Community Forums

MikeandClaudia · 02-22-2009, 04:40 PM

Well---I switched to BoA because it was THE bank for Fulltimers.

Obama says that --No way-- will they be nationalized. So--Then they go broke?

So what now? I don't have much money in my account, but the hastle factor of changing banks is HUGE. I have auto pay set up on all of my payments; auto deposit on all of my income. Any recommendations?

Lorna · 02-22-2009, 05:14 PM

Perhaps run dual banks (maybe an internet bank such as with ING... which both of my kids have accounts with and love it). We are in the same situation. No way will I keep what little $$ I have in a gov run bank. The BOA/ING combo was an idea that I have been thinking about since we don't have direct deposit and still need a bank we can walk into at times due to business.

Ken Roberts · 02-22-2009, 05:25 PM

Well, we have the opposite situation. They hold title to our Motor Home and we still have a hefty balance owed them. I guess we really have a non issue, I am sure whatever happens to B of A someone will figure out a way for us to continue making payments. You can bet your bipee. It will be up to them to make the initial contact! Ken....

JC2 · 02-22-2009, 05:53 PM

No offense intended to anyone, but I wouldn't use BOA on a bet. Had them once but not again.

beaverjim · 02-23-2009, 01:00 AM

used boa for a time while in business in fla. after 34 yrs in business the worst nightmare you could have! nothing was right about them.
only my personel opinion!

jim

motojavaphil · 02-23-2009, 03:30 AM

We use USAA;
Phil

read & learn · 02-23-2009, 06:21 AM

WHOA where did you see B of A was going under. The government lent them billions of dollars already to keep them afloat.
If everyone justs keep the panic to a minimum alot of our businesses will be around for the long haul.
Sure a lot of us got hurt with stocks, but the market will come back as always. What we have to do is start spending again, not hoping if we do nothing this hard time will go away.
When you go to a store look at who is buying. What I see is a lot of young people who are just starting out with small kids walking out the stores with purchases, but us older folks just buying the bare minimums to get by on.
I know we are on a fixed income and many relied on dividends, but you still have some income so spend just a little more and try as hard as it is buy American.

skigramp · 02-23-2009, 07:34 AM

Mike and Claudia ...

We need to remember the difference between the roles of depositors compared to stockholders.

a) Deposits (under a threshold that is higher than most of us have in our bank accounts) are guaranteed by the FDIC

b) Stockholders are at risk of losing value of their stock

So there is a distinct difference between having a checking account at BOA and owning shares of BOA stock.

LindaH · 02-23-2009, 10:43 AM

Why worry? Even if BoA goes under, unless you have more than $100,000 in one account there (actually, I think the stimulus package passed last year under Bush raised that to $250,000), it's FDIC insured, so you'd get your money back.

Quote:

Any recommendations?

Yes...don't panic and keep your money where it's at.

FatDog · 02-23-2009, 11:07 AM

Quote:

... unless you have more than $100,000 in one account there (actually, I think the stimulus package passed last year under Bush raised that to $250,000), it's FDIC insured, ...

conversationally speaking (i'm not going to google it) I thought it is back now to $100K,

i thought the increased level of $250K was in effect only for a short duration and expired at Jan.1 of this year,
that was quite an odd short term change, IF i interpreted what i read correctly

dieselclacker · 02-23-2009, 11:30 AM

Fatdog, temporary raise in FDIC insurance to 250K expires 12/31/2009. Then reverts back to 100K.FDIC protection for certain retirement accounts, and all IRA accounts were raised permanently to 250K last October.

Dieselclacker

MikeandClaudia · 02-23-2009, 12:08 PM

My point is that, worst scenario, the FDIC has to take over, it is going to cause a tremendous conflict in my and everybody elses lives to get things straightened out and changed to another bank account.

Might it not be most prudent to go ahead at this time and begin the process so that we are ahead of, or beyond the curve if this happens?

Myself and a pot full of other people were sitting back when the banks were playing fast and loose giving way-high loans to people on houses that no one could afford, and wondering what in the world was going on. I, and YOU, knoew of many people that were in houses (and even RVs) that were over their heads. WHY were these people being driven off of a cliff?

Why didn't the banks wake up??

cb5300 · 02-23-2009, 12:42 PM

[/QUOTE]
conversationally speaking (i'm not going to google it) I thought it is back now to $100K,

i thought the increased level of $250K was in effect only for a short duration and expired at Jan.1 of this year,
that was quite an odd short term change, IF i interpreted what i read correctly

[/QUOTE]

The icrease last thru Dec 31,2009. You're good to go for the rest of this year.

chasfm11 · 02-23-2009, 03:52 PM

I'm not a full timer but am a BOA customer and have been since I joined it as Nations Bank back in the '90s. I had a run in with their credit card group but otherwise have had 13 years of totally trouble free banking with them.

In a news program today, the direction appears to be to Nationalize BOA and Citi for the sole purpose of selling off their good assets. In that scenario, I suspect that many of us will end up as forced customers of some other institution. Apparently, there is no way to undo the damage done by the "toxic" assets.

I've done some looking around and don't see any bank that offers the same package as BOA It has taken me years to become almost paperless with them and I think I'll go along to the ride a while longer. The options behind door #2 don't look very promising.