Posted by: Armel | July 13, 2008

BANK RUN !!!

  

THERE IS NOW A REAL RISK OF A POTENTIAL BANK RUN SOMEWHERE IN THE U.S BANKING SYSTEM !!!

In the Afermath of the Indymac Bank collapse on Friday, many fear that some banks might witness a run for deposits as customers reach to get their savings out in fear of further banks collapses. This is due to the fact that many banking clients were not aware that the term “FDIC Insured” only meant: “Up to $100K “. The remaining part cannot be recovered (unless the bank assets sale generates enough liquidity). This leaves us with a spike in the general public looking for more information about their savings, checkings or money-market accounts. It’s interesting to know for example that if you have multiple accounts in one bank with each holding less than 100k, you also need to make sure that the total amount in all those accounts (combined) with that particular institution is less or equal to $100K. Otherwise, your money is still not safe (that is, if anything was to happen) !

It doesn’t help that the Fed and other banking regulators now admit that there is a potential for more potential banking failures in the horizon but the FDIC would not be able to handle all of’em at the same time.

The next 72 hours would prove to be crucial as regional banks would be first in line to reassure not only depositors but investors as well.

Armel Njeunou

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Responses

  1. guess the public has been punkd..but really anybody with 100k+ at indymac deserve what they get…the news has been around for 60days

  2. @ OZ,
    Moreover, I think a lot of people with acounts at Indymac probably weren’t following the news that much in general, otherwise this would’ve happened at least a month ago.

  3. ha ha.. this is just the beginning. The elite has exited the market (like in 1929) and banks and the consumers are still around.

    If it were me, I would take all the money out from every bank and convert them to gold and silver till this is over… ie if there is an end to this.

  4. LOL @ Gbush !! Elite hein?


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