Better hope your bank/credit union doesn't go belly up

Wow, check this out! Seems if your bank/credit union goes belly up, this is what you end up with on your FDIC "insured" CDs (I am assuming a similar scenario with credit unions which are NCUA insured). I'm seriously beginning to wonder what difference does it make - insured or not insured. You get screwed no matter which game you care to play with YOUR INSURED FUNDS. :puke:

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How will my CDs be affected?

As of October 3, 2009, the interest rate on your CD may be changing. While your balance and any interest accrued up to that date will not be affected, please note that a new market rate of interest will apply to the balance of your term from October 3, 2009 until maturity.

If your CD is scheduled to mature: Your new APY for the balance of the term is:
Before 12/31/09 0.45%
1/1/10 to 3/31/10 0.65%
4/1/10 to 9/30/10 0.95%
10/1/10 to 3/31/11 1.49%
4/1/11 to 9/30/11 1.64%
10/1/11 to 9/30/12 1.84%
10/1/12 to 9/30/13 1.94%
10/1/13 to 9/30/14 2.23%
From 10/1/14 and beyond 2.72%

Because the FDIC insurance program worked to insure the safety of your deposits, you will have the option to close out your CD and withdraw your funds without penalty.

More here: https://www.huntington.com/warrenbank/faq_general.htm#cds

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I have most of what money I have left in CDs. What about the rest of America? :nuke:

10 thousand plus in medical bills....

That's really kinda low on the "Hoping my bank/credit union doesn't go belly up" scale, ranking right after "will they stop giving away free wallet-size calendars."

it is not at risk best I can tell but it has been a real job hanging on to what is left of it.

I'm getting a good rate on it right now. If said credit union were to go belly up, these are the rates they give out after it happens. :eyes:

Something not to look forward to.

As for you, I guess you don't have to worry being it seems you don't deal with banks nor credit unions.

Many other people besides myself do too.

nuthin' into nuthin'...carry the nuthin'..." ~ Jayne



Yeah, we got nuthin'.

I have zero confidence in the market right now. I can't figure what is holding it up, but it isn't consumer spending, job creation, or anything positive other than government spending. I'm gonna wait for it to bottom out again, probably around March or April, as soon as the stimulus peters out. Might even try to find some good real estate buys.

I have nothing in it myself. It baffles me as to the levels it is now at.

Real estate could be a good investment I agree but you need some major bucks to get in. I don't have an extra $50-$100,000.00 for such an investment, but some people do!

Times are grim for everyone it seems, and now banks/credit unions are being eyed for safety.

It seems nothing is safe. Maybe buying some land could be an option for some?

are having their private craps game at the moment. They're the only ones with cash.

Sorry, I'm just saying...
I'd love to trust the financial sector but I have this thing - it keeps my ears from smashing right together - and it wont let me trust financial services.

I got a lot of flack for buying gold at $721. Now it's at $1.115.
41% return in 2 years is fine with me. I wish I had bought the amount I intended to but I let "reasonable" people dissuade me.

and yes, I like it JUST FINE! :D :D :D :thumbsup:

:dem: