How Can I Sign California Banking Form

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how safe is my fdic-insured account how safe is my bank what would be the longest period of time before the FDIC would pay me back if they ran out of money what is FDIC hi my name is Lindsay McLaughlin and since 2008 these are the burning questions that people all of the sudden had to know the answers to my husband would be asked these questions he had worked in the banking industry and at the time was an advisor for people interested in banking products such as CDs and money market accounts as well as other insured investments and unfortunately he had to admit that his explanations were woefully inadequate no one had really questioned him in the past and Paul my husband had to admit as many others did that he really didn't think it was an issue at the time after all this was an account guaranteed by our government and that was good enough for him and many others but as we all know after 2008 things changed banks were closing right and left even big banks such as IndyMac the second largest bank failure in US history went belly-up no one seemed to see it coming as the bank's financial rating was fine we all even the experts were blindsided and after that Paul's clients weren't just asking about interest rates but they also wanted to know how safe the banks were that he recommended which was very understandable in the present financial environment there was no choice Paul took pride in saying all the time that since 1999 when he chose the investment field he never had to explain to a client that he was sorry for losing your money because he never had to he had never lost a dime Paul certainly didn't want to have to start now so he started asking questions the first place he decided to go is to the source itself he contacted FDIC themselves and by email he asked the burning questions Paul's clients wanted to know the first question was something that was asked more often than any and seemed to be the most misunderstood by even the most experienced bank employee he questioned how long would it take to get my money back if my bank went bankrupt Paul had gotten many different answers immediately five years ten years 99 years and so on no one seemed to have a definitive answer FDIC his response to Paul's question was since 1933 no one has ever lost a penny and FDIC insured accounts hmm okay so Paul responded with well since 1933 we have never been in such bad shape in the banking industry with nothing but dark clouds on the horizon so taking that into account let's just say FDIC ran out of money and everything that could go wrong did how long would it take for a person to see return of his FDIC insured account the response was the same since 1933 no one has ever lost a penny in FDIC insured accounts now Paul was angry as well as suspicious what was the answer they didn't want to divulge that started Paul on a quest a quest to find the answers no one wanted to give out to the public what did the FDIC have to hide at the time there was nowhere other than the FDIC to find out and answer the question Paul got in his computer every chance he could between client appointments and scoured the internet for answers it took almost a year finally the answers were found apparently after 2008 there were many people asking the same questions and what Paul found out was if you google the right questions eventually you will find the right answers at that point Paul asked me to help him in his detective work and the answers started to come the further we dug the more shocked we were the information we found was worse than we even imagined but before we go any further let's take a look where we are and how we got here on July 11 2008 the headlines read the first bank just went under IndyMac with total assets of 32 point zero 1 billion dollars in total deposits of 19 point zero 6 billion dollars was the 5th bank to have failed that year between 2005 and 2007 there had been only 3 bank failures there were 702 banks on the FDIC's problem Bank list at the end of 2009 and 252 at the end of 2008 the FDIC officials said they expected the number of failed banks to peak this year after climbing steadily over the past three years at the end of the year that number had climbed to 775 despite the reports that there were signs of optimism in the banking industry despite the call for government to break up the too big to fail banks they just got bigger and bigger Monday November 22nd 2010 at 7:30 a.m. the government released new data showing that the FDIC's list of problem banks now includes 903 institutions that's 10 times the number of bad banks on the FDIC's list just two years ago the banks on the list have four hundred and nineteen point six billion dollars in assets or sixteen times the amount of two years ago and yet these bad banks are just the tip of the iceberg at the time this information was available the coverage was for 100,000 not 250,000 my point in displaying these numbers is to show just how little money there was covering your investments in FDIC insured accounts less than two cents for every dollar were you aware of this the 1.22 reserve ratio means that for every dollar in your bank account the FDIC has one point to two cents in reserve ready to cover your potential losses this has proved to be an ample amount during the period of stability we've recently had but it doesn't seem particularly significant can during the recent headlines about banking losses consider for a moment the collapse of Bear Stearns in order to assume that Bank JP Morgan asked for and received a special waiver from the Federal Reserve to keep 400 billion dollars of suspect of Bear Stearns assets off the books of JP Morgan while JP m may have been padding the books a little bit here due to the uncertainty of how bad the wreckage might turn out to be 400 billion dollars dwarfs the fifty two billion dollars reserves of the FDIC if one medium large bank collapse could wipe out the FDIC by a factor of nearly eight what do you suppose would happen if there were multiple simultaneous bank failures at this point my guess would be that Congress would be sorely tempted to borrow additional funds to remedy the situation but I worry that hardship and losses might result while the laws were amended and sufficient funding avenues identified so how many bank failures could the FDIC endure the data suggests slightly fewer than one big one this was all the reserve that was backing up your funds in 2008 of course amounts have changed as there is now 