Starbucks gift cards are safer than banks

[大汉奸柳传志]

https://twitter.com/x/status/1634237323326963725

 

[villageidiot]

https://twitter.com/x/status/1634896804360900608

 

[Hamartia Antidote]

sorry to burst your bubble

https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/

U.S. says all deposits at failed bank will be available Monday​

Starbucks gift cards are safer than banks

https://twitter.com/x/status/1634237323326963725

definitely not

 

[kuge]

sorry to burst your bubble

https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/

U.S. says all deposits at failed bank will be available Monday​

definitely not

it is just the beginning....ready pop corn & watch

 

[大汉奸柳传志]

sorry to burst your bubble

https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/

U.S. says all deposits at failed bank will be available Monday​

definitely not

You mean getting 98 cents on the dollar part? It sounds off to me as well, usually you only get 90%-95% value back by reselling them on ebay or craigslist

 

[huanghong]

For Immediate Release​

Last updated: March 12, 2023

WASHINGTON – Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.

All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.

Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds.

As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.

FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California

FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California

www.fdic.gov

 

[VCheng]

it is just the beginning....ready pop corn & watch

I think the sky is falling over USA next Tuesday afternoon, just as predicted on PDF every week, for the last decade, right?

 

[Hamartia Antidote]

You mean getting 98 cents on the dollar part? It sounds off to me as well, usually you only get 90%-95% value back by reselling them on ebay or craigslist

They should be lucky getting that. It is already very well-known that the Government (FDIC) only insures $250,000 of deposits per entity per bank. Going over that is at your own risk.

It says it right on the door of all banks.

 

[VCheng]

They should be lucky getting that. It is already very well-known that the Government (FDIC) only insures $250,000 of deposits per entity per bank. Going over that is at your own risk.

Unless the government decides otherwise.

 

[大汉奸柳传志]

They should be lucky getting that. It is already very well-known that the Government (FDIC) only insures $250,000 of deposits per entity per bank. Going over that is at your own risk.

It says it right on the door of all banks.

You at the bank front door? Good! I saw on twiter that some bank in Boston also got in trouble.

https://twitter.com/x/status/1634275111204421632

btw I would suggest buying some zoomers gen collectables like Pokemon cards with your cash, they usually go up in value in long term

 

[Hamartia Antidote]

some bank in Boston also got in trouble.

https://twitter.com/x/status/1634275111204421632

I wouldn't feel too bad for people in Wellesley.

Wellesley, MA Is One of the Richest Cities in the Country

The U.S. Census Bureau recently released its latest American Community Survey, offering an updated snapshot of demographic and economic conditions in the United States. According to new ACS estimates, the typical American household earned an average of $69,021 over the five years ending in 2021...

247wallst.com

Wellesley, MA Is One of the Richest Cities in the Country​

---

This is a rich person's bank failing...

 

[PakFactor]

They should be lucky getting that. It is already very well-known that the Government (FDIC) only insures $250,000 of deposits per entity per bank. Going over that is at your own risk.

It says it right on the door of all banks.

Unless the government decides otherwise.

This is for knowledge purposes, as I've done this to protect the cash and all stored in the bank. You can get a Certificate of Deposit Account Registry Service (CDARS); certain banks offer this, and what it does is, for example, takes your total funds and split them up into multiple pieces below $ 250,000 and spread it out among multiple banks. Each deposit is FDIC insured.

 

[VCheng]

This is for knowledge purposes, as I've done this to protect the cash and all stored in the bank. You can get a Certificate of Deposit Account Registry Service (CDARS); certain banks offer this, and what it does is, for example, takes your total funds and split them up into multiple pieces below $ 250,000 and spread it out among multiple banks. Each deposit is FDIC insured.

Does the NCUA have something similar?

I checked, but the answer is no as far as I can tell.

 

[PakFactor]

Does the NCUA have something similar?

I checked, but the answer is no as far as I can tell.

It does not. However, I wanted to mention that CDARS isn't part of a government program or anything; it's a private company that works with certain banks within each state.
IntraFi Network Deposits is who you will go through and the banks it's approved by. The minimum starting is $ 1,000,000 - $ 5,000,000.


Find IntraFi Network Deposits | IntraFi Network Deposits

 

[PakFactor]

@VCheng

One thing I will mention, and not taught at school, is that cash management is a science. Even in the stock market, for example, those who play the stock market often use options to hedge positions as insurance where their options will be profitable and collect premiums while the actual shares are at a loss, decreasing their loss percentage. With that, they get a form of cash flow to purchase more shares and ride the market up over the years.

While many use options to gamble and try and make big moves, it does serve the purpose, but if you leave your capital open for a loss, it's dumb on the trader's part.