Financial advice?

[Navy Jr.]

Re: Financial advice?

Regarding banks reporting deposits of $10k+, isn't that if the deposit is in cash? Not sure, but I think car dealers and other retailers also have to report purchases made with $10k+ in cash, too.

 

[wajajaja02]

Re: Financial advice?

a list of bank failures, is yours on it.
http://www.fdic.gov/bank/individual/failed/banklist.html

 

[kenmyfam]

Re: Financial advice?

Invest it in a brewery !!!!

 

[642mx]

Re: Financial advice?

A run on a bank, is what makes them go under.

Make sure you have enough funds to tie you over for a week, and leave it there.

I agree with you roscoe. The media predicting bank failures can cause folks to run in on them and fail.

Heck, the media can "predict" fuel prices to go up and they normally do... regardless of what the price of oil is.

 

[mthieme]

Re: Financial advice?

It's a Washington Mutual checking account. Reports say they are closest to being next.

Cool.
Does that mean I won't have to pay my mortgage any more if they fail?

 

[BoatBuoy]

Re: Financial advice?

Not really. Those bank reporting laws were in effect before the Patriot Act was ever thought of. More like the IRS at work.

Sorry, but that didn't start after 9/11. It's been around a long time.

Only partially correct. Check your copy of the Patriot Act again, specifically Title III, International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, Sub-Title B. That's actually what's causing transaction reporting. If the laws had been if effect before the Patriot Act(and specific enough), the reporting would have been in effect also.

 

[Uraijit]

Re: Financial advice?

If you've got over $100K, don't keep it all in the same bank. Keep $100k or less in each bank!

 

[JustJason]

Re: Financial advice?

my GF is a branch manager at bank of america. Here's the deal with the 10K thing. If you take out 10K (or more) in 1 shot then they report it. If you take out 3K on monday, 3K on tuesday, 4K on wendsday... its called stacking, and they report it. If you take out 2K a day for 5 days, its stacking, and they report it.
If you withdraw 10K in 2 weeks, 800 there, 1200 here, your fine, they don't report it. you can take out 3k on monday, and 2k on friday, and your fine.

But that's just BOA, every bank has their own little rules, but she tell's me most are the same. The bank doesn't want to report it because it's extra work that the tellers have to do that they do not necissarily get paid for/reimbursed by the govt. So most banks do the bare minimum as required.

Listen... its YOUR money. just WAITING for and EXCUSE to be taxed.

I'd put it in a safe in the house.

when my grandfather died I watched the govt take 1.2 mil (yes 1.2 mil) away from my mom and her 2 brothers in death tax. its not that they came out poor, but it was litterally 50+ percent of the estate. The house was another animal all together..... This is getting off track.

Back on track. I was a sales manager for a few years. And the first rule of sales is TAKE THE MONEY!!!. Your deposits may be insured, but what is insurance really? If enough people don't run the banks then your insured. If enough people run the banks then, your going to wait, and its going to be frustrating, and can you AFFORD to wait. Your morgage company is not going to care that your nest egg is in FDIC limbo. they WANT THEIR MONEY!!!.
And if to many people run the banks.... don't be surprised if FDIC goes out the window. As a taxpayer, I don't want to cover the banks *** because they made poor decisions, and I don't want to cover your *** because you made poor decisions and didn't withdraw your money.
Why wouldn't you take your money out? I carry minimal balances at a few banks, so If i loose I don't croak. And I have a stash of cash... But I ain't gonna tell you or the fed where it is
There's nothing that says you can't have 10 accounts at 10 banks with 10k each. Spread out your money.

 

[modernrocketry]

Re: Financial advice?

when my grandfather died I watched the govt take 1.2 mil (yes 1.2 mil) away from my mom and her 2 brothers in death tax. its not that they came out poor, but it was litterally 50+ percent of the estate. The house was another animal all together..... This is getting off track.

That really sucks!

If anyone out there thinks they might be in a similar situation, they need to find a good attorney and look into a living trust. Once it is established, you can easily move things into and out of the trust.

 

[JustJason]

Re: Financial advice?

Im trying to get my own parents... just because they are up there in age, to start putting cash in safe deposit boxes.
I even had a few contractors out to see what it would cost to cut a whole in the foundation, and pour a wall deep enought to flush mount in a safe in the basement. Just incase the house burned. It's surpriseingly not terribly expensie considering the estate.
My father is the same as my grandfather...... blah blah I have to report it or else he get's arrested by the IRS.
But what I don't get, what's to say he blew it all on the casinos? Especially when your old and senile?

 

[SgtMaj]

Re: Financial advice?

Washington Mutual isn't about to go under... the story came about because the FED were looking for a buyer of Wamu... JUST IN CASE! What this should tell you is that the FED won't allow them to go under. They will step in to 'bail them out' if necessary. So I would consider Wamu a pretty safe bet right now.

Of course, BOA is safer, but do you really want to put up with their crappy customer service? No offense to your GF, but I'm sure she agrees it's crappy too. Things like that eminate from a corporate level down, it's not really the fault of the front-line associates.

Also, who cares if they report the withdrawl? If the money was taxed going in, they won't tax it coming back out. The only reason those large sums are reported is because needing large sums of cash is a sign of possible drug trade. If you're not doing that, then who gives a rat's butt if they get notified that you withdrew your money?

 

[BoatBuoy]

Re: Financial advice?

Im trying to get my own parents... just because they are up there in age, to start putting cash in safe deposit boxes.
I even had a few contractors out to see what it would cost to cut a whole in the foundation, and pour a wall deep enought to flush mount in a safe in the basement. Just incase the house burned. It's surpriseingly not terribly expensie considering the estate.
My father is the same as my grandfather...... blah blah I have to report it or else he get's arrested by the IRS.
But what I don't get, what's to say he blew it all on the casinos? Especially when your old and senile?

Rather than spending money on silly safes-in-the-ground, the money might better be spent hiring a good(certified) financial planner that specializes in asset protection. Who knows, he might even make your parents some money.