Just out of curiosity... what happens when a bank goes bankrupt (assuming it is not bailed out)? Do the people who have cash in that bank lose it, or is it reimbursed up to the $250K federal insurance amount? And, what about debts you have with that bank?
I'm asking because there might be a domino effect. If one big bank goes down, it could affect a lot of other banks where many people moved their money to when they left WF or BoA. So, the above questions are in general for any bank.
You will lose everything sadly. And when one bank is in trouble there will be a knock on affect. This is much, much greater than the Lehman Bros collapse. The gov. is insolvent and can’t bail out the big banks even if they tried.
Hmmm... that sucks. Thanks for the answer. Well, I guess if my bank closes and I lose everything, then I would like to see them collect on the debt I may have with them (car loan for example). And if they try to transfer the debt without bailing me out, well... I guess they can come and try to make me pay. We'll discuss it over a cup of coffee as we walk the back 40.
Read your paperwork they update ever year. When you deposit money into the bank, you are “lending’ them your money. Basically you become a creditor (and low down on the totem pole!) when they go bankrupt.
Just out of curiosity... what happens when a bank goes bankrupt (assuming it is not bailed out)? Do the people who have cash in that bank lose it, or is it reimbursed up to the $250K federal insurance amount? And, what about debts you have with that bank?
I'm asking because there might be a domino effect. If one big bank goes down, it could affect a lot of other banks where many people moved their money to when they left WF or BoA. So, the above questions are in general for any bank.
You will lose everything sadly. And when one bank is in trouble there will be a knock on affect. This is much, much greater than the Lehman Bros collapse. The gov. is insolvent and can’t bail out the big banks even if they tried.
And they might issue you worthless stock in the bank. Heard this on some podcast. Your money is not safe in the bank. Never has been.
Gold, silver, platinum, cows, chickens(going up now), alchohol, etc.
Guns/ammo is where true value is stored.
Building materials and used cars of guns aren’t allowed in your country.
Hmmm... that sucks. Thanks for the answer. Well, I guess if my bank closes and I lose everything, then I would like to see them collect on the debt I may have with them (car loan for example). And if they try to transfer the debt without bailing me out, well... I guess they can come and try to make me pay. We'll discuss it over a cup of coffee as we walk the back 40.
Is the "back 40" code for a caliber of handgun😄
lol... not a caliber... just the acres out back where a person might disappear : )
hahaha... just joking.
Read your paperwork they update ever year. When you deposit money into the bank, you are “lending’ them your money. Basically you become a creditor (and low down on the totem pole!) when they go bankrupt.