Analyst warns on Wachovia amid more bank worries

Comments on Topix forums : NEW YORK The situation is increasingly bleak for Wachovia Corp.

[Jake]

When large developers like Laurelmor-Ginn in Boone default on their construction loans, it is very hard for a lender like Wachovia to stop the bleeding.

[Lollerkeekles]

Wachovia bank is so lame, it wouldn't even print me a receipt today. I asked 3 other banks on my way home what they thought of that. The tellers looked at me as if they thought they were on Candid Camera.
I went back, and Wachovia -insisted- they don't print receipts.
This pile of receipts at home says otherwise.

[Freemarkets]

Let this banks fail. Make sure you have NO MORE than $100,000 in regular bank accounts and $250,000 in IRA bank accounts. Ask you bank and get it in writing if you have more money depoits than the the insurance limits make sure and deposits over the limit are insured...IF NOT GET YOUR MONEY OUT OF THAT BANK FAST. Wachovia, Fifth Third, Carolina First,and a few other local banks are in deep trouble. If you have money deposits are below the insurance limits DON'T panic your money is safe you can sleep ok no matter what happens to the bank you will get your money at anytime.

[shannon]

Freemarkets wrote:

Let this banks fail. Make sure you have NO MORE than $100,000 in regular bank accounts and $250,000 in IRA bank accounts. Ask you bank and get it in writing if you have more money depoits than the the insurance limits make sure and deposits over the limit are insured...IF NOT GET YOUR MONEY OUT OF THAT BANK FAST. Wachovia, Fifth Third, Carolina First,and a few other local banks are in deep trouble. If you have money deposits are below the insurance limits DON'T panic your money is safe you can sleep ok no matter what happens to the bank you will get your money at anytime.

People need to understand that the amount you are insured is based on the account vesting. If you own a joint account with say 200,000 then you and the joint owner are BOTH insured for 100,000 each. Therfore your 200,000 is fully insured. People need to understand this instead of pulling their money out and causing a collapse of the banking system.

[DrFeelgood]

Lollerkeekles wrote:

Wachovia bank is so lame, it wouldn't even print me a receipt today. I asked 3 other banks on my way home what they thought of that. The tellers looked at me as if they thought they were on Candid Camera.
I went back, and Wachovia -insisted- they don't print receipts.
This pile of receipts at home says otherwise.

Let me get this straight...You asked for a receipt and they refused so you went to three different banks to see how they did it before going back? Did you ask for a manager? Are you sure you were at a bank? Have you taken all of your meds today? And no more than is written on the little bottles?

[agree with shannon]

If people would do their own research instead of believing the quick media snippets, we could avoid all of this panic. Shannon is absolutely correct, and their are all sorts of ways to protect your money via the FDIC. As for lollerkkekies: have you ever been into a bank...Half of what they do is reprint receipts for people who lost them in the first place. You want wachovia to survive? just go to paperless and maybe we can save the environment and email you the receipts you keep losing.

[Lollerkeekles]

DrFeelgood wrote:

<quoted text>Let me get this straight...You asked for a receipt and they refused so you went to three different banks to see how they did it before going back? Did you ask for a manager? Are you sure you were at a bank?

Yes, I compared the policy down the road on Merrimon avenue to see if the policy was the same at other banks, or whether or not I was mistaken.
I -do- make mistakes, you know!

[HOODY]

yes you CAN have more than 100K at one bank!, ans still be FDIC insured.

for example:

a couple can have as much as 400K in one bank, although you would need to move the interest monthly out.

100K = 1 CD in husband name with wife as POD
100K = in wife’s name with husband as POD
200K = a money market in JOINT names

its ALL insured by FDIC ( except any interest accrued)

So if you wanted to do it like this you would also have to have the interest from the CD’s going back to the money market, and on a monthly basis move any amount in the money market to another bank. But it can be done.

Other way would be to make each CD just under 100K ( to cover any monthly interest) and keep the money market at around 150K to give time to accumulate to a point you would want to move the excess funds as interest is moved from the CD’s to the money market.

