Recently if you have read the news, many American banks all over are closing their doors and going out of business due to failed loans and other such problems. Checking the stock value of the current banks that are still operating i have seen a 100% fall in all major banks in the U.S. This presents a huge problem for me and my failmly. I was lucky enough to pull all my money out of the failing Indy Mac last week before the crisis of now. With the trends of American banks closing and the FDIC being overloaded. I dont have any faith in our banking system. Sooo can some one explain to me the pros and cons of foriegn banks. I already know about that their not FDIC protected. The amount of money total is about 1 million US. Ty for any info you might be able to give me.

pun intended? lol


try a Swiss bank account... pretty reliable.. But I don't see what is wrong with our major banks, Bank of America, Western Union, Washington Mutual, though the dollar value is going down, they wont bankrupt.

Or simply get your money in gold, that would seem as the safest best.

I have a really DUMB question, please don't mind me. If a bank was to close with all my funds in it, what would happen to my money? Would they send me a check or something?

how bout you send me all of it? ill save it for u
and id stick with western union. they seem like theyd be one of the last to fall.

If it was an FDIC bank you would receive a certain amount of wut you had in but it could take years to get the rest back to you.

Also, Bank of America http://www.google.com/search?hl=en&q...=Google+Search seems to be going down hill, but Western Union looks promising and may get more business do to the sheer amount of transfers over from the Indy Mac crisis. Gold seems to be a good idea. Maybe a safety deposit box for storage?

Would it be a good time to invest in various failing Banks/Financial Groups as this crisis won't last forever?

Thats another reason for bank failure. People pulling all their money out. Thanks for contributing.

take a deep breath calm down in and out lol, 5 banks have been closed since the start of 2008 thats not a big stress on the FDIC if you have less then 100,000 FDIC insures every penny im pretty sure not to many fellow totse users have more then that if you do there is more then 8,000 FDIC insured banks theoretically meaning you could have up to 800 million insured at 100% and i can say for a fact nobody on totse owns that much or you wouldnt be here and if somehow you do you can still get 50% of your money back after that but why are you taking advice from me if your that rich? The us economy is in a recession but its not the end of the world as long as you dont have massive debt racked up the best thing you can do is calm down sit tight and ride through this calmly, and i would just like to say there are still many safe investments out there.

[quote=Twiztid420;10235718]Thats another reason for bank failure. People pulling all their money out. Thanks for contributing.[/QUOTE


Ya ok when i see my banks stock is getting lower than 3 dollars a share I am stay in......ya. And its not people pulling out that has messed banks up. Its them loaning to anyone, then when the loans cant be paid back they fail

Chances are that you might not even know about it, initially. As long as you are within the insured limit (which is $100,000 per beneficiary, with a few other loopholes), then you're fine. They won't send you a check. You'll keep the same account information, but it will be under the new name of whatever bank took over your current bank or whatever resulted from the government seizure. Everything will still work the same way, you can still go to the same branches, and you can probably still use the same checks, even with the old bank name, for a while.

[quote=Acroix70;10237384] Thank you. I was going to say that.

Americans have such a shitty banking system.

You guys need some kind of regulation.

Over here, you need assets of at least $1 billion before they'll consider letting you call yourself a bank.