Bank Run at Countrywide Bank?

Regardless of FDIC insurance, the funny thing is this.

Have you ever met anyone that has filled a claim with FDIC to get their returned funds? As I understand the history behind the FDIC was started because the last time there was a run at the bank during the great depression.

Since 1920 when is the last time anyone heard of a run at the banks?

Yeah, it's not a bad idea to grab your cash and run.

From a news article on the web a day or two ago:

However, the turmoil could spook depositors at Countrywide Bank, an Alexandria, Va.-based savings and loan that has grown dramatically since Countrywide Financial bought it in 2000. Nearly 40% of the bank's $57.7 billion in deposits were not insured by the Federal Deposit Insurance Corp. as of March 31, according to the FDIC website.

"If something happens to the parent company, the bank should be able to stand alone," said FDIC spokesman David Barr, who advised worried depositors to talk to the bank about structuring their accounts so they are completely insured. The FDIC insures individual accounts up to $100,000, but a married couple can insure up to $1 million in deposits at a single institution by setting up multiple accounts, Barr said.

congratulations on joining the crowd. 8-[

no, the financial system isn't going to implode. The Federal Reserve lowered the discount rate [loan rate to banks] Friday dawn precisely as a symbol to the markets that they aren't going to let this sort of thing happen.

Even if an FDIC insured bank fails, the likely worst outcome is that some much stronger bank takes over during the middle of the night and the next day it is business as usual for everyone who has less than 100k deposited [the FDIC insurance limit].

Only in the most dire of circumstances would an ordinary person's deposits not be covered and available the next day.

oops ... your fears got you again

Your money was FDIC insured. Yes sir, you panicked.

The stock exchange has suffered this week because of such panic. The feds checked in and dropped the interest rate 1/4 point to calm the Dow down.

I should be panicking, because >60% of my equity (including the house) is in the stock exchange. But I am not.

I think the mortgage deflation may lead to a bear market, but it certainly isn't doomsday.

In finished disclosure I very own GE inventory. I agree GE in specific has some super skill with the aid of fact it has significant exposure to the rising marketplace economies that are transforming into at a plenty speedier p.c.. than the U.S. it particularly is super threat for them and that i think of the inventory is attractively priced. i'm not as confident approximately financial organisation of u.s. perfect now, they have some significant themes, they're shrinking their footprint particularly than transforming into it, they have over-saturated the marketplace, their stability sheet continues to be a multitude, they could desire to sell many of their sources and are actively searching for a shopper for Columbia money. The merger with Merril Lynch is a subject with the aid of fact they don't have super business enterprise synergies, they offered their best brokerage branch final fall to BNP Paribas purely to immediately overpay to interchange it. The national deal replaced into an undesirable deal which I on no account understood that truly further deteriorated their stability sheet. they have a great sort of operational themes i'm not delicate with individually.

Countrywide will go bankrupt. You could have had a long wait to get your $. I would have done the same thing. You are lucky to have done it Friday.

Ha...Ha.. you wasted half a day trying to get money that is insured.