250,000 that is insured in the bank accounts such as CDs and money market accounts and there is no limit to the amounts covered on checking accounts as of this time in 2012 all indications are that the situation has not improved but it is really irrelevant when you look at the trillions that FDIC is responsible for as we will see but ask yourself if you are aware of this fact what else is there you're not aware of do these figures promote a feeling of security for you as of March 2012 they're estimated to be between one thousand three hundred and forty-three banks on the watchlist according to bank rate.com when will it end so what have been the effects on the FDIC during this time period since 2008 what has been their response to the crisis and what did they tell us the date of August 2009 was very significant to anyone with money in FDA's in short accounts because this is when FDIC ran out of money in 2008 there was 53 billion dollars in FDIC and in 18 months it had dwindled down to zero according to Jake town I would say a bit of news worth reporting wouldn't you as you can see FDIC chairwoman Sheila Bair was still singing the same tune that FDIC has never failed to protect insured accounts miss Bear has since resigned from her position so what was the FDIC strategy now that it was broke and banks were still failing well on October 2009 FDIC required banks to prepay three years of premiums adding up to nearly forty five billion dollars that many banks on the edge could barely afford and some couldn't which further added to the toll of failed banks why didn't we hear of it robbing from Peter to pay Paul what was the sense of it and all the while big banks were just absorbing more banks just making them bigger and bigger each failed banks toxic assets being absorbed as well in the end as we saw recently when major banks were raided we saw many of the biggest top banks didn't look so sound financially even with their talent for creative bookkeeping well the good news came November of 2009 that the FDIC had a credit limit of five hundred billion dollars from the US Treasury but as we see it barely will cover what is estimated in losses and later you will see it is not even close to what FDIC is responsible for which is in the trillions of toxic investments made by banks this brings me to the question what is FDIC is it an account is it enough to get through all of this does it actually exist where did all of those premiums go and how many cents for every dollar was backing my money how the heck does it work this article gives us a better understanding of just what we are depending on and it does not give reason to feel secure and if you think 2008 was a bad year wait until you see 2012 the world's largest banks have far less capital the world's largest government how far less bailout power and each is pulling the other into an abyss yet both bankers and government officials seem mostly oblivious to the dire realities sleepwalking through daily life as if nothing has changed banking reform has not taken a hold Wall Street is still in business as usual despite lessons that should have been learned from the past and again believe it or not this is only the tip of the iceberg the future only looks worse from even other standpoints if our banking system were to survive for mismanagement underfunding fraud embezzlement and a myriad of other obstacles that 500 billion dollars could get us through there is still first the troubles in Europe second lawsuits and/or indictments against banks federal regulators filed lawsuits against 17 financial institutions for allegedly misrepresenting the poor quality of mortgage security as they sold to Fannie Mae and Freddie Mac at the height of the housing bubble now this one is important because we're talking about over 55 trillion dollars of toxic assets in just one bank alone Bank of America under FDIC is jurisdiction I'll say that again 55 trillion dollars that five hundred billion dollar credit FDIC has with the federal government doesn't sound like a whole lot of security now does it and another question you may want to ask yourself if you're thinking bailout is what politician would even suggest a bailout for these banks they would be insane their careers would be over if not worse we don't have people in Washington who would be so bold here is a video from journalist Matt T beyond just when I'm talking about a very informative bit of information of just what is the banking industry and its practices that put your money in danger on March 14 2012 mr. t be reported on bank stress test and how banks like Ally SunTrust Citigroup and MetLife failed to pass these tests these are big banks folks last year Bank of America shifted trillions of dollars worth of derivatives very risky toxic derivatives from Merrill's books to its own depository side essentially putting all less on the hook for some of its most dangerous bets and then again we have this thing like the stress test which is essentially an official government endorsement of the widespread accounting fraud that you talk about with all these companies and they're all guilty of it equally soon you may be hearing of how Wall Street banks are being sued by their own employees to the tune of two billion dollars for damage to their 401k plans just another nail in the coffin of banks the emerging LIBOR scandal out of London this is another big hit to the American banking industry actually the global banking industry quite shocking so the questions that plague us today are how safe is my money how safe is my bank how long does the FDIC have to pay me back if worst case scenarios are realized what alternatives are there where I can invest my money where it is safe guaranteed and insured and where can I find this information now so I don't have to spend a year to as Paul and I did to find these answers we have those answers for you so that you can sleep at night in 1929 many were caught unaware and lost everything because they thought they were safe now is then there were warning signs and there are many warning signs now too many to mention here let us show you what they are there's so much more you should know but are not being told in the media and that's understandable if you knew you would pull your money out of your bank along with everyone else and be honest with yourself for the return you're receiving from your bank investments is it really worth the risk if this is what you're thinking at this moment apparently you're not alone what do these people know that you don't let us help you find out you