Fdic Insurance For Business Accounts

Cascade Bancorp (CACB) Risk v Reward Cascades Towards Risk - GLG News

by Mark Mariotti

Summary

With the recovery underway, building on growth of various industries, including banking community, such a database [Cascade Bancorp (CACB)] gave no positive reasons investors assume the risk of accumulating shares of its holding company.

With more than 8,000 U.S. banks to monitor the FDIC has work to do.Recently, the FDIC has closed another bank on Friday, December 18, 2009, Bank Independent Bankers' Springfield, IL was closed by the Illinois Department of Financial and Professional Regulation - Division of Banking and the Federal Deposit Insurance Corporation (FDIC) was named receiver. No notice is given to the public when a financial institution is closed.

From our brokerage account, we received notice that our farms and CD would be called in before we make our projected performance To Maturity (YTM).


With the FDIC do their job with excellence wherever possible, our principal on this CD was delivered to our cash account brokerage. The Risk v reward for this investment has been very low since the FDIC manages these banks and returned our principal.

Our experience in investment with the participation of bank holding companies was another story. We do not price daily commerce channels, as well as investing for a short-term speculative trade. Some bank holding companies as New York by the Community, even outside a good rate of cash flow.Others, like Cascade Bancorp (CACB) have not achieved good results over the previous six months and also received the warnings of his superiors FDIC and registration of the NASDAQ Stock Exchange.

We will monitor Cascade Bancorp (CACB) to monitor closely the trading opportunities every day, but with all the warning signs indicating a higher risk reward V, our position will be a distribution of shares....

Read more...

Now See The REAL State Of The FDIC's Insurance Fund

by Joe Weisenthal

Rolfe Winkler examines progress sobering to the FDIC, the agency that insures bank accounts of each.

As you can see, the reserve ratio has fallen to negative.

When the world was falling apart, the FDIC has increased the limits of deposit insurance .... At $ 250,000 for non-individual retirement accounts and unlimited accounts for business transactions. But these increases were treated as "temporary" and thus left out of FDIC's.

Since the limit of $ 250,000 has been extended until 2013 - certainly not "temporary" - FDIC began collecting these data from its member banks. The data were published for the first time in Q3.

So the 3rd quarter, official figures - which includes $ 250K limit - increased from 4.8 trillion to 5.3 trillion dollars. Throw in the 761 billion provided by the program in the transaction and guarantee you a total of 6.1 trillion dollars of insured deposits. Compared to Q3 '08. At the time, before all the emergency measures, the total was $ 4. 5 trillion. Therefore, the increases have added $ 1.6 trillion, or 34% of the total.

Source: Now See The REAL State Of The FDIC's Insurance Fund

FDIC insurance coverage, limits, rules

by Tony

FDIC insurance coverage, limits, rules

The Federal Deposit Insurance Corporation or FDIC insurance coverage limits have been increased from $100,000 to $250,000. Certain rules apply and we will show you how to take advantage of those later, but in general, deposits at FDIC insured institutions have coverage up to at least $250,000 per depositor until December 31, 2013. On January 1, 2014, FDIC deposit insurance for all deposit accounts, except for certain retirement accounts, will return to at least $100,000 per depositor. Before we go further, it is wise to note that deposits in credit unions are very similarly insured by National Credit Union Administration or NCUA, which is the independent federal agency that charters and supervises federal credit unions throughout the United States and its territories. NCUA insures accounts in credit unions through the National Credit Union Share Insurance Fund.

Your bank or credit union must display official insurance signs if your deposits are insured by FDIC or NCUA. But it's all academic, we shall see how certain rules of FDIC insurance coverage can be used to maximize the limits of insured deposit.

When talking about FDIC insurance limits and coverage, one has to understand that different rules apply to different accounts. And it is very important to understand that you can set up your accounts to maximize the coverage. Believe me, your average teller or even personal banker will likely not know all the details you need to know in times when banks are still being closed by the government left and right.

Single ownership accounts These hold funds you own individually in just your name. Single ownership accounts include savings accounts, checking accounts, and share certificates. The maximum insurance coverage for single accounts account is $250,000. Either FDIC or NCUA adds together all single accounts and insures them up to $250,000.

Read more...

I have a question about fdic insurance What is the limit on business accounts. I had heard it is 250,000?

