Is Your Bank Safe?
By Aaron - September 14, 2008 at 12:01 PM
Filed under Banking & the Fed
Filed under Banking & the Fed
If you have been paying even scant attention to the news, you know about the housing mortgage crisis, the bank failures, the investment houses, banks and mortgage companies writing off billions of dollars.
A week ago Friday, officials closed the 10th commercial bank this year. It was a small bank in Georgia with $1.1 billion in assets.
The problem? Rising loan defaults. The FDIC now has 117 banks on its danger list that could fail. The probability of a large number of these banks actually failing is quite large.
As most depositors know, the basic insurance limit on U.S. bank deposits is $100,000 in a single bank. If you know the rules well, however, it is possible for a single person to extend that coverage to more than $500,000 at one bank. This can be done by utilizing multiple account ownership categories (private, commercial, business, investment) since the $100,000 insurance limit applies by account category and per account holder.
The FDIC has a failed banks list. Obviously this list is only the banks that have already failed. Just because your bank isn’t on the list doesn’t mean that it is not in danger. Be careful out there — it’s a rough political and economic climate with Big Government politicians ‘leading’ the way!
On September 19th, 2008 at 7:14 am
Off Topic: As a Ron Paul-endorsed candidate for public office (http://libertypac.net/html/state.html), I am having a moneybomb for my campaign today. Since the date today is 9-19, I encourage you to donate either $9.19, $29.19, $59.19, or $109.19 via the Donate button on the right side of my Web site at http://voterob.alexanderfamily.org
Here are some historical events that have taken place on 9-19:
* 1737 – Charles Carroll of Carrollton, American patriot leader, signer of the Declaration of Independence, and U.S. Senator was born (d. 1832)
* 1777 – American soldiers won the First Battle of Saratoga/Battle of Freeman’s Farm/Battle of Bemis Heights during the Revolutionary War.
* 1778 – The Continental Congress passes the first budget of the United States.
* 1796 – President George Washington’s farewell address is printed across America as an open letter to the public. In it, America’s first chief executive advised, “Observe good faith and justice toward all nations. Cultivate peace and harmony with all.”
* 1893 – Women’s suffrage: In New Zealand, the Electoral Act of 1893 is consented to by the governor giving all women in New Zealand the right to vote.
* 1940 – Witold Pilecki is voluntarily captured and sent to Auschwitz in order to smuggle out information and start a resistance.
* 1983 – Saint Kitts and Nevis gains its independence from Great Britain.
My goal for fundraising today is $919. That can be reached by 100 people donating $9.19, 32 people donating $29.19, 16 people donating $59.19, 9 people donating $109.19, or any combination of those. If each of you reading this message will please just take a few minutes today and donate via my http://voterob.alexanderfamily.org campaign Web site, we should be able to reach the goal of raising $919 today, 9-19.
Thank you for your support of liberty,
Rob Alexander
Acting President
Repbulican Liberty Caucus of Utah