Ok...I apologize in advance for the rant, but I'm seriously about to throw something.
We live in a small town. Very small. We've got two banks: big corporate Citibank and a small, area-owned bank. With all the money issues going on, the husband and I feel safer transferring our money from the big bank to the smaller, local bank. It was the husband's idea, and it's MY job this week, between my over 40 hour a week job, working out and a dental appointment that I'm TERRIFIED about today, to go into the bank I've had for 5 years, look the nice ladies in the face, tell them I don't feel safe with them anymore and open a new checking and savings account in OUR names at the new place. He goes to work before 6 am and rarely ever gets in before 5:30 or 6 pm five days a week.
Problem...the new bank, in order to open these accounts in BOTH our names, must have us present, IN PERSON, three forms of ID. They're open from 9 a.m.-3 p.m. No trouble getting my stuff in there, but his...well, there's an issue. They said if he can make it in before 5 p.m., when the majority of them go home, they'll let him in the side door, make copies of his stuff, look at him and he's done with the whole process.
So I tell the husband this, as I'm literally about to go INTO the bank to open a checking account. And he freaks about how I'M making it into such a big deal, and it's EMBARRASSING to go into the bank after it's closed so he's NOT going to do it.
Well....hmmm...what do you suppose we do then? Open it in MY name, so he can't write checks or use a debit card? Start opening it but never FINISH opening it until he can get home before 3 pm (which could be WEEKS from now)? Leaving it at Citibank, however, isn't an option.
I'd probably just make it in my own name and feign ignorance when he needs the use of a debit card to buy his lunch or whatever. Let him go hungry- then he'll get his butt to the bank!
Any bank that is FDIC insured will cover your deposits up to $100,000, well the Feds will cover it. So, unless the government crashes completely too, your money is safe. I'd, personally, be more concerned about the small banks going under if things really get bad. So make sure the new bank is FDIC insured.
Just tell your husband that he has two options. Either you leave the money with Citibank until he can get off work early, or he has no access to money until he can get off work early. Make him decide.
Last edited by zenor77; 10-01-2008 at 11:13 AM.
Reason: more info
Any bank that is FDIC insured will cover your deposits up to $100,000, well the Feds will cover it. So, unless the government crashes completely too, your money is safe. I'd, personally, be more concerned about the small banks going under if things really get bad.
I agree with this 100%.
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Well, the only thing with Citibank going down, if that happened, is the downtime where we'd have NO access to our money.
Citibank is a multiBILLION dollar company. The likelihood of it going down to that degree is minuscule. The likelihood of a small regional bank closing it's doors until it can find a buyer is much larger.
Seriously, if having access to your money is your primary concern, a small regional bank is actually the WORSE choice.
[Edited to say: I realize this isn't on the subject of your husband rant, but I did want to say that I would NOT put my money in a small bank right now if my life depended on it - unless it was a privately held credit union, which is a different story. Seriously. The idea of a small bank terrifies me right now - but then I went through the S&L crash of the 80s too, and saw first hand what happens to small, independent banks.]
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Last edited by PhotoChick; 10-01-2008 at 12:01 PM.
I completely agree with PhotoChick.
I've split the difference and have my money equally dispersed between a local bank and BofA. I just think it's never a good idea to have all your eggs in one basket.
I agree -- I'd be more wary of a small bank than a large one folding. Small banks fold/get absorbed into larger ones on a regular basis.
I think you wouldn't lose access to your money, even if Citibank did go under. But just in case, could you withdraw a few hundred dollars just to keep in the house in a strongbox or something?
Quote:
Originally Posted by zenor77
Any bank that is FDIC insured will cover your deposits up to $100,000, well the Feds will cover it. So, unless the government crashes completely too, your money is safe. I'd, personally, be more concerned about the small banks going under if things really get bad. So make sure the new bank is FDIC insured.
Just tell your husband that he has two options. Either you leave the money with Citibank until he can get off work early, or he has no access to money until he can get off work early. Make him decide.
I'd be more concerned about a small bank then a big corporate national bank. Besides, the big bank account is FDIC insured up to $100,000. It's less likely that the big bank will collapse, and if the big bank is looking like it will collapse, usually another big bank will come along and buy it out and absorb it. People freaking out and taking all their money out of banks is what escillated the stock market crash before the last depression.
Oh husbands. We do not have the same banking issues you have, but husbands I understand! I was at our local grocery store in the check out lane and i was given my total and asked for $30 to give to my husband. The cashier handed me my money and I turned and gave it to him right away. As we were leaving the store, he starts ranting that he thinks the bag boy stole our Banana's and he had to go check. The bag boy was a little slow (he had probably been there all day), but I doubt he stole our Bananas. i don't even know where he got the idea. But they were in the bag. Anyway, I looked at him and said "well now you have Banana's and $30". He looked at me and said" I have $30". He reached into his pocket and pulled the money out, having no memory I gave him the money. Glad I said something, or he would have gone to the ATM the next day and taken out $30 more.
I have been dieing to tell that to someone all day.
Husband Rant....
Sometimes I wish I was SINGLE
he stole our bananas! Classic!