Jul 28, 2008 by Michelle H | Posted in Insurance

Also what accounts Indivudual 100,000.00 is insured by name on the account or just 100,000.00 per account?

For individuals:
The amount of basic insurance is $ 100,000 per depositor per insured bank. This includes principal and interest accrued up to a total of $ 100,000. The amount of $ 100,000 applies to all depositors of an insured bank except for owners of retirement accounts of some who are insured up to $ 250,000 per owner per insured bank.

For businesses:
Its $ 100,000. For more details call (877) ASK-FDIC

I hope this was helpful.

Wasn't increasing FDIC insurance Obama's idea?

Oct 01, 2008 by dpsimswm | Posted in Elections

http://biz.yahoo.com/ap/081001/financial _meltdown.html
"The revised package to be voted in the Senate, which adds $ 100 billion in tax breaks for businesses and the middle class, temporarily increases the maximum deposit insurance from the current $ 100,000 to $ 250,000. The Securities and Exchange Commission announced Tuesday it was easing the accounting rules in some cases. "
It seems that Barack Obama is having a positive influence on discussions of rescue. Hmmm ......
Just so you know, I know the answer to that question already.

Although the idea was not entirely original, it's a good idea because it will probably be very little cost to taxpayers. Moreover, Obama has proposed first. So John McCain has jumped on board.

I doubt that was his original idea, but it does offer recently, and I agree 100%.

If an asset loses all basis, due to bankruptcy will the owner take an ordinary or capital loss?

Aug 15, 2009 by People > Me | Posted in United States

life insurance policy-insurance company goes bankrupt?
Small business equity-business goes bankrupt?
savings account-bank goes bankrupt amount exceeds FDIC insurance?
Pension plan goes bankrupt?
Mutual fund goes bankrupt?

Thanks

life insurance loss--no
small business loss- NOL
savings account exceeding FDIC-no
pension plan-no
mutual fund-capital loss

What / How are you reacting to this news about the FDIC's solvency?

Mar 05, 2009 by Kim Y | Posted in Current Events

Are you going to stay put with your savings accounts, checking accounts, or are you going to deal with these accounts differently?

I just set up a 5 yr IRA CD...now I'm going to sweat it out, hoping and praying that the funds will be there after those 5 years. And it's with a little local bank, too, which will be hit harder with these fees that they are discussing to implement to help "fund" the funding (so to speak!)

As far as my savings account, I am contemplating to pulling out all but maybe a couple hundred for "emergency".

What do you think?
See link and read article if you don't know what my question is about...

http://www.boston.com/business/articles/ 2009/03/05/fdic_says_insurance_fund_may_ dry_up/

030509 2:30

The story of ' Chicken Little' comes to mind with everything this government is doing right now. Scare tactics always work. The liberals are great at it. The sky is falling so we must rush into whatever the politicians say to do to solve the problem. The politicians don't know their a--- from a hole in the ground it is quite obvious. They are the ones who got us into this mess in the first place. I wouldn't worry about the FDIC's solvency...they are just trying to extract more money from the taxpayer
in the name of changing things for the better. Notice the word "possible"?
Anything is POSSIBLE, but sanity should rein. Keep your cool.

What would be the best Savings account deal in my town?

Dec 25, 2008 by sadlittlemime | Posted in Personal Finance

I live in El Dorado, Arkansas. I am shopping around for a savings account for my local clubs funding. Which is the best?

First Financial Bank
•Opening deposit of $25.
•No monthly service charge unless balances falls below $100, service charge is $3 per month.
•Unlimited transactions in person, by messenger or by mail.
•Transfers from a Business Statement Savings account to another account or to third parties by preauthorized, automatic, computer, or telephone transfer are limited to six per month with no transfers by check, draft, or similar order to third party. An excessive transaction fee of $3.00 will be charged for each electronic transfer to a third party in excess of six during the month.
•Interest compounded and credited quarterly.
•Complete quarterly statement.
•Free Internet and Telephone Banking.
Business Statement Savings may be used alone or in combination with Business Checking. It will help you conveniently keep track of your money while earning interest.
Timberland bank
Offers tiered interest. Your interest rate increases as your savings grow.
Funds are insured to the limits established by the FDIC.
Opening deposit is only $50.00.
Simmons First Bank
•Earns interest, compounded quarterly.
•Quarterly statement.
•FDIC insurance.
•Free direct deposit of Social Security and Retirement Checks.
•Free notary service.
Unlimited deposits. Benefits and features subject to customer qualification and approval by Simmons First.
*$100 required to open account.

