What’s the Safest Bank?

[djrobsd]

SDCCU is interesting in the way they loan people money. I opened an account there and I was in debt over my head already, and they still gave me a $5000 visa gold credit card, and they refinanced my auto loan at a lower rate then I had with Pt Loma CU, even though my car was 4yrs old and had 60k miles on it.

On the other hand, I applied for a personal loan at a later date and they turned me down even though I had been making all my payments on time on the other loans.

I also asked them about refinancing my house, and they couldn’t qualify me, so I do say yes they are conservative in their home lending practices.

No bank or CU is safe and the FDIC may insure your account today, but if lots of banks go bust they may run out of money to cover as well.

I say there is nothing safer then PHYSICAL assets you can touch that everyone will always want, i.e. gold bars, jewelry, guns, etc. Avoid gold certificates because they are just a piece of paper, if anything happens, you may not be able to get your gold.

This world sure is getting crazy, I hope someone can fix it before it completely implodes. something tells me mccain and obama won’t be those people.

[Anonymous]

You can find all kinds of information about credit unions at http://www.ncua.gov, hit “credit union data” on the left. After you figure out how to navigate around you will find financial info of all sorts. The “ratio” analysis is very nice. I did it for San Diego area because we want to split up our savings to get under the fdic limits. You will see that SDCCU has the best numbers locally by far relative to the other CUs. Now I want to know which one is second best; enough branches, service….

We are prequalified for a home loan at SDCCU and in the process I asked them about their home loan past. They said all their loans comply with Freddie and Fanny so they can be sold if necessary to them to raise cash. i.e., no alt in their vault; so they told me. (They keep their home loans, so they said.) You can look at the .gov site and see their default ratios (less than 1%, as I remember.) I like the bank.

On to FDIC insured amounts; it is a little complicated and the ncua.gov site has a calculator to help you. In summary (best I can remember), it is 100K for one person, 200K for a couple. If you are a couple and have a trust and the account is with the trust, it is only 100k! But, if one member of the couple opens a joint account with the trust in addtion to the trust account, you are at 100K for the trust, plus 200K for the joint or 300k. If you have dependents, make sure you add them as this increases the insurance and avoids probate at terminus maximus.

Your business account is only good for 100k no matter what.

[Anonymous]

You can find all kinds of information about credit unions at http://www.ncua.gov, hit “credit union data” on the left. After you figure out how to navigate around you will find financial info of all sorts. The “ratio” analysis is very nice. I did it for San Diego area because we want to split up our savings to get under the fdic limits. You will see that SDCCU has the best numbers locally by far relative to the other CUs. Now I want to know which one is second best; enough branches, service….

We are prequalified for a home loan at SDCCU and in the process I asked them about their home loan past. They said all their loans comply with Freddie and Fanny so they can be sold if necessary to them to raise cash. i.e., no alt in their vault; so they told me. (They keep their home loans, so they said.) You can look at the .gov site and see their default ratios (less than 1%, as I remember.) I like the bank.

On to FDIC insured amounts; it is a little complicated and the ncua.gov site has a calculator to help you. In summary (best I can remember), it is 100K for one person, 200K for a couple. If you are a couple and have a trust and the account is with the trust, it is only 100k! But, if one member of the couple opens a joint account with the trust in addtion to the trust account, you are at 100K for the trust, plus 200K for the joint or 300k. If you have dependents, make sure you add them as this increases the insurance and avoids probate at terminus maximus.

Your business account is only good for 100k no matter what.

[Anonymous]

You can find all kinds of information about credit unions at http://www.ncua.gov, hit “credit union data” on the left. After you figure out how to navigate around you will find financial info of all sorts. The “ratio” analysis is very nice. I did it for San Diego area because we want to split up our savings to get under the fdic limits. You will see that SDCCU has the best numbers locally by far relative to the other CUs. Now I want to know which one is second best; enough branches, service….

We are prequalified for a home loan at SDCCU and in the process I asked them about their home loan past. They said all their loans comply with Freddie and Fanny so they can be sold if necessary to them to raise cash. i.e., no alt in their vault; so they told me. (They keep their home loans, so they said.) You can look at the .gov site and see their default ratios (less than 1%, as I remember.) I like the bank.

On to FDIC insured amounts; it is a little complicated and the ncua.gov site has a calculator to help you. In summary (best I can remember), it is 100K for one person, 200K for a couple. If you are a couple and have a trust and the account is with the trust, it is only 100k! But, if one member of the couple opens a joint account with the trust in addtion to the trust account, you are at 100K for the trust, plus 200K for the joint or 300k. If you have dependents, make sure you add them as this increases the insurance and avoids probate at terminus maximus.

Your business account is only good for 100k no matter what.

[Anonymous]

You can find all kinds of information about credit unions at http://www.ncua.gov, hit “credit union data” on the left. After you figure out how to navigate around you will find financial info of all sorts. The “ratio” analysis is very nice. I did it for San Diego area because we want to split up our savings to get under the fdic limits. You will see that SDCCU has the best numbers locally by far relative to the other CUs. Now I want to know which one is second best; enough branches, service….

