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My bank failed.

Discussion in 'Off Topic [BG]' started by Captain Chaos, Sep 26, 2008.

  1. :meh:

  2. Armueller2001


    Sep 19, 2006
    Dallas, TX
    So what does that mean for you?

    I'm thinking about buying a whole crapload of gold... since our currency is meaningless paper that gets devalued every day.
  3. I'll have to talk this with my dad as we both have money in there. We have been reading about this for 2 weeks and we don't want to lose any money.
  4. GeneralElectric


    Dec 26, 2007
    NY, NY
    You won't if its in an account.
    FDIC beetches!:p
  5. EricF

    EricF Habitual User

    Sep 26, 2005
    Pasadena, CA
    *DING* Right answer! :)
  6. Armueller2001


    Sep 19, 2006
    Dallas, TX
    Where does that money come from? "The Man"? :help:
  7. GeneralElectric


    Dec 26, 2007
    NY, NY
    Pretty much:p
  8. MJ5150

    MJ5150 Moderator Staff Member Supporting Member

    Apr 12, 2001
    Olympia, WA
    My bank too. I have had an account with them since 1980. So sad to see them go. As soon as the bad news started hitting the news in recent weeks, paranoid account holders were withdrawing their money like crazy everyday. One of my co-workers took her $800 or so out and chastised me for leaving my money in my account. I think this mass hysteria up here contributed to the downfall...at least it expedited it.

    I'm not a fan of JP Morgan, so once I find a small local credit union or bank, I'll move my accounts over to it. But yes, I am deeply saddened today.

  9. crimson_basser


    Jul 9, 2008
    Endorsing Artist: Spector Basses
    its crazy (and scary) to think that the one thing our entire life is based around has absolutely no value and is completely meaningless.

  10. mattq


    May 23, 2006
    Santa Cruz, CA
    it's kind of weird. the only reason it had value to begin with is because we as a nation decided to agree it had a specific value. and by extension, i guess it means all the trouble we're in is because we all agreed that it's worth less now
  11. Jazz Ad

    Jazz Ad Mi la ré sol Supporting Member

    What protects depositors in these cases ?
    Just curious.
  12. Is this the right time to post a FAIL pic? :bag:
  13. BurningSkies

    BurningSkies CRAZY BALDHEAD Supporting Member

    Feb 20, 2005
    Syracuse NY
    Endorsing artist: Dingwall Guitars
    Yeah, I'm not so happy about my bank doing the buyout on this one either...

    But fer'real if you've just got your money in deposit (savings/checking) you should be all set up to 100,000.00. If you have more than that, it's a potential for some badness. The FDIC insures up to that amount. If you've got some investments happening, it could be rough.
  14. Visirale


    Mar 23, 2003
    It's only good for 100 grand...
  15. WRBass


    Dec 10, 2006
    Houston, Tx.
    I don't think anything significant changes for you. Later, they will change the sign in front of the bank to "Chase". You may need to get new checks later.

    I bank with Chase now as well, but not by choice. I have had the same account for 25 years, and it's changed bank names 5 times!
  17. MJ5150

    MJ5150 Moderator Staff Member Supporting Member

    Apr 12, 2001
    Olympia, WA
    It feels that way up here, and it isn't even raining today.

  18. WillPlay4Food

    WillPlay4Food Now With More Metal! Supporting Member

    Apr 9, 2002
    Orbiting HQ
    The Federal Deposit Insurance Corporation, aka, the FDIC.

    Also, JP Morgan was allowed to acquire WaMu for $1.9B so the bank will reopen as a different company today. All deposits are available.
  19. My Wife and daughter has accounts with them. You wont loose money unless you exceed the FDIC insurred amount. If you have that much in the bank, it should have been in OTHER investments :)
  20. GregC

    GregC Johnny and Joe Gold Supporting Member

    Jan 19, 2007
    Nah, any depositors, even above 100 grand, won't lose a cent. As WillPlay said, JP Morgan's taken over and all deposits are available.

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