Bancorp South
•No minimum balance to maintain or monthly service charge
•Immediate access by making deposits and withdrawals at any time
•Interest is calculated on the daily collected balance and credited semi-annually
•Also, ideal for a child's first savings account
Six debit transactions during the semiannual statement cycle are allowed. A $5 withdrawal fee will be assessed for each excessive withdrawal over six.
Regions Bank
Compare Accounts - Savings
Features & Benefits Regions LifeGreen Savings


Opening Requirements LifeGreen Checking account
$5 with an automatic recurring monthly savings transfer from a Regions checking; Otherwise, $50
Interest Bonus 1
Interest Calculated Compounded daily, paid monthly on collected balances
Interest Tiers $0 - $2,499.99
$2,500 to $9,999.99
$10,000 to $24,999.99
$25,000 to $49,999.99
$50,000 +
Use as Overdraft Protection Yes
Service Charge None
Service Charge Waived When N/A
30% Discount on Safe Deposit Box2
Regions LifeGreen Savings

Accounts subject to the Regions Bank Deposit Agreement
1.A monthly automatic transfer of $10 or more from your Regions Checking Account to your LifeGreen Savings account is required to earn a 1% interest rate bonus. The bonus is paid on the average monthly balance for the year and paid on the anniversary of account opening. Maximum annual savings bonus of $250.
2.Subject to availability.
First Financial Bank
Timberland Bank
Simmons First Bank
Bancorp South
Regions

You left out the most vital information: What are the interest rates? A good deal isn't so much of one if your money isn't doing anything for you. A bank that doesn't pay doesn't appreciate having your funds on deposit.

What happened to FDIC that kids called Feds Dig In Cash? Was the money lost, strayed or stolen outright?

Sep 23, 2009 by acct10132002 | Posted in Law & Ethics

FDIC weighs extraordinary steps, including loans from banks, to shore up insurance fund

* By Daniel Wagner, APey Business Writer
* On Tuesday September 22, 2009, 5:09 pm EDT

WASHINGTON (AP) -- The Federal Deposit Insurance Corp. is weighing several costly -- and never-before-used -- options as it struggles to shore up the dwindling fund that insures bank deposits.

The agency is considering borrowing billions from healthy banks. Alternatively, it may impose a special fee on the banking industry.

Each option carries risk: Drawing money from healthy banks would take dollars out of the private sector, making that money unavailable for investment in the weak economy. But charging the whole industry a fee to replenish the fund could push weaker banks toward failure.

A third option -- borrowing from the Treasury -- is politically unpalatable, since it would resemble another taxpayer-financed bailout.

A fourth option would be to have banks pay their regular insurance premiums early. But this idea wouldn't solve the fund's long-term cash needs.

"The bottom line is, there's no good solution," said Jaret Seiberg, an analyst with the research firm Concept Capital. "This is a fight over which option is least bad."

The FDIC is expected to propose a solution, possibly combining two or more of the options, at a board meeting next week.

Bank failures since the financial crisis struck have drained the fund to its lowest level since 1992, at the peak of the savings-and-loan crisis. The fund insures deposit bank accounts of up to $250,000.

Officials have approached big, healthy banks about making loans to the agency, said two industry officials familiar with the conversations, who requested anonymity because the plans are still evolving. Doing so would help the agency avoid tapping a $100 billion credit line with the Treasury -- something FDIC Chairman Sheila Bair is reluctant to do.

But taking billions from large, healthy banks would remove that money from the private sector and prevent it from being invested. That could slow an economic recovery, analysts said.

Industry and government officials said Tuesday that plan was still on the table. But FDIC spokesman Andrew Gray downplayed its likelihood, saying, "It's an option, but it's not being given serious consideration."

The FDIC also could levy a special emergency fee on the industry. That would allow the healthiest banks to keep more capital for investment. But it could drive shakier banks toward failure -- further depleting the fund. Losses on commercial real estate and other loans are causing multiple bank failures each week.

Banks already have paid one extra fee this year. And Comptroller of the Currency John Dugan, who holds one of the FDIC board's five votes, has cautioned against saddling them with another.

Discussing the option last week, Bair acknowledged, "We don't want to stress the industry too much at this time, when they're still in the process of recovery."