We are prequalified for a home loan at SDCCU and in the process I asked them about their home loan past. They said all their loans comply with Freddie and Fanny so they can be sold if necessary to them to raise cash. i.e., no alt in their vault; so they told me. (They keep their home loans, so they said.) You can look at the .gov site and see their default ratios (less than 1%, as I remember.) I like the bank.

On to FDIC insured amounts; it is a little complicated and the ncua.gov site has a calculator to help you. In summary (best I can remember), it is 100K for one person, 200K for a couple. If you are a couple and have a trust and the account is with the trust, it is only 100k! But, if one member of the couple opens a joint account with the trust in addtion to the trust account, you are at 100K for the trust, plus 200K for the joint or 300k. If you have dependents, make sure you add them as this increases the insurance and avoids probate at terminus maximus.

Your business account is only good for 100k no matter what.

[Anonymous]

You can find all kinds of information about credit unions at http://www.ncua.gov, hit “credit union data” on the left. After you figure out how to navigate around you will find financial info of all sorts. The “ratio” analysis is very nice. I did it for San Diego area because we want to split up our savings to get under the fdic limits. You will see that SDCCU has the best numbers locally by far relative to the other CUs. Now I want to know which one is second best; enough branches, service….

We are prequalified for a home loan at SDCCU and in the process I asked them about their home loan past. They said all their loans comply with Freddie and Fanny so they can be sold if necessary to them to raise cash. i.e., no alt in their vault; so they told me. (They keep their home loans, so they said.) You can look at the .gov site and see their default ratios (less than 1%, as I remember.) I like the bank.

On to FDIC insured amounts; it is a little complicated and the ncua.gov site has a calculator to help you. In summary (best I can remember), it is 100K for one person, 200K for a couple. If you are a couple and have a trust and the account is with the trust, it is only 100k! But, if one member of the couple opens a joint account with the trust in addtion to the trust account, you are at 100K for the trust, plus 200K for the joint or 300k. If you have dependents, make sure you add them as this increases the insurance and avoids probate at terminus maximus.

Your business account is only good for 100k no matter what.

[capeman]

I agree on that. If there were anything to bail out be it another BSC, FNM, FRE or FDIC deposits, the deposits would have to be first in line for taxpayer funds or else you’d have a lot of people with pitchforks at the Treasury steps. As a matter of convenience, once the funds run out on FDIC or NCUA there may be a time lag before backstopping which could inconvenience those who need their money quickly. In the end I have a lot of confidence in that system but I’ll have some cash on hand in order to not get caught with my pants down if the system were to fail.

My take on Treasurydirect is sure safety unless the entire currency system fails and easy access to Ts if and when the FED/Treasury make the wrong move and kill the bond market.

[capeman]

I agree on that. If there were anything to bail out be it another BSC, FNM, FRE or FDIC deposits, the deposits would have to be first in line for taxpayer funds or else you’d have a lot of people with pitchforks at the Treasury steps. As a matter of convenience, once the funds run out on FDIC or NCUA there may be a time lag before backstopping which could inconvenience those who need their money quickly. In the end I have a lot of confidence in that system but I’ll have some cash on hand in order to not get caught with my pants down if the system were to fail.

My take on Treasurydirect is sure safety unless the entire currency system fails and easy access to Ts if and when the FED/Treasury make the wrong move and kill the bond market.

[capeman]

I agree on that. If there were anything to bail out be it another BSC, FNM, FRE or FDIC deposits, the deposits would have to be first in line for taxpayer funds or else you’d have a lot of people with pitchforks at the Treasury steps. As a matter of convenience, once the funds run out on FDIC or NCUA there may be a time lag before backstopping which could inconvenience those who need their money quickly. In the end I have a lot of confidence in that system but I’ll have some cash on hand in order to not get caught with my pants down if the system were to fail.

My take on Treasurydirect is sure safety unless the entire currency system fails and easy access to Ts if and when the FED/Treasury make the wrong move and kill the bond market.

[capeman]

I agree on that. If there were anything to bail out be it another BSC, FNM, FRE or FDIC deposits, the deposits would have to be first in line for taxpayer funds or else you’d have a lot of people with pitchforks at the Treasury steps. As a matter of convenience, once the funds run out on FDIC or NCUA there may be a time lag before backstopping which could inconvenience those who need their money quickly. In the end I have a lot of confidence in that system but I’ll have some cash on hand in order to not get caught with my pants down if the system were to fail.

My take on Treasurydirect is sure safety unless the entire currency system fails and easy access to Ts if and when the FED/Treasury make the wrong move and kill the bond market.

[capeman]

I agree on that. If there were anything to bail out be it another BSC, FNM, FRE or FDIC deposits, the deposits would have to be first in line for taxpayer funds or else you’d have a lot of people with pitchforks at the Treasury steps. As a matter of convenience, once the funds run out on FDIC or NCUA there may be a time lag before backstopping which could inconvenience those who need their money quickly. In the end I have a lot of confidence in that system but I’ll have some cash on hand in order to not get caught with my pants down if the system were to fail.

My take on Treasurydirect is sure safety unless the entire currency system fails and easy access to Ts if and when the FED/Treasury make the wrong move and kill the bond market.

[Author]

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