Anyone "invested" in a Federal Savings 8.85% CD?

[Nords]

[I tried a keyword search but the software seems to interpret "Federal Savings" as a search for the words "federal" and "savings". Worthless... so let me know if this has already been discussed.]

Apparently Federal Savings LLC has taken at least $2M in deposits for their 8.85% "term certificates" while managing to avoid disclosing that they're not a bank and that these are not FDIC-insured deposits.

Federal calls themselves "the unbank" and by golly they're right. Now they have until mid-August to straighten out their books and return the money or the owner may find him self "unfree"...

 

[maddythebeagle]

SCAM! -- Federal Savings 8.85%, 6.25% - 6 Month Term Certificate -- UPDATE: SHUT DOWN, NO LONGER TAKING DEPOSITS!!!!!1

fat wallet finance had a thread on this....

 

[teejayevans]

[I tried a keyword search but the software seems to interpret "Federal Savings" as a search for the words "federal" and "savings". Worthless... so let me know if this has already been discussed.]

Try searching for "federal savings"
WITH the quotes
TJ

 

[REWahoo]

Try searching for "federal savings"
WITH the quotes
TJ

TJ,

That's what Nords did and, as he stated, the software interprets the quote as a search for two separate words rather than as a search for the phrase "federal savings".

Point is, the ability to search for a particular phrase is a function we'd like to see improved on vBulletin - if possible.

 

[Sam]

While waiting for that improvement, you can do something like this in google:

federal savings site:http://www.early-retirement.org/forums

 

[REWahoo]

Good one, Sam. Thanks.

 

[Nords]

While waiting for that improvement, you can do something like this in google:

Good point, thanks!

vBulletin could probably scrap their whole "search" feature in favor of a Google button. I remember William Bernstein had something like that on his site.

 

[packrat44]

[I tried a keyword search but the software seems to interpret "Federal Savings" as a search for the words "federal" and "savings". Worthless... so let me know if this has already been discussed.]

Apparently Federal Savings LLC has taken at least $2M in deposits for their 8.85% "term certificates" while managing to avoid disclosing that they're not a bank and that these are not FDIC-insured deposits.

Federal calls themselves "the unbank" and by golly they're right. Now they have until mid-August to straighten out their books and return the money or the owner may find him self "unfree"...

"...owner may find himself "unfree".."

In other words, he will be FIREd. He will be retired early and will not have to worry about FI because there will be no expenses such as housing, food, health benefits, travel, taxes, and all the sex he can stand.