Bair also said then that the agency might collect banks' regular insurance premiums early to infuse the fund with cash. An exemption would likely be provided for banks that are too weak to pay in advance.

This plan would solve the fund's immediate cash needs. But Seiberg called it "a one-time gimmick" that would merely delay another special assessment.

Because the FDIC expects bank failures to cost the fund around $70 billion through 2013, a short-term boost may not be the answer, Seiberg said.

The banking industry and lobbyists oppose another fee. They also want Bair to avoid tapping the Treasury credit line, because it would lead to higher insurance premiums for banks as the FDIC repays the money.

In a letter Monday to Bair, American Bankers Association CEO Ed Yingling endorsed borrowing from the banks or collecting regular premiums early as alternatives to charging another fee.

The special fee imposed earlier this year is hurting banks, already stressed from depressed income and increased loan losses, Yingling said. Another one "may do more harm than good," he said.

One advantage of having big banks lend to the insurance fund would be to give healthy banks a safe harbor for their money and limit their risk-taking, said Daniel Alpert, managing director of the investment bank Westwood Capital LLC in New York.

It also would let the industry's strongest players -- which still rely on FDIC loan guarantees and other emergency subsidies -- help weaker banks avoid paying another fee, he said.

"Lots of banks are going to require more capital, and (Bair is) trying to rob from the rich and give to the poor," said Alpert, who supports the plan as a creative way to avoid another bailout.

Bair's priorities for the industry are different from the Treasury's, analysts said. She is focused on stabilizing the many banks still at risk of failure. Such collapses could further deplete the insurance fund.

Treasury Secretary Timothy Geith

Raising the FDIC Limits a case against.?

Sep 30, 2008 by spitfiredd | Posted in Elections

I think it is admirable that Obama is suggesting that we raise the FDIC limits, I think that this is a bad idea. For one the FDIC charges the Bank an Insurance Premium so that it will have the money to cover the money in the event of a Bank failure. With higher premiums this cost will be passed along to the customer of the bank in the form of either higher bank fee's or lower interest rates given on CD, savings and checking accounts. As well as being added into your loan that you would get from the bank. His whole arguement that it would help small business is counterintuitive right there since they wouldn't be elgible for volumn loan pricing and be charged higher loan interest rates due to increased premiums imposed by the FDIC.

While admirable I don't think that this will be a good thing. Also why does it seem that almost all politicians are lawyers? What guidance can they offer on subjects such as Finance, Agriculture, Accounting, Technology or pretty much anything for that matter?

Sens. Obama and McCain are missing the mark here.

Since Sen. Obama was the one who suggested it and Sen. McCain just looks like a "me too", where the correction is needed is in Sen. Obama's thinking. [Or that of his advisors, since there's no evidence that Sen. Obama has any expertise in banking or financial matters.]


The confidence problem the banks have isn't with their small business customers. It is the big business customers who don't have confidence in the banks, and rightly so.

If you're the Treasurer of some fairly large enterprise, you have millions or tens of millions in cash that needs to be parked somewhere every day. What is happening right now is these treasurers are all saying to their banks "buy Treasury bills for me" instead of just depositing the money.

This sucks money out of the banking system and puts it into Treasury bills. Then the banks have to go borrow the money from the Federal reserve, just to continue funding the loans they'd already made when they had the companies' deposits.

When banks are in this state, they don't make any new loans. I know -- I used to work for a bank that was in that state and one of the things we did was turn off all new loans. And I mean ALL new loans for nearly anything at all no matter how safe it looked.

Apparently Sen. Obama's advisors either don't get the real problem, or Sen. Obama himself made a political decision to throw a bone to small businesses in this even though it won't solve the problem.

either way -- it doesn't bode well for America's economy if he is elected President in November. [Of course, his plan to raise corporate income taxes doesn't bode well for the economy either -- money corporations lose to higher taxes isn't available to pay workers better wages or hire more workers or buy more tools to make workers more productive [and more productive workers generally get paid more].

***
What would work?

Well, if FDIC guaranteed ALL bank deposits and all short term borrowings of the banks, the corporate treasurers could relax and go back to depositing their money in the banks again.

