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Old 08-16-2008, 06:11 PM   #21
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Before you invest in WAMU I'd do some research on their solvency if I were you.
Why, they are FDIC insured?
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Old 08-16-2008, 06:16 PM   #22
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I think ANY bank's bottom line is the dead prez, no doubt. I fully understand. I'll definitely report back here though, and let you know if I successfully negotiate a rollover deal...all the suggestions here are really helpful. Yeah pitiful (similar) rates here for basic savings. That stimulus check earlier in the year meant nothing. To make it sound worse, I heard a news report last week about US gov complaining big debts and rattled off many factors and then to top it off mentioned the "stimuls package" as part of why......we're living in some bizarre times.Oh, btw, can I mention a gas related web site I own here? It allows visitors to enter their local zip code to get results from various gas stations rates for a gallon of gas. I'll give the URL if that is acceptable. If not, I understand. I also just launched a hybrid car site...
Thanks for checking before you post but doing so would violate the no spam section of our community rules.

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Old 08-16-2008, 06:21 PM   #23
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just deleted the URL as I see the latest post regarding no spam...I am not sure what OAG meant indicating URLs are posted here all the time....sorry...
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Old 08-16-2008, 10:56 PM   #24
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Last week I saw an ad from City National, giving 5.25% for 4 to 5 years.
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Old 08-16-2008, 11:12 PM   #25
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National City Bank is offering 5.25% for minimum $10K investments for four years.
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Old 08-17-2008, 06:36 AM   #26
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just deleted the URL as I see the latest post regarding no spam...I am not sure what OAG meant indicating URLs are posted here all the time....sorry...
Sorry if I mislead you but in hindsight all the URL's I have seen have been ones the poster had no financial interest.

Although I have seen some directions to a personal web site in the tag line of some people's signature area.

Mod: thanks for the clarification, did not mean to step on the mod turf.
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Old 08-18-2008, 09:06 AM   #27
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Why, they are FDIC insured?
From The Economist, Aug 14, 2008, writing about Option ARMs recasting:

Delinquencies are already rising fast. Write-offs for option ARMs at Washington Mutual, a stumbling thrift, have zoomed from 0.49% in the last quarter of 2007 to 3.91% in the second quarter.

American housing 2 | Ticking time bomb | Economist.com

National City is another bank under pressure. People invested their cash at Indy Mac because of their higher interest rates. There's a reason for those higher rates, more risk. Also, I wouldn't lock in 5.25% for four years. IMH, from what I've read, interest rates will be going up.
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Old 08-18-2008, 09:17 AM   #28
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I needed to put cash into four CD's of varying maturities recently to neaten up my bond/CD ladder. I checked on-line and found that Discover Bank offered the best rates given the fact that I didn't want to deal with several different institutions and wanted them all in the same place.
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Old 08-18-2008, 10:04 AM   #29
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National City Bank is offering 5.25% for minimum $10K investments for four years.
They need to, they are undercapitalized and poorly managed.......

I wouldn't touch them with a 10-foot pole.........
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Old 08-18-2008, 10:17 AM   #30
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Eh, so whats the worst thing that happens? They close, the FDIC takes over, your cd gets transferred to another bank at the same rate, and except for a couple of exciting days your interest rate checks continue to show up?
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Old 08-18-2008, 01:08 PM   #31
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Eh, so whats the worst thing that happens? They close, the FDIC takes over, your cd gets transferred to another bank at the same rate, and except for a couple of exciting days your interest rate checks continue to show up?
The acquiring bank has the option of cashing in the CD and offering to renew at a lower rate. I do agree that this isn't a disaster.
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Old 08-18-2008, 04:13 PM   #32
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Hey, as long as your total deposits are below the FDIC max, it shouldn't be too disruptive if your bank goes belly-up. Here's a link to the FDIC insurance calculator to figure out if all your deposits are covered:

FDIC: Electronic Deposit Insurance Estimator (EDIE) Online Version
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Old 08-19-2008, 08:57 AM   #33
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Eh, so whats the worst thing that happens? They close, the FDIC takes over, your cd gets transferred to another bank at the same rate, and except for a couple of exciting days your interest rate checks continue to show up?
You crack me up....putting money in crappy banks just to get a half percent more in interest on a CD?



Don't worry, FDIC's war chest is down 12% after the IndyMac fiasco, so a few more big banks that fail won't be a problem..........
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Old 08-19-2008, 09:10 AM   #34
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Here's a gift for you all.....

Bank or Credit Union Star Ratings
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Old 08-19-2008, 09:13 AM   #35
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Eh, so whats the worst thing that happens? They close, the FDIC takes over, your cd gets transferred to another bank at the same rate, and except for a couple of exciting days your interest rate checks continue to show up?

I'm thinking this is tongue in cheek? The worst thing? You buy a one year CD, the bank goes belly up, the interest stops the day this happens and it takes you ten years to get back your principal.
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Old 08-19-2008, 09:17 AM   #36
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... and it takes you ten years to get back your principal.
I'm thinking this is tongue in cheek?
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Old 08-19-2008, 09:29 AM   #37
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You crack me up....putting money in crappy banks just to get a half percent more in interest on a CD?
Hey, I didnt say that *I'd* do it.

Remember, I'm the guy that was stuffing his pants full of 6.25% cd's when rates were good, rather than chasing yields when rates are low...
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Old 08-19-2008, 10:05 AM   #38
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Hey, I didnt say that *I'd* do it.


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Remember, I'm the guy that was stuffing his pants full of 6.25% cd's when rates were good, rather than chasing yields when rates are low...
Kinda like the truck I backed up on 5% coupon double tax exempt general obligation bonds a few months ago...........
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Old 08-19-2008, 10:52 AM   #39
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Financial instruments are way more interesting in your pants than in a truck.

I just thought of a great Dr. Seuss-like story, but I think i'll keep it to myself.
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Reviving this old thread
Old 09-25-2008, 02:19 PM   #40
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Reviving this old thread

I recall someone indicating to report back anything positive I find from my banker upon my CD expiring. Well, it expires next month and a couple weeks ago I wrote to the lady at the bank (via email) that I'd like to continue the CD at the same 5.210 interest rate for another year.
She responded a few days later with: When it matures I will ask our CEO or
CFO if we can keep the same rate and conditions<smile>. I will do my best!!
I will be contacting you on 12th. Have a great weekend. The weather is
supposed to be beautiful. Let's keep our fingers crossed!!

Whether this is a positive sign, remains to be! But I thought I'd report back.

TheRetirementWebsite.com - http://thinktowealth.com/
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