I am in a small town in Nebraska. I will be headed to the bank when it opens in about an hour. I am curious to know if this sleepy town is aware... and, perhaps those who might be doing the same thing as me are fellow Anons...
I will report later.
Comments (20)
sorted by:
Look at the big banks like Wells Fargo
re: Wells Fargo -- I am in a rural area so I tend to only drive to "town" once a week max, because it's a long way, so probably won't be checking status today, will update when i do, but some things I noticed:
about 2 months ago the drive-up atm was black, lights out, no workie, no signs, no nothing...
tried again the following week and the atm was working, but the regular drive thru had a new sign in the window stating that it was permanently closed....
I pulled over 90% of my money out of WF and put it in a credit union over a year ago, WF is my throw-away big bank account.
Just please understand: almost no bank/credit union is safe right now. When you deposit money, they need to do something with it. They have to either make a loan or buy a treasury. Anything that pays interest above what they pay you.
Unfortunately, when the Fed started raising interest rates like a drunken sailor, the value of all those assets purchased during the low interest period tanked below the deposit value. Every bank became insolvent if marked to market. If they get a sufficient volume of customers withdrawing their money to the point they are forced to sell those assets before maturity, they are going to take a loss.
It doesn't matter how conservative or well managed your credit union is. ALL banks are underwater and at risk of a bank run right now because of the Fed's ill advised policy to raise interest rates at hyperspeed.
Make absolutely certain to keep all deposits in all banks under the $250K insured limit. And pray that the FDIC doesn't go broke before your bank/credit union does.
My personal opinion is that nothing other than cash under the mattress is safe at the moment.
Smart Wf is asshoe.
East Tennessee here. My wife just checked the bank account locally and so far, all seems normal. No warnings, just business as usual. So far. If that changes, I'll post again later.
I'm out of state currently, but keeping an eye on things.
First Horizon, formerly First Tennessee in on this halt list.
https://www.nasdaqtrader.com/trader.aspx?id=tradehalts
link credit to DRan for this post https://greatawakening.win/p/16aTVIs7gW/for-those-that-want-to-play-alon/c/
We pay our credit card off every month but if banks fail, what will happen to credit cards? We use our card for essentials and gas. We have some cash available just in case everything goes boom....
I have been told by reliable sources that your debt will stay attached to you. If you had $10K on a cc, and $5K in the bank when it closes, you will owe $5K to the entity that buys the debt.
That's my understanding, but I couldbe wrong
You can expect that, barring a complete rework of the system by patriots, that all of your debt will stay tied to you. The banks will then force to to liquidate your real assets to them for a fraction of their value to pay off this debt.
No one has any idea what will happen it's all speculation. All I know is these mega banks and corporations are corrupt and have been enslaving generations so I pray millions refuse to pay them back. Fuck them
/u/catsfive can we get this stickied? Wells Fargo is not processing transfers internal or external.
OP Update...
Visited a local bank and withdrew my cash (actually needed to so I could pay some bills, and out of checks, so sort of ironic... but I took most of it out). Friend works there, VP. Talked with him. I played dumb. He explained that the bailout for SVB is for depositors, and they will be made whole (not just $250K), and the money to make them whole will come from all participating FDIC banks, regardless of their exposure... so probably some formula to determine how much to chip in. Not a taxpayer bailout... but what will a bank do when it needs to chip in? Will it then create a proportionate fee to pass down to its own depositors? Time will tell.
Good idea. Stuck at work today, so I can’t head out, but I’m definitely interested in hearing others’ experiences out there.
Same, and I'm in Mexico so I'm going to try the banks here to draw out pesos and see what happens. I have my funds in phoenix-area credit unions, midfirst and chase.
EU anon here, Currencies Direct (big currency broker) are
"sorry but our online service and app are currently unavailable. We expect them to be up and running again soon, but if you need urgent assistance please contact your Account Manager or call our customer services team on +44 (0) 20 7847 9494"
MKT Prez for a $5b regional bank. No problems at all. Only 2 questions from depositors. No run on cash. Our depositors are 90% covered by FDIC insurance. Think it's a "WOKE" Bank issue.
Thanks for sharing... good to know!
Central Alabama here. My wife works at Regions Bank, she knew all about SVB fall before I mentioned it. She does CTR reporting and has been telling me that reports aren't made unless a deposit of cash is $10,000.01 but starting in June CTR reports will be made if you deposit $.01. They'll be tracking all your money soon.
My bank doesn’t have offices, but I went to an ATM at a different bank and withdrew ~$700. No problem!
I checked my account online this morning and all my money is still there. I even transferred some funds from one account to the other and it all worked. I use a local credit union, so who knows how this may or may not affect them.