Yes, this has perils -- FDIC doesn't have enough reserves to cover all the likely rescues this might cause. BUT Congress could fix this by ordering that the first quarter's premiums for the higher insurance be 20 times the regular amount. That would shift the cost of the insurance program back onto the banks. [20 times is a guess on my part.]


aside to the fellow above who worries that this would reduce yields on CDs and increase rates on loans: it doesn't work that way. CD yields and loan rates would change ONLY on the large ones [over $100,000] which effectively shifts the costs to the corporate treasurers where they belong.

If you are against the bailout are any of these 12 House reps yours? They may change to yes vote?

Oct 01, 2008 by DAR | Posted in Other - Politics & Government

Rep. Rodney Frelinghuysen (R-N.J.)

According to one senior GOP aide, Frelinghuysen was a yes but reversed his vote at the last minute. Afterward, Frelinghuysen called for more hearings and debate on the bill, saying, “We have not adequately consulted, deliberated and explained this to the American public and our constituents.”

Rep. Jim Ramstad (R-Minn.)

A retiring moderate Republican, Ramstad could have voted for the bill without worrying about a voter backlash in November. But he complained that the rushed debate had left “the final cost to taxpayers ... uncertain” and said he would prefer an insurance plan to a bailout.

Rep. John B. Shadegg (R-Ariz.)

Although John McCain’s campaign said he was working to rally House GOP support, not a single Republican from McCain’s home state voted for the bill. Shadegg wants changes in mark-to-market accounting rules and an increase in Federal Deposit Insurance Corp. limits.

Rep. Steven C. LaTourette (R-Ohio)

A close friend of House Minority Leader John A. Boehner, LaTourette opposed the package. Later, LaTourette said in a statement he wants to double the amount of FDIC insurance and allow U.S. companies operating overseas to bring assets back to the United States.

Rep. Doc Hastings(R-Wash.)

A moderate Republican, Hastings told the Yakima Herald that he was undecided until Sunday night. In the end, he said he voted no because there were still “too many concepts” and not enough details about taxpayer exposure.

Rep. Judy Biggert (R-Ill.)

Like many other Republicans on the Financial Services Committee, Biggert voted against the bill. But Biggert has said Congress needs to act, and she has expressed support for some sort of government-backed insurance plan that would allow business, rather than taxpayers, to assume more risk.

Rep. Xavier Becerra (D-Calif.)

A close ally of House Speaker Nancy Pelosi and a member of the Democratic leadership, Becerra ultimately voted no because he “wanted to see direct protections for responsible homeowners” in the bill.

Rep. David Scott (D-Ga.)

A member of the Congressional Black Caucus, Scott said after the vote that he could back the plan if 1 percent of the $700 billion were set aside in a program to prevent foreclosures.

Rep. Hilda L. Solis (D-Calif.)

With foreclosures in her district nearly tripling in the past few months, Solis said she opposed the bailout because it “lacks needed reform of bankruptcy laws” that may help keep people in their homes.

Rep. Shelley Berkley (D-Nev.)

While Berkley voted no, aides said she would be inclined to support the bill if it placed “tougher restrictions on CEO pay.” Aides also said she is looking for more specific language on the regulation of Wall Street.

Rep. Bill Delahunt (D-Mass.)

Another close Pelosi ally, Delahunt said he voted no because the bill would have done too much to help the firms that caused the problem. Delahunt wants to lessen the burden on taxpayers and has proposed assessing a transaction fee on lenders who turn over bad mortgage securities to the government.

Rep. Stephanie Herseth Sandlin (D-S.D.)

While a majority of her fellow Blue Dogs voted for the bill, Herseth Sandlin ultimately opposed it because she thought it would give Treasury Secretary Henry Paulson a “vast amount of power” without “effective oversight.”

If one of these is yours will you make sure to contact them to tell them to vote 'no' on the bailout?

You can use this link if you like: http://70.32.73.101/contactcongress.php# .

Well none of them are mine thankfully.


Here is the alternative plan my Congressman, and the Ohio Representative are proposing instead.

No BAILOUTS Act

Bringing Accounting, Increased Liquidity, Oversight and Upholding Taxpayer Security
http://www.defazio.house.gov/index.php?o ption=content&task=view&id=441

Escrow/Mortgage Law- Taylor Bean now bankrupt?