[mike]

HOODY wrote:

yes you CAN have more than 100K at one bank!, ans still be FDIC insured.
for example:
a couple can have as much as 400K in one bank, although you would need to move the interest monthly out.
100K = 1 CD in husband name with wife as POD
100K = in wife’s name with husband as POD
200K = a money market in JOINT names
its ALL insured by FDIC ( except any interest accrued)
So if you wanted to do it like this you would also have to have the interest from the CD’s going back to the money market, and on a monthly basis move any amount in the money market to another bank. But it can be done.
Other way would be to make each CD just under 100K ( to cover any monthly interest) and keep the money market at around 150K to give time to accumulate to a point you would want to move the excess funds as interest is moved from the CD’s to the money market.

well said, with one concern
recently when standing in line at Indymac to get
my money, I saw people with PODs and beneficiary FDIC insured documents facing a problem.
The funds are not immediately available, and these poor people were facing up to 6 month waits, and were furious.
Fact is the bank makes alot from interest in that six months, and guess where your money stays.

conclusion. Dont put all your eggs in one basket.

[Banker for28 years]

Get yourself an FDIC handbook, and stop causing panic. Hoody is right on, as far as lollekeekles, wow you have missed your meds, kind of scary that people like you still walk among the normal, get a life now, check your pocket I am sure your receipt and the copy they gave you are both in there, so you can move on and cause problems some where else, god I dislike waiting on people like you.

[Mtnbred]

I'll tell ya what. I have drawn out my 401K, my securities and my investments and it is all hard cash in my pocket....It is not fear, it's self-preservation. Better safe than sorry. Sure, I lost some money in this, but damn iffin I don't feel lots better...

The money is in my hand and not someones playmoney now.

[Mtnbred]

AND I don't have the FDIC telling me that my money is safe---I freaking know it it!!! What about you...got doubts? Then take your money---it's yours. If another Republican gets in office...ummmm...well hell---doesn't matter..

Do you know where your money is?

[mike]

Lollerkeekles wrote:

Wachovia bank is so lame, it wouldn't even print me a receipt today. I asked 3 other banks on my way home what they thought of that. The tellers looked at me as if they thought they were on Candid Camera.
I went back, and Wachovia -insisted- they don't print receipts.
This pile of receipts at home says otherwise.

hey
you don't like an 800 billion dollar assets at Wachovia bank, go to your village bank with 2 million assets.
lets see which bank swallows up which bank first.

[mike]

Mtnbred wrote:

AND I don't have the FDIC telling me that my money is safe---I freaking know it it!!! What about you...got doubts? Then take your money---it's yours. If another Republican gets in office...ummmm...well hell---doesn't matter..
Do you know where your money is?

you look like a palm reader in a smokey palm readers saloon?

[Mtnbred]

mike wrote:

<quoted text>
hey
you don't like an 800 billion dollar assets at Wachovia bank, go to your village bank with 2 million assets.
lets see which bank swallows up which bank first.

Hell Wachovia couldn't give me the title to my car three months after it was paid off. What makes you think I would trust Wachovia/First Union with my money? What a crock...

Screw it---all I have now is my electric bill and my house payment...among a few other things----the little bit of money I have is in a Credit Union and some where else that is safe.

[mike]

Mtnbred wrote:

<quoted text>
Hell Wachovia couldn't give me the title to my car three months after it was paid off. What makes you think I would trust Wachovia/First Union with my money? What a crock...
Screw it---all I have now is my electric bill and my house payment...among a few other things----the little bit of money I have is in a Credit Union and some where else that is safe.

what a coincidence.
After I paid off my car through, I didnt notice delays in my title from Wachovia. Big car loan bank.
I like a rightous girl, more power to you
with cash money you have secured.
My brother does that too.
To tell the truth, I cashed my money out too, and only left 25K in Wachovia, my comfort level.

[Bank Fiend]

Get your cash out of Wachovia now.

Run is coming IMHO.

[grinnin]

Bank Fiend wrote:

Get your cash out of Wachovia now.
Run is coming IMHO.

Seems I remember in a law class a few years ago that that kind of statement is a felony. Not sure if you are shorting the stock or just an idiot.

[Transplanted]

Bank Fiend wrote:

Get your cash out of Wachovia now.
Run is coming IMHO.

With a Bank like Wachovia....you will NEVER have a "run" as you call it....

Too Big....too many assests....your chances of loosing your UNINSURED money from the FDIC is about 0%

Chicken Little is looking for you .....He needs help holding up the sky

[Transplanted]

INSURED