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Author Topic: * FDIC no longer backing bank deposits Jan 1, 2013? Oh?  (Read 4391 times)
jofortruth
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« on: October 01, 2012, 03:09:13 PM »

FDIC covers your deposits from Dec 31, 2010 through Dec 31,2012? SO, WHAT HAPPENS ON JAN 1, 2013? At the rate of Bank failures, you can bet FDIC is bankrupt!
http://www.fdic.gov/deposit/deposits/insured/temporary.html
http://forum.prisonplanet.com/index.php?topic=227020.0

Quote
Temporary Unlimited Coverage for Noninterest-bearing Transaction Accounts

From December 31, 2010 through December 31, 2012, all noninterest-bearing transaction accounts are fully insured, regardless of the account balance and the ownership capacity of the funds. This coverage is available to all depositors, including consumers, businesses, and government entities. The unlimited coverage is separate from, and in addition to, the insurance coverage provided for a depositor's other accounts held at an FDIC-insured bank.

A noninterest-bearing transaction account is a deposit account where:

* interest is neither accrued nor paid;

* depositors are permitted to make an unlimited number of transfers and withdrawals; and

* the bank does not reserve the right to require advance notice of an intended withdrawal.

A noninterest-bearing transaction account also includes all deposits placed in an Interest on Lawyers Trust Account (IOLTA) or its equivalent.

Note: Money Market Deposit Accounts (MMDAs) and Negotiable Order of Withdrawal (NOW) accounts are not eligible for this temporary unlimited insurance coverage, regardless of the interest rate, even if no interest is paid.

US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31, 2012?
http://www.silverdoctors.com/us-bank-run-imminent-as-fdic-expanded-deposit-insurance-ends-dec-31st/

Heard Suzanne Posel talk about this today 10-1-12 on The Power Hour (Hr 2):
http://www.gcnlive.com/programs/powerHour/archives.php

Her Website:
http://occupycorporatism.com/mega-banks-pl...m-cyber-attack/
http://occupycorporatism.com/

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WHAT HAPPENED
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« Reply #1 on: October 01, 2012, 03:25:15 PM »

Link fixed

http://www.silverdoctors.com/us-bank-run-imminent-as-fdic-expanded-deposit-insurance-ends-dec-31st/
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Kilika
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Thank you Jesus!


« Reply #2 on: October 01, 2012, 03:33:20 PM »

Quote
SO, WHAT HAPPENS ON JAN 1, 2013? At the rate of Bank failures, you can bet FDIC is bankrupt!

Unless a new agreement has been done for 2013, it looks like that's a temporary ting they did, but why? Notice...

Quote
The unlimited coverage is separate from, and in addition to, the insurance coverage provided for a depositor's other accounts held at an FDIC-insured bank

Uh, accounts already have up to 250,000 coverage per account, so what's with this additonal "unlimited" coverage for?

Looks like somebody intentionally left the financial door open for a time for a money grab during that period. Just a few weeks left. Will they put it to use? Wouldn't surprise me if they did somehow.
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"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)
larsonstdoc
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« Reply #3 on: October 01, 2012, 03:56:25 PM »


  Today the FDIC is a scam.  If all hell broke loose (i.e. when the crap hits the fan), very few would get their money or they would probably get worthLESS paper dollars if hyperinflation occurred.

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jofortruth
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« Reply #4 on: October 01, 2012, 04:03:33 PM »


Thx, whathappened! I got it fixed before my posting time timed out. Appreciate the help!  Wink
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jofortruth
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« Reply #5 on: October 01, 2012, 04:04:56 PM »

Unless a new agreement has been done for 2013, it looks like that's a temporary ting they did, but why? Notice...

Uh, accounts already have up to 250,000 coverage per account, so what's with this additonal "unlimited" coverage for?

Looks like somebody intentionally left the financial door open for a time for a money grab during that period. Just a few weeks left. Will they put it to use? Wouldn't surprise me if they did somehow.

As usual, good observations Kilika!

I will definitely checking this page out Jan 1, 2013!
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« Reply #6 on: October 01, 2012, 04:17:02 PM »

Ok, this is how kerrymti explains this. What do you think?

Quote
This is referring to additional insurance, unlimited in amount (normally, coverage is limited to 250,000). See pg 14 of: http://www.fdic.gov/deposit/deposits/training/bankercbi/DIB_Banker.pdf

This unlimited coverage is separate from, and in addition to, the coverage provided to a depositor’s other accounts held at an FDIC-insured bank.

In order to qualify for the temporary unlimited deposit insurance coverage, the account must meet the definition of a “Noninterest-bearing Transaction Account” as defined in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Check out this doc pg 14
http://www.fdic.gov/deposit/deposits/training/bankercbi/DIB_Banker.pdf


Quote
We will begin our discussion of ownership categories by looking at changes to insurance coverage for Noninterest-bearing Transaction Accounts under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law on July 21, 2010.

The Dodd-Frank Wall Street Reform and Consumer Protection Act provides separate coverage for Noninterest-bearing Transaction Accounts.

From December 31, 2010, through December 31, 2012 all funds held in Noninterest-bearing Transaction Accounts will be fully insured without limit, regardless of the balance in the account or the ownership of the funds.

This coverage is available to all depositors, including consumers, businesses, and government entities.
This unlimited coverage is separate from, and in addition to, the coverage provided to a depositor’s other accounts held at an FDIC-insured bank.

