CNN: Please "Don't Take Your Money Out of the Banks" . . . What does THAT tel you?

CNN: Please "Don't Take Your Money Out of the Banks" . . . What does THAT tel you?
8 Comments

Someone once said, "When they tell you not to panic, THAT's when you run" and today, Communist News Network, ooops, CNN, is telling people NOT to take money out of the bank.   Oh Boy.   I'm headed to the ATM to grab some . . .

The CNN article then has the nerve to tell folks "Bank deposits are insured by the Federal Deposit Insurance Corp. And the FDIC has some helpful guidelines on its website to answer questions consumers may have right now."

What they DON'T tell you is the FDIC can take up to a YEAR to get your money back to you.   So what do you do for that year?

Here; read the CNN nonsense for yourself (LINK)  Then maybe get to the bank and get some cash.

 

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  • This commment is unpublished.
    J A · 20 days ago
    We live in a small town in western Iowa which is the headquarters for a regional bank with 34 branches. I went in and cashed a bunch of checks the other day and they didn't look real happy to be giving me the cash. My wife went in today and withdrew her paycheck after paying her bills. While we were at the drive through waiting I could see the branch manager talking to another one of the employees. I have the ability to understand people speaking without sound. The branch manager was clearly not happy to be giving us cash and pretty much said "we'll do it this time" along with some other stuff that indicated she wasn't happy about it, so I think that there is a cash shortage even here at my rural bank.
  • This commment is unpublished.
    Deborah Cresswell · 21 days ago
    https://www.fdic.gov/deposit/deposits/faq.html

    The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

    Q: What is deposit insurance?

    A: FDIC deposit insurance covers the depositors of a failed FDIC-insured depository institution dollar-for-dollar, principal plus any interest accrued or due to the depositor, through the date of default, up to at least $250,000. For example, if a person had a CD account in her name alone with a principal balance of $195,000 and $3,000 in accrued interest, the full $198,000 would be insured, since principal plus interest did not exceed the $250,000 insurance limit for single ownership accounts.

    Q: What happens when a bank fails?

    A: Though unlikely, bank failures do occur and the FDIC responds in two capacities. First, as the insurer of the bank's deposits, the FDIC pays insurance to depositors up to the insurance limit. Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either (1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or (2) by issuing a check to each depositor for the insured balance of their account at the failed bank.

    Some deposits that exceed $250,000 and are linked to trust documents or deposits established by a third party broker may have a short wait so that their accounts can be reviewed to determine the amount of deposit insurance coverage available to them. The amount of time involved depends on how long it takes for the depositor to provide supplemental information to the FDIC so that we can complete the insurance determination.

    Second, as the receiver of the failed bank, the FDIC assumes the task of selling/collecting the assets of the failed bank and settling its debts, including claims for deposits in excess of the insured limit. If a depositor has uninsured funds they receive the insured portion of their funds quickly, as described above. They may also, however, recover some portion of their uninsured funds (their remaining claim on the failed bank) from the proceeds from the sale of failed bank assets. It can take several years to sell off the assets of a failed bank. As assets are sold, however, depositors who had uninsured funds usually receive periodic payments (on a pro-rata "cents on the dollar" basis) on their remaining claim.

    Q: How can I get deposit insurance?

    A: Depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank. If you want your funds insured by the FDIC, simply make sure you are placing your funds in a deposit account at an FDIC-insured bank and that your deposit does not exceed the insurance limit for that ownership category.

    Q: How do I find out if a bank is FDIC-insured?

    A: To determine if a bank is FDIC-insured, you can ask a bank representative, look for the FDIC sign at your bank, call the FDIC at 877-275-3342, or you can use the FDIC's BankFind tool. BankFind allows you to access detailed information about all FDIC-insured institutions, including branch locations, the bank's official website address, the current operating status of your bank, and the regulator to contact for additional information and assistance.
  • This commment is unpublished.
    JM Johnson (Canceled Refunded) · 21 days ago
    There was an old saying in the former Soviet Union that went something like this, "Nothing is as certain as that which has been officially denied."
    Read G. Edward Griffin's, "The Creature From Jekyll Island" about the banking system.
    • This commment is unpublished.
      Carl Goldsworthy · 21 days ago
      A lesson I learned some years ago - if I want people to believe I will not do something, I just repeatedly tell them I am going to do it.
      When I actually do it - complete shock, surprise
  • This commment is unpublished.
    The Cold Hard Truth · 21 days ago
    2012 (2009) - When they tell you not to Panic, That's When You Run!

    https://www.youtube.com/watch?v=flqCkYcWkE8
  • This commment is unpublished.
    Grim · 21 days ago
    I changed the way I interact with my bank several years ago, when the banking rules were changed and the definition of a bank customer transformed from *insured depositor* to *uninsured lender*.... When I have my two monthly bills to pay, the money is literally deposited only a few hours before it goes back out as electronic funds. For any funds that come into the account, they are immediately removed. Banks having FDIC membership also doesn't mean anything, because the FDIC only has enough funds to cover a very small percentage of the accounts they supposedly insure.

