August 2006 Weddings
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Why do people freak out about their bank failing?
Assuming they're covered under FDIC?
On E08 there's stories of someone who pulled 60 G's in cash out of their WaMu account and even a nestie had taken some cash out. Zoe's stats suggest depositors pulling out money played a large part in their downfall.
Now, I use my WaMu account very infrequently and don't keep much $ in there, but I've asked myself about a bagillion times if I should be worried or doing something with my money there or in ING, and I just can't muster up any concern - I have less than $100,000 cash by a long shot.
There can't be that many people in America with more than $100G's lyin' around in a bank.
Do people just not understand FDIC insurance, or is there something I'm missing?
Re: Why do people freak out about their bank failing?
I think they either don't understand FDIC or don't trust it.
And to be honest, if all these banks fail, I don't see how FDIC is going to be able to cover ALL of these losses.
Free houses for everyone!
We are (were?) WaMu customers and last week, when the rumors of the failing started really really circulating, there was a story I read (can't remember the source) saying that there was the possibility the FDIC didn't have enough cash on hand for EVERY depositor with WaMu because of the fact it was the largest thrift in the nation and had incredibly high numbers of clients.
Whether it was an exaggeration, who knows? But that was what made US nervous.
H and I thought about it a lot and told ourselves we would stay put--particularly because what we really had with WaMu was one savings account and our checking account. Our emergency savings fund (much bigger than either of the WaMu accounts) is with another bank, our money market is with another bank, etc. In short--most of our money isn't with WaMu. So we decided to just hold on.
But if we'd had larger amounts of money--60K, etc--I think we may have leaned towards getting out too, because like I said, it was out there that the FDIC may not have had enough on hand to cover everyone up to 100K.
Oh yeah you do! FDIC isn't like a private insurer. If it suffers losses the taxpayers will foot the bill. Oh wait, that's now like private insurers too.
I agree with the others. People must not get what the FDIC is.
Oh goody...
I don't want to make you mad, but the FDIC was yet another poorly-run gov't org. Jlaj posted a great bloomberg article that talked about - I think yesterday or the day before.
They didn't charge appropriate premiums, which is why they're now up sh!t's creek.
Doesn't it seem like "they" (pres, treasury, fed, congress, someone) could do a lot more good by explaining to people what FDIC insurance is and what the rules are, then by running around squawking about the sky falling? It seems like they're accelerating the death spiral, at least in WaMu's case.
Then again, maybe the fact that they aren't shows just how much trouble FDIC is in.
This particular crisis isn't about regular banks though, it's about investment banks. The gov't did create & publicize new money market insurance, which I think helped.
I wasn't under the impression there was a large bank run under way. Is there?