In order to qualify for the temporary unlimited deposit insurance coverage, the account must meet the definition of a “Noninterest-bearing Transaction Account” as defined in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

LOOKS LIKE WE HAVE A FALSE ALARM ON THIS ISSUE. WANTED TO CLEAR THIS UP BECAUSE YOU WILL SEE IT GOING VIRAL LIKE EVERYTHING ELSE THAT HAPPENS.
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larsonstdoc
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« Reply #7 on: October 01, 2012, 04:27:29 PM »

http://www.silverdoctors.com/us-bank-run-imminent-as-fdic-expanded-deposit-insurance-ends-dec-31st/


A link provided by Max Keiser.




I'll say it again.  The FDIC is a scam!!!!!!!!!



US BANK RUN IMMINENT AS FDIC EXPANDED DEPOSIT INSURANCE ENDS DEC 31ST


Submitted by SD Contributor AGXIIK:
As of January 2013 the FDIC stops offering 100% coverage for all insured deposits.  That amounts to $1.6 trillion in deposits, 85-90% deposited with the TBTF mega banks.  Once the insurance ramps back to $250,000 the FDIC risk amelioration offered to large depositors will cause them to flee from the insecurity of the much reduced FDIC coverage.  This money will rotate immediately into short term Treasury securities.  The treasury, in order to handle this flood of money, will immediately offer negative interest rates.  This financing will resemble the .5% negative interest rate offered by the Swiss and Germans on the funds flooding to their banks from Spain, Greece and Italy.
This will be a bank run much larger than the Euro banks flight to safety.
I have noticed two disturbing matters that will most certainly come as a result of the Fed MBS program.
1.  The funds from the Fed purchases will rotate to the Too Big To Fail Banks. This debt is already junk bond status due to the nature of the underwater mortgages and delinquencies, hence the reason for the new Fed goon Squad going after borrowers.
This debt will be as bad or worse than the debt of Greece, Spain and Italy, rated CCC-
2. The banks receiving these funds will rotate the money immediately into short term treasury securities that will be priced at NIRP. the reason for that follows:
3.  As of January 2013 the FDIC stops offering 100% coverage for all insured deposits.  That amounts to $1.6 trillion in deposits, 85-90% deposited with the TBTF mega banks.  Once the insurance ramps back to $250,000 the FDIC risk amelioration offered to large depositors will cause them to flee from the insecurity of the much reduced FDIC coverage.  This money will rotate immediately into short term Treasury securities.  The treasury, in order to handle this flood of money, will immediately offer negative interest rates.  This financing will resemble the .5% negative interest rate offered by the Swiss and Germans on the funds flooding to their banks from Spain, Greece and Italy. This will be a bank run much larger that the Euro banks flight to safety.
4. The Social Security Trust fund must make at least 5-6% return to maintain its balance and provide income to the SS recipients.  The TF is still guaranteed to go bankrupt by 2033, 21 years from now.  The TF is required by law to invest in Treasury bonds.  The actuarial problem now facing the TF is that they will be rolling old bonds yielding 5.6% into a yield pool averaging 1.4%, a 75% drop in income.  This dramatic yield drop coupled with a 60% increase in SS recipients from 50 million to 91 million in the next 10 years will assure the TF will go bankrupt in about 10 years.
This irreducible math is going to prove an insurmountable obstacle to those who are recently retired, have long live genes or plan to retire in the next 10 years.  If the SS TF goes bankrupt then benefits will be cut by 25% .  Inflation adjustments were never able to front run the lost in income.  The inflation rate of 8% today and 15% tomorrow will destroy the senior investment pool.
Another few unintended consequences of QE 3.  Thanks Ben.   May you rot in hell!


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larsonstdoc
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« Reply #8 on: October 01, 2012, 04:47:24 PM »

http://geraldcelente-blog.blogspot.com/2011/12/strong-advice-from-gerald-celente.html

  The FDIC is a scam.  Another Ponzi scheme.


Strong Advice from Gerald Celente


The banksters want to get everybody away from cash and into plastic credit cards. FDIC has never had enough money to cover more than 2% of bank deposits. People better wake up and realize that they are going to steal every cent of our money in banks, unless we get it out out now. They will also steal everything in 401k's.  
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jofortruth
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« Reply #9 on: October 05, 2012, 07:57:54 AM »

Further Explanation: Radio Liberty Guest Explained the FDIC issue recently circulating on the Net to a caller on 10-4-12 (hr 2) (Listen at Times 24:56 & 40:38) :
http://www.gcnlive.com/programs/radioLiberty/archives.php

So, we are talking about two separate things:

1) the rumor circulating over a misinterpreted FDIC announcement on FDIC insurance expiring Jan 1, 2013, and
2) The question of the solvancy of the FDIC in lieu of 1000's of bank failures, or the ability to cover deposits if banks fail in mass like is happening!



However, separate from the rumor circulating, which I fell for initially, there is no way the FDIC could have enough money to bailout all the banks they show on their Bank Fail list! So, on a different note, it is reasonable to question the ability of the FDIC to cover all these deposits! I agree with Larson's comments above on this aspect!
http://www.fdic.gov/bank/individual/failed/banklist.html
http://z4.invisionfree.com/The_Great_Decep...?showtopic=5139
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