Comments on: More Bank Failures to Come: FDIC Has List of 117 Banks in Trouble

By: SB

SB — Fri, 29 Aug 2008 00:53:40 +0000

This is why I safely store all my money at the closest Check into Cash. (Just kidding, it's really a check n go)

By: SoLo

SoLo — Thu, 28 Aug 2008 16:36:38 +0000

When a bank closes, a formal public disclosure is made with regards to the disposition of deposits... see the link mu provided above and click on any of the banks listed. These disclosures contain standardized verbiage, and apropos to this thread in particular, each disclosure contains the following paragraph:

"Principal and interest on insured accounts, through , are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts may be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit."

Creating a sense of panic only exacerbates the problem (looking at you, WallStreetBanker). Of course, if you base critical financial decisions on casual blog posts, you are probably already in trouble.

By: WallStreetBanker

WallStreetBanker — Wed, 27 Aug 2008 20:04:52 +0000

For anyone who has a WaMu account, it's recommended to pull out any savings you have. They are on the list. Big moooo trouble.

By: mu

mu — Wed, 27 Aug 2008 19:42:51 +0000

Anyone worried about bank failures might want to have a look at this link every Friday evening (closures are always announced after hours on Friday so the FDIC can try to get everything sorted out over the weekend).

http://www.fdic.gov/bank/individual/failed/banklist.html

By: Peeves

Peeves — Wed, 27 Aug 2008 19:28:17 +0000

While I agree that releasing the names would be disastrous..it's a bit disconcerting that we are all expected to be kept in the dark about the impending doom of a place that has our life savings until that doom has arrived. The relationship between banks and our govt is already super shady.

By: Blacknimbus

Blacknimbus — Wed, 27 Aug 2008 19:20:29 +0000

"Great Depression"?

Unemployment is still incredibly low...there hasn't been negative growth in two consecutive quarters yet.

Let's worry about an actual Recession before we start worrying about the new Dustbowl...

By: nef

nef — Wed, 27 Aug 2008 19:05:56 +0000

@Tharklord, credit unions are insured thru the NCUA, not the FDIC. The NCUA is stronger than the FDIC. Not only that, but when a credit union starts to go under, another credit union steps up and takes all the members of the failing one so there is no loss. The NCUA has not had to pay in a very long time due to that.

By: Rhea

Rhea — Wed, 27 Aug 2008 18:19:03 +0000

Oh, I think there's lots of room for a Great Depression.

By: sw

sw — Wed, 27 Aug 2008 17:51:48 +0000

Another question:

Would another "Great Depression" be possible with the FDIC in place?

By: TharkLord

TharkLord — Wed, 27 Aug 2008 17:26:47 +0000

I've got a question.

I keep hearing about banks in trouble but nothing about credit unions. Have they managed to avoid the greed and incompetence that has humbled the banking system?

By: biltmore

biltmore — Wed, 27 Aug 2008 17:24:21 +0000

Is this a sign for another "Great Depression"? I sure hope not.