Sep 15, 2009 by nockmdead | Posted in Renting & Real Estate

Taylor, Bean, and Whitaker is now bankrupt. They are also under investigation for writing bad checks.
I purchased my home October 10, 2008. As is required by law, I purchased homeowners insurance in order to close on the home. The policy was paid in full. Taylor Bean sent a letter in 01/09 claiming they did not have my ins. info.; I faxed and mailed the policy. Upon receiving my escrow statement in 06/09, Taylor Bean projected a shortage in my escrow based on not having homeowners insurance. I again sent the necessary paperwork & was advised I would need to wait for Taylor Bean to receive a refund for the over $5K check they wrote for the force plate insurance. At the 8 week mark, I was told Bank of America took over my mortgage. Bank of America is still reflecting an inaccurate escrow balance; I called on 09/11/09 & spoke with someone in the escrow department who opened a research ticket. She made it sound as though I may never see the over $5K I paid into my escrow account because the FDIC has frozen all escrow accounts because Taylor Bean is currently being investigated. I have sent another certified letter with a copy of my communications with Taylor Bean, the cashed check for the homeowners insurance, and copy of the dec page. My property tax is due in November, and I cannot afford for my monthly payments to increase, especially due to something that is not my mistake. I want the escrow money back in my account that is rightfully mine. I need helping dealing with Bank of America to make sure they do what is right.
If anyone knows or can recommend an attorney well versed in escrow laws, preferably in the state of FL, but the state may not matter b.c. Taylor Bean did business all over the country.
I did send a certified letter to BofA on 09/14/09 advising of my conversation with them, and I don't believe that I can make a partial payment or stop paying them- certified letter or no, b.c. they can still report me as late to the credit bureaus.

Since BofA took over your mortgage they became totally responsible for any money that is due you from TBW. Sue BofA in your local small claims court if they can't settle the account by the end of the month. Most small claims limits is $5000.

Any needed partners out there to cash in?

Sep 22, 2008 by Mister2-15-2 | Posted in Other - Business & Finance

One with good printer to start bond insurance company we will call B
Few to come up with advertisings money. My private company that just got small business loan, which with creative accounting is worth max that qualifies under small business will give B 75% to use a asset base to sell bonds. Will use bonds as assets to get bigger loan from investment bank. This money will be used to buy treasury bills. Next parter U will come up with cash and we will advertise investment products that pay 19.9 %. All money we get will pay partner very high salaries we will use T money to pay investor premium as money starts to run out we start rumors we are too big to fail bonds will get covered by government, and all not used for salaries will be used to sucker more investors when we get enough getting 19.9 return they all write their congress persons and over tears will let FDIC pay back investors investments. Anyone care to add or join?
Be creative as you can. Our service economy needs you.

First you have to get too big to fail. To sucker in enough people you would need to spend everything on advertising so that you would not be able to take the money for yourself.

There are those who despise Democrats because they are "Socialist"! Will U withdraw money if your bank fails?

Aug 15, 2009 by cantcu | Posted in Other - Politics & Government

"By MARCY GORDON, AP Business Writer Marcy Gordon, Ap Business Writer – 38 mins ago
WASHINGTON – Real estate lender Colonial BancGroup Inc. has been shut down by federal officials in the biggest U.S. bank failure this year.

The Federal Deposit Insurance Corp., which was appointed receiver of the Montgomery, Ala.-based Colonial and its about $25 billion in assets, said the failed bank's 346 branches in Alabama, Florida, Georgia, Nevada and Texas will reopen at the normal times starting on Saturday as offices of Winston-Salem, N.C.-based BB&T.

The FDIC has approved the sale of Colonial's $20 billion in deposits and about $22 billion of its assets to BB&T Corp.

Regulators also closed four other banks: Community Bank of Arizona, based in Phoenix; Union Bank, based in Gilbert, Ariz.; Community Bank of Nevada, based in Las Vegas; and Dwelling House Savings and Loan Association, located in Pittsburgh.

The closures boosted to 77 the number of federally insured banks that have failed in 2009.

The agency established a temporary government bank for Community Bank of Nevada to give depositors about 30 days to open accounts at other financial institutions. The failed bank had assets of $1.52 billion and deposits of $1.38 billion as of June 30.

Community Bank of Arizona had assets of $158.5 million and deposits of $143.8 million as of June 30, while Union Bank had assets of $124 million and deposits of $112 million as of June 12. The FDIC said that MidFirst Bank, based in Oklahoma City, has agreed to assume all the deposits and $125.5 million of the assets of Community Bank of Arizona, as well as about $24 million of the deposits and $11 million of the assets of Union Bank. The FDIC will retain the rest for eventual sale."