    Soon however, the powers-that-be, will attempt to steal the people's money by crashing the dollar and inflating it's value away to nothing. This can only be prevented, by getting the majority of your funds totally out of any area of the currency based financial system.
    • This commment is unpublished.
      Deborah Cresswell · 21 days ago
      Yes this is true. The laws did change to treat depositors as creditors. (You deposit money with a bank, the bank owes you that money, right? That makes you a creditor.) BUT the FDIC Insurance is backed by the U.S. Government not the Banks! All that happened during the 2008 banking crisis was smaller banks got taken over by larger banks. No depositors lost any money, they just started getting their bank statements with a new bank logo on it.

      1929 stock market crash led to "bank runs", which destroyed the banks. Anyone remember seeing the movie "Its a Wonderful Life", starring Jimmie Stewart? He explained how it all worked in that film. As a result people did not try to withdraw all of their cash, and the bank survived. That was then, before the FDIC was set up with Deposits insured up to $250,000 for an individual, and $500,000 for a joint account. This is WHY the FDIC was set up, so that people do not have to panic, and needlessly destroy their own bank and economy. Accounts are INSURED by the U.S. Gov't, not the banks! We've learned a lot since the 1929 crash, and the 2008 "banking crisis" was a dang good test of the new controls put into place, and people were ok.

      Also keep in mind that Trump has been planning for years for this day. THE PLAN calls for a currency reset, where we get rid of the Flimsy Fiat Currency, backed by Nothing, and replace it with a new US Dollar currency backed by Gold and other precious metals. THE PLAN also calls for getting rid of the Privately Owned Federal Reserve who has been siphoning off money from hard working Americans since 1913. This is all coming to an end. THE PLAN calls for converting everyone's Flimsy Federal Reserve Fiat Dollars into Gold Backed Dollars without you even having to go to your bank. It will be seamless. Those with flimsy Federal Reserve Fiat Notes will have to drag them out of their mattress and take them to a bank to exchange them for something better and much more stable.....that is if thieves haven't stolen your money by then. I have heard from sources that Trump is in the process of executing this new plan as we speak....on the principle of never letting a crisis go to waste.

      What the enemy meant for Evil, God will turn around for Good!
    • This commment is unpublished.
      Anne1776 · 21 days ago
      This puts it plainly, " the definition of a bank customer transformed from *insured depositor* to *uninsured lender*...."
      Can you tell me where to read more about this?
      Just wow.
      • This commment is unpublished.
        Grim · 21 days ago
        Sorry, it's been several years since the rule changes, so I don't have any current recommendations for reading, but you should be able to find the info fairly easily. ALso, to more fully understand what happens to a depositor when a bank goes bust nowadays, you can think of it like a company going bankrupt with regards to investors. Basically, like the bankrupt corporation, if the bank goes under, you'll be standing in a line of other *investors* trying to get your money back. The trouble with that, is that it takes lots of time and I assure you, there will be many other *more important* people than you, who are ahead of you in line when a court makes it's ruling. The chances of getting your money back are slim and none, because the bank, like the corporation can cite the inherent risks you took and should have been aware of, when you deposited/invested your money.
        • This commment is unpublished.
          D Gardina · 21 days ago
          themselves...
        • This commment is unpublished.
          D Gardina · 21 days ago
          Wasn't it just not to long ago that the Congress put through or attempted to put through laws that allowed the banks to steal your money to save theirselves when (not if) they crash and fail, called a BAIL-IN, just like Greece did last year? If they fail they just take your money from you because they are "too big to fail"?
    • This commment is unpublished.
      Grier Ellis · 21 days ago
      Out of curiosity, what type of institution do you transfer *from*? Are any of them safe?
      • This commment is unpublished.
        Grim · 21 days ago
        No, there are basically no banking institutions which are *safe* anymore. With the changes in depositor rules, fractional reserve banking, insufficiently funded government insurance, the overall instability of the dollar, derivative scams, etc., no institution is totally trustworthy anymore. As for the type of institution I do my limited business with, it's a locally owned and based credit union. While, that's safer than a big bank, contrary to what many people believe, many credit unions do participate in fractional reserve banking and other risky behavior so there's no guarantee your money will be there if you should want/need it.
  • This commment is unpublished.
    GiJoe · 21 days ago
    Don't fret, the Gov. is going to start giving you a check. You don't need to worry about a thing, just wash your hands. make sure you follow the instruction that are given to you by Big Gov. This is starting to look like a setup. Next we will have foreign troops on our soil to help you with your immediate needs and people will fall in line like cattle being led to the slaughter.
    • This commment is unpublished.
      DD7 · 21 days ago
      Order out of chaos ... people will beg for their vaccines, guaranteed. Perfect willing sheep for the mark of the beast.
    • This commment is unpublished.
      Occams Razor · 21 days ago
      The fact that China has now 'recovered' from this ... is alarming. The fact that they just sent Doctors into Italy ... alarming. What's next Military-support? So China starts sending 'help' to the America to help with the virus threat, all the while the virus is clearing out everyone from the costal regions first, then they can sneak their army in on trojan horse shipping containers that everyone would welcome because it's much needed medical supplies, transport these containers around the country via rail and then a coordinated attack happens while we are at our weakest state.
  • This commment is unpublished.
    Lela Mukoko · 21 days ago
    Hal! Pourquoi tarde t-il à annoncer le Crash bousier, sachant que le Dollard à perdue de sa valeur, car la fed n'arrête de réinjecter de l'argent à chaque fois.
    • This commment is unpublished.
      Dawn Hall · 21 days ago
      Translation: Hal! Why is it taking so long to announce the Dung Beetle Crash, knowing that the Dollar has lost its value, because the fed keeps re-injecting money every time
  • This commment is unpublished.
    Frank Anast · 21 days ago
    The banking regulations changed in 2016 at the annual meeting of the G20. You're no considered a depositor but an investor. If the bank fails you don't get money, you get stock in a failed bank. For those who think that they're insured be prepared to lose everything because you will. Get your money out and buy gold and silver while you still can.
    • This commment is unpublished.
      Deborah Cresswell · 21 days ago
      https://www.fdic.gov/deposit/deposits/faq.html

