This is what a 'bank run' looks like...

Discussion in 'Economics' started by capmac, Jul 14, 2008.

  1. Not only that, they changed the words to: "America the Beautiful" last week; it was a flooding issue. Even Phoenix got flooded yesterday after all that work of rising out of ashes.
     
    #21     Jul 14, 2008
  2. banks with all lowercase names are not to be trusted. I prefer CAPS LOCK banks myself, or at least traditionally punctuated.
     
    #22     Jul 14, 2008
  3. Hmmm... I always thought the whole point of luxury cars was the status associated with saying 'I spent top dollar.' In other words, a used Ferrari is one mark down from the highest level of ostentatious.

    If you're going to wear status, you have to pay retail !!!!

    :)
    heheheh... (not my cup of tea -- all of those superficial materialist possessions don't really do it for me. It would give me a guilt complex if I drove one of those.)
     
    #23     Jul 14, 2008
  4. unfortunately
    this is simply not true, luxury items are not plumeting in price, in fact, ferraris in particular are holding or going up in value right now. watches, cars, etc, still the same or higher than last year, note the activity
    http://motors.shop.ebay.com/Cars-Tr...ariQ20f430QQ_catZ6001QQ_fromZR40QQ_pcatsZ6000



    surf:mad:
     
    #24     Jul 14, 2008
  5. GTS

    GTS

    That isn't always true, its easy to title a single account so that has more than $100k in coverage:

    http://www.fdic.gov/deposit/deposits/insured/yid.pdf

    If Robert Clark had listed his mother, sister and brother on the account as POD on his account then that account would have been covered by the FDIC for $300k.
     
    #25     Jul 14, 2008
  6. bdon

    bdon

    one account is one account. A revocable trust that governs several accounts isn't an account. Its a legal document that oversee's the handling of several accounts, all of which have their own fdic insurance. No?
     
    #26     Jul 14, 2008
  7. I hope you LEASED.....not the right time to BUY an F430. New Skyline GT-R though is a BUY all day long (78K.....locked in a $10,000 over MSRP deal for late 08 delivery)!!! :cool:
     
    #27     Jul 14, 2008
  8. GTS

    GTS

    No, Read page 11 of the PDF:

    "There are both informal and formal revocable trusts. Informal revocable trusts, often called “payable-on-death”
    (POD), “Totten trust,” or “in trust for” (ITF) accounts, are created when the account owner signs an agreement–usually part of the bank’s signature card – stating that the deposits are payable to one or more beneficiaries upon the owner’s death."

    You are describing a formal revocable trust, its not necessary to gain the increased FDIC coverage. All that is required is to title the account correctly.
     
    #28     Jul 14, 2008
  9. Not true.

    According to the FDIC web site, two people can have a joint account and each individual is insured for 100K with the combined insured amount for the account of 200K.

    http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html

    Joint Accounts
    These are deposit accounts owned by two or more people. If both owners have equal rights to withdraw money from a joint account, each person’s shares of all joint accounts at the same insured bank are added together and the total is insured up to $100,000.

    If a couple has a joint checking account and a joint savings account at the same insured bank, each co-owner's shares of the two accounts are added together and insured up to $100,000, providing up to $200,000 in coverage for the couple's joint accounts.

    Example: John and Mary have a $220,000 CD at an insured bank. Under FDIC rules, each person's share of each joint account is considered equal unless otherwise stated in the bank’s records. John and Mary each own $110,000 in the joint account category, putting a total of $20,000 ($10,000 for each) over the insurance limit.

    Account Holders Ownership Share Amount Insured Amount Uninsured
    John $ 110,000 $ 100,000 $ 10,000
    Mary $ 110,000 $ 100,000 $ 10,000
    Total $ 220,000 $ 200,000 $ 20,000

    Note: Jointly owned qualifying trust accounts are not included in this ownership category.
     
    #29     Jul 14, 2008
  10. Mvic

    Mvic

    Classic! Well said.
     
    #30     Jul 14, 2008