07.15.2008 5:38 pm
FDIC and the economy: Are you worried about getting your money?
St. Louis Post-Dispatch
From a story for Wednesday’s Post-Dispatch:
“People who never asked about FDIC insurance are asking about it now,” said Steve Marsh, president of Enterprise Bank & Trust in Clayton “They also ask about exposure to subprime loans.”
With the economy in the tank and the subprime mortgage crisis gripping the financial markets, bankers in here and elsewhere are seeing a lot more interest from Regular Guys about getting their money: Is it safe? Can they get it out?
Do you share these concerns? Are you comfortable that your savings is safe? What do you hear from friends and relatives?
Kurt is the director of social media for the Post-Dispatch, where he has worked since August 2002. He's been a journalist since 1982, covering municipal government, courts, education and two hurricanes as a reporter before becoming an editor. 
God listens to every human on this earth.Only God can judge.
Feverpitch
There was a report on the news this morning that most of the “local” banks, Commerce, Premier, Midwest BankCentre, Champion, Enterprise, First Bank etc are on solid ground. For the most part these banks did not get messed up in the sub prime mortgages and have strong capital reserves behind them.
National City, could become a victim if there name keeps popping up as being in trouble and they have a run of customers withdrawing their deposits. They have had numerous adds lately advertising for cd rates that are generally higher than most banks are paying, this COULD indicate they are losing deposit accounts at a fast past and need to pay above the market rate to attract new deposits. Keep in mind the main source of a banks profit is the difference between what they charge on a loan and what they pay out on deposits, if this margin keeps shrinking it does not do much for the bottom line.
momama, he listens, but he doesn’t dole out financial advice. That is why he gave you a brain.
We’re still paying off student loans and will continue to do so for the next decade……so there isn’t alot to “save” at the end of the week. But if we were in a position to significantly save money each week, I would completely trust any FDIC-insured account.
I have my savings spread around. I have a 401K at work, my wife has a 401K at her work, plus we have a roth IRA and a traditional IRA (rolled 401K from previous employer into) at Edward Jones. It’s spread around pretty good, so I’m not worried a bit. It’s not FDIC insured, but it’s spread across quite a spectrum of funds that vary in risk. Anyone who keeps their savings in a bank earning 2 or 3 percent might as well dig a hole in their back yard and bury it.
It will sure be nice in January 2009 when Slugger and the other liberal Bush-haters no longer have the president to blame for all things wrong in their lives. But, I forgot, they will still be blaming Bush after Barack is in office. At least you know where Bush stands and that he is a Christian (one of the core reasons for the Bush-haters’ disdain) while Barack seems to adjust his Christian beliefs and church and leadership/mentor choices as the political winds lead him from time to time.
Nero in Rome,
You are so INCORRECT. Saudi have this trillion in BANKS, checking? What differance does that make, but yes in our banks.
Saudi Arabia keeps as much as a trillion dollars on deposit in US banks, an agreement worked out in the early eighties by the Reagan Administration, in an effort to get the Saudis to offset US government budget deficits.
Research this for yourself, this I thought was common knowledge by most people.
Why Nero…you democratic shill…I am PRO-BUSH all the way. Did you not see that from my post. Now go take that little blue pill and leave me alone…donkey voter!
Don’t worry. Most foreigners will treat us a lot better than our own politicians have once they own us officially.
JohnH, why don’t you run for office “O GREAT ONE”? Your lady/support system has enough of a war chest from that pay day loan job she has. I’ll vote for you just for the laughs.
Ah, the sheeples will tell you this will blow over and they can’t wait to get back to doing it the same way all over again. Since Enron I am surprised any of you are so foolish as to believe your retirement funds are safe. You would do better to spend you energy bringing back whistleblower protections. They have been gutted, and they are your last line of defense against more Enrons et al. Click those red ruby heels together three times for me now and wish hard. There’s no place like home… And quit picking on Slugger. She put a nice post up about your god Bush for a change. Mark and JohnH, you are so silly to keep spouting that false stuff about Obama’s religion. And why don’t you pro-Bushers go fight that war and let the tired young women come home (to lesser rights…STILL)…and quit avoiding taxes with your fancy accountants while saying you are pro-war and love this country. And quit going onto the social security and medicare rolls if you hate dem programs so much. Hypocrites IN AND OUT of the restrooms, aren’t cha? Mark…Nero…suit up babies…you have a mission to accomplish. So far…you LACK! Hoo-RAH!
Way to hold together a coherent thought Pia…
D Walker, the Saudi’s have a banking system of their own, they don’t need ours. Saudi’s are heavily invested in many things, financials included. I couldn’t find anything about them having such a large sum of money in a demand deposit account, if you have a link I would appreciate it if you would post it. No offense, but “common knowledge” means little to me.