      The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

      Q: What is deposit insurance?

      A: FDIC deposit insurance covers the depositors of a failed FDIC-insured depository institution dollar-for-dollar, principal plus any interest accrued or due to the depositor, through the date of default, up to at least $250,000. For example, if a person had a CD account in her name alone with a principal balance of $195,000 and $3,000 in accrued interest, the full $198,000 would be insured, since principal plus interest did not exceed the $250,000 insurance limit for single ownership accounts.

      Q: What happens when a bank fails?

      A: Though unlikely, bank failures do occur and the FDIC responds in two capacities. First, as the insurer of the bank's deposits, the FDIC pays insurance to depositors up to the insurance limit. Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either (1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or (2) by issuing a check to each depositor for the insured balance of their account at the failed bank.

      Some deposits that exceed $250,000 and are linked to trust documents or deposits established by a third party broker may have a short wait so that their accounts can be reviewed to determine the amount of deposit insurance coverage available to them. The amount of time involved depends on how long it takes for the depositor to provide supplemental information to the FDIC so that we can complete the insurance determination.

      Second, as the receiver of the failed bank, the FDIC assumes the task of selling/collecting the assets of the failed bank and settling its debts, including claims for deposits in excess of the insured limit. If a depositor has uninsured funds they receive the insured portion of their funds quickly, as described above. They may also, however, recover some portion of their uninsured funds (their remaining claim on the failed bank) from the proceeds from the sale of failed bank assets. It can take several years to sell off the assets of a failed bank. As assets are sold, however, depositors who had uninsured funds usually receive periodic payments (on a pro-rata "cents on the dollar" basis) on their remaining claim.

      Q: How can I get deposit insurance?

      A: Depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank. If you want your funds insured by the FDIC, simply make sure you are placing your funds in a deposit account at an FDIC-insured bank and that your deposit does not exceed the insurance limit for that ownership category.

      Q: How do I find out if a bank is FDIC-insured?

      A: To determine if a bank is FDIC-insured, you can ask a bank representative, look for the FDIC sign at your bank, call the FDIC at 877-275-3342, or you can use the FDIC's BankFind tool. BankFind allows you to access detailed information about all FDIC-insured institutions, including branch locations, the bank's official website address, the current operating status of your bank, and the regulator to contact for additional information and assistance.
    • This commment is unpublished.
      Carl Goldsworthy · 21 days ago
      Look at it this way, if it was YOUR money that is leant to drug dealers by the banks, you would end up in gaol.
      Neither do they, the banks get fined - and the customers pay the fines.
    • This commment is unpublished.
      Carl Goldsworthy · 21 days ago
      What you state was always the case. When you open a bank account you give ownership of the money you deposit. They promise to give it back to you on request. Unless they go bust.
      Now, if you owe them on a mortgage, they own your house, and the receiver, liquidator, owns your debt.
      And sells it to guess what ? Another bank.

      Heads they win, tails you lose.
    • This commment is unpublished.
      timewilltell · 21 days ago
      this is bull sht. almost as bad as this reporting. Chase is closing branches because those branches don't have glass between teller and customer. it's freaking in the USA Today article published today. Also what Frank is saying can easily be debunked by going to the FDIC website.
      • This commment is unpublished.
        DD7 · 21 days ago
        Keep believing what your handlers tell you.
      • This commment is unpublished.
        Anne1776 · 21 days ago
        I think the point with some of Hal's alarming headlines is that this is a great cover story right? Maybe it's BOTH that there are no glass walls AND that they want no bank runs. We do know banks and banking are in deep trouble, it's just unclear which will go down first, how, when, etc.