Thursday, April 14, 2016

TNT:Is there a company that insures deposits against bank bail-ins? By celebrate, 14 APRIL

celebrate said
03:20 PM Apr 12, 2016Since a bail-in has begun in Austria, I am wondering if there are insurers that might offer coverage for this type of event.  
I remember earlier claims that non-interest bearing accounts keep us from being "investors" in a bank as opposed to simple "depositors," but further safeguards seem prudent.

Thank you one and all!


    • harlieOK said
      03:54 PM Apr 12, 2016
    Great point and question.  I heard on the radio today that Austria has approved bail ins.  This is about as bad as it gets.  What if your life savings were in an A bank and a b/i happened?
    • Red said
      04:08 PM Apr 12, 2016
    yes it is your family safe.
    • JackSmits said
      04:14 PM Apr 12, 2016
    I and a group of friends are planning to establish our own bank...won't be worried about bail-ins or bail-outs. And really, I do not plan on keeping much wealth in the hands of bankers anyway...plenty of places for my money to work for my family other than as a bank deposit.
    • CharlieOK said
      07:10 PM Apr 12, 2016
    Jack, I'm thinking you are going state bank or cu.  That being said, I'm thinking POST rv; this will be less of an issue.  b/I(s) would be a declaration of war in the Midwest plus some.
    • celebrate said
      08:51 PM Apr 12, 2016

    Growing up in the Midwest, most folks paid all or some of their monthly (and quarterly, remember those?) bills with cash. Today on the West Coast there is a serious vilification of cash happening. A young bank teller told me recently that they really want to get rid of cash, since only criminals need it.

    So, rather than going totally rogue, I imagine that I will have a sizable account and am hoping for some coverage, even at a credit union. Which brings up another question: Will third-tier banks suffer blowback from problems with their parent first-tier bank?

    Diversification is key, I agree, to being a good steward of this blessing.

    Before this journey, I had no idea how many strategies there were for money management. Yikes!!
    • luvwulfs said
      09:00 PM Apr 12, 2016
    After this event occurs the banks will be uber flush. You will have time to do some research to find ways to protect yourself. Trusts and fpoundations are not subject to bail ins.You can also look into other insurance such as Lloyds. There are other firms out there, I just don't know off the top of my head.
    This needs to go before this happens elsewhere, good luck to you.
    • isa52bc said
      10:46 PM Apr 12, 2016
    Spread out your assets in community banks that have high ratings through the fed reserve since they now oversee the community banks instead of the OCC. Look for low delinquency rates on their loans. Check to make sure the financial institutions you choose have no derivatives. You will need to check with each bank to find out the maximum deposit each one can handle from you based on their loan to deposit ratio requirements.

    Credit unions are also good as long as they haven't made a lot of high risk auto loans within their community. You would want to request a breakdown of their loan portfolio to see if they have a good mix of loan types and collateral held. I will warn you these institutions will be reluctant to provide this information, but if they want your business they will do their best to accommodate your information requests.

    Be cautious of becoming a bank board member because I know someone who was a board member of a community bank that made a fraudulent loan. She and the other board members were held liable by the shareholders, in a lengthy court case. Laws such as these may vary from state to state.

    Bank Ratings Websites








    -- Edited by isa52bc on Wednesday 13th of April 2016 01:03:57 AM
    • celebrate said
      06:26 PM Apr 13, 2016
    Uber Awesome!

    Thank you ladies and gentlemen.

    Copying / Pasting / Researching
    • digger said
      10:10 PM Apr 13, 2016
    Then we will need a higher level of insurance company that will accept your payments to insure against the Bail-In insurance companies going Belly-Up when the banks do the Bail-In.....

    ....Hey Barney Boy, Whatcha gonna do when they come for you???.....

    ...Bad Boy, Bad Boy....

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