Finding out where a bank puts its assets

Discussion in 'Economics' started by tomahawk, Aug 5, 2007.

  1. My father, who is quite conservative, likes to spread some of his money among CD's at different banks. Lately he's getting nervous about the possibility of alot of banks going under, given the current environment in the mortgage and credit markets.

    So he has asked me to help him try to find a source of information on where a given bank places its assets, in order to make sure if he invests there that his money will be safe. I found some general information at the federal reserve website, but no specific info on individual banks (just the foreign/domestic ratio). This is not my area of expertise at all, so if anyone has any leads, I'd appreciate it.

  2. The loan it to others for higher rate.
  3. loan some money on prosper to people with good credit, earn 9% or so with low risk
  4. This is a strange fear. Banks are backed by the US government. If the US Govt failed, it won't matter where he puts it. Open a swiss account, but don't hide it from the govt. That is about as safe as it gets
  5. I have given this some thought, mass default is. Sure the banks are insured by FDIC. But what good is it if the money they repay you is severely inflated? Since M3 is gone the FED can print as they want.
  6. If one is a US citizen and has a Swiss account, are they still required to pay taxes to the U.S IRS on the interest earned in that account?

    Also, if you have debts outstanding here in the US, can creditors seize assets held in a Swiss account?
  7. yes/no
  8. The best answer is for you to consult a "real" estate attorney. My non-legal advice responses :D are:

    1) yes to taxes on foreign income...there is a swiss treaty with the US
    2) no as long as the assets were moved far in advance of any legal judgment/action you should be protected if the swiss trust was correctly setup.


  9. Contact each bank and ask for some sort of balance sheet. I'm not sure about the large corporations out there, but small banks/credit unions usually have a list of all assets and liabilities available, upon request. When I was a broker, I would get these lists and prospect the small banks/credit unions who had low CD rates to sell them CD's, bonds, etc. The list was readily available at the bank.
  10. Thanks.

    I assume there wouldn't be a problem if you want to wire your money back to the U.S. in the future after opening a Swiss account?

    Does one need to be in Switzerland physically to open an account there or can it be done over the phone from here in the U.S.?
    #10     Aug 6, 2007