FDIC payment because there is not enough to go around and your LAST.
ECON 101
But good job on the earnings.
Let's just put an end to this now. . .
If the bank is insured by the FDIC, which it likely is, he will be paid the full amount of his account up to $250,000 USD. He will not be last inline, the FDIC is a separate agency from the bank and does have the money to reimburse you. More than likely what would happen is that the bank would be reacquired by another bank and there would be a seamless transition where you would keep your account and money. If for some reason the FDIC can not reimburse you, or runs out of money, then the entire banking industry would collapse, and USD would be worthless, and that is not going to happen anytime in the foreseeable future.
If he has >$250,000, say $260,000, then he would be last in line for the extra $10,000.
@scanman1 wrote:
I have been there and done that. Being a landlord means constant repair projects. I was on a first name basis with the cashier at the home improvement store and had to evict non paying tenants. This can become very cash negative.
@Bubbabubba wrote:
If for some reason the FDIC can not reimburse you, or runs out of money, then the entire banking industry would collapse, and USD would be worthless, and that is not going to happen anytime in the foreseeable future.<<<<<<This is where you ignore the facts. It is one of the major goals of the nearly completed Progressive agenda.Your mind is well formed by them.
Your not HONESTLY looking or listening. Mr Grashopper!
Its not my job to teach you. Remember Noah?
@Bubbabubba wrote:
...You have a good chance in silencing my help...
@N-TownShopper wrote:
In my opinion, I don't think this thread has crossed the line into politics. I see the speculation, facts, etc being discussed here as socio-economic more than political.