All of you have safe money if your bank fails thanks to Democrats and FDR!

I suspect none of you will use this socialistic program to save your money from mismanaged banks and leave it in the bank. Won't you? The FDIC is a "socialistic" program!

Actually most get socialism confused with this country's Mantra: "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed" No where in the declaration does it mention corrupt business and their usurpers of the US Constitution who are our largest group receiving welfare and the largest welfare frauds! It says "The people" and business is not "the People"! No one I know is a socialist, however some programs perhaps could be considered that, like the FDIC. Of course NO Republican would ever pass such a thing, but they will all be lining up at banks tomorrow getting their money thanks to Democrats!

Americans are known world-wide for their poor education. One indication of it is their lack of knowledge of the definition of words such as "socialism."

Sometimes I don't really care. If they want to act so arrogant all the time, meanwhile supporting the continued invasion of Iraq, then just let their economy fail, let them get sick and not afford health care.

Credit Card Agreement?

Sep 25, 2008 by rab2344 | Posted in Credit

Ok long but need help. I had an equity loan in Florida that was paid three years ago with WAMU. Last year I called to inquire about a credit card so I could start my own business. The operator told me I was already approved at 4.7 for 150K. I said great. They sent me a credit card, with no credit card agreement. I used about 38K to start my business, and was making my payments on time perfectly.

Then 3 months later, I get a letter stating I needed flood insurance on my home. I called and asked why because I live in the Mountains. They told me it was for my home in FL. I told them I sold that home and hey freaked out on me and demanded payment in full at once. They said they gave me the card based on the equity in the home,and it was an equity card, not a credit card. I told them the equity loan was paid in full at time of sale, and account was closed. How could they do this?

They started to accuse me of fraud and said they would be contacting authorities. I told them, why not just switch the account over to a credit card and simply work things out this way. They refused and told me they would be seeking criminal charges.

This freaks me out, I had to hire a criminal attorney for the first time in my life (which by the way, a good criminal attorney won't even talk to you for under 5K). Then I had to hire a credit attorney on top of that. All this stress caused me to have a heart attack and put me in the hospital.

Finally WAMU admitted it was there error because they could not show any credit agreement in writing or verbally, so they offered to work out a payment plan. But by this time, because of my heart attack, and the attorney fees, my company went under, and I was broke so I decided to declare bankruptcy. I litterally just finished my credit counseling two weeks ago and awaiting my certificate. And my attorney was planning to file a law suite against WAMU for what they put me through.

Now WAMU was seized by the FDIC, then purchased by JPMorgan. So, my quesiton is this. Since I can't sue WAMU now, and JPMorgan won't be able to provide a credit card agreement in writing or verbally or even verify the purchases because WAMU could only provide 1 for 800 dollars, can I have it dismissed? Should I go back to the credit attorney or deal continue to deal with the attorney who was preparing the law suite?

I have all documents of communication between WAMU and my attorneys, and while this has been going on they still hit my credit score and have collection companies call me. Each time a collection company calls, I give them the name and phone number of my credit attorney and then they don't call back. But like a month later, another collection company does. Suggestions - who should handle this and will I have the option to sue anyone for their errors?

contact your state and local rep's
also try a.c.o.r.n grass roots organization that heelped me with predatory lending in mass.

FDIC: FDIC Consumer News Special Bulletin (Revised September 2006)
2. The basic insurance coverage for other deposit accounts is still $100,000. ... insured up to $100,000. Likewise, two other categories of accounts – business ...

FDIC: Federal Deposit Insurance Corporation
Is My Account Fully Insured? Complete Failed Bank List ... Doing business with the FDIC. En Español. Enlaces a páginas web de FDIC disponibles en español. ...

Federal Deposit Insurance Corporation - Wikipedia, the free ...
FDIC deposit insurance covers deposit accounts, which, by the FDIC definition, include: ... .com/aponline/2009/09/29/business/AP-US-FDIC-Shrinking-Fund.html. ...

FDIC Coverage of Accounts
The FDIC insures all deposit account types at insured banks, including checking, interest checking, savings, money ... Business Accounts. In general, business ...

Strategies: How to keep your business bank accounts safe ...
FDIC insurance does cover business accounts — not just personal accounts. ... the total FDIC insurance is $100,000 for that partnership's accounts. ...