FDIC Can Take Up To 99 Years To Pay! An ATS MIX Special Investigation.

Okay.... here's the deal. I am in my bank today talking with my banker who also happens to be the bank manager and personal friend and has been with this major bank for over 20 years. We are shooting the breeze after I had been in to make a deposit. We are talking about the financial stability issues in light of the Bear Stearns fiasco. After my mom's death this past Christmas, I set-up an estate account with my bank in an FDIC insured account. Anyway, I was telling him that rather than taking her $125,000.00 and putting $100K in one bank and the 25K in another bank so it would all be insured, I figured if the world ever got to a point where my bank (a MAJOR bank) went under, we would be dodging missiles from Iran and it really wouldn't matter much anyway. Then he tells me, "You know FDIC can take up to 99 YEARS to pay a claim don't you?" Of course, this blows me away and my DR mentality kicks in and start pursuing this further with him. He then accesses the FDIC WEBSITE where the FDIC discounts this RUMOR and then he goes on to explain that this is something FDIC is doing to dispel any panic and to insure that the general public doesn’t get alarmed.



I then say to him ”Okay, so do you have any proof?” He tells me he has a document, as do all branch managers of his bank as well as any FDIC bank or institution, that spells this out and what to do in the event of any event that caused a closure of a entire bank. I asked if I could see this but he refused as the bank has cameras and would capture him opening up a secure EYES ONLY area. I told him that I had never heard of this before. He said that relatively few people have as it is something that is kept close to the vest by FDIC other than their rumor spin. He gives me a scary scenario. A small bank goes under.... no problem. But what if some National Emergency took place and rocked the financial institutions of the US off their feet and, let’s say, Wells Fargo or Chase goes under. He then says to me ”Do you really not think the FDIC would have something in place to allow them to stretch their liability in the event of a catastrophe?” The bottom line, anyone who is under the false impression that their money is going to be paid IMMEDIATELY if their bank goes under, is not taking all the possible circumstances that would prevent immediate payment.

So we finished up our conversation of family and friends and I left the bank.

I went to the FDIC WEBSITE and spent several hours and could find nothing more than them dispelling the RUMOR.

Johnny and I want to involve the AboveTopSecret.Com Membership in this investigation. We want your comments, we want your input, we want to see if any of our members can land their hands on any official document where we can secure it and make this document available to the public. We are also interested in doing interviews of people who will go ON RECORD in this investigative report and then will be broadcasted to our 23 Million Plus fan base when we have gathered all the information written and audio.

You can send Johnny and I any copies of documents or data via our E-Mail Addresses, which you can find on our Avatars (Photos) OR you can call our TOLL FREE number at 1-877-417-2204 in the US or CANADA.

Thanks for your help.

Dave & Johnny

Please FLAG, STAR This Mutha!


[edit on 5/5/2008 by Dave Rabbit]

The money we use is monopoly money anyway!


Let's say we all lose every penny we have to a massive nation-wide bank implosion. Not to worry, they're just crooks who mismanaged your account entries. Create new ones.


We can make money and keep track of it. (That's all banks do)


If the people at large determine that the banks have abused the trust of the people, and decide to create money again outside of private banking, then nobody's broke.


The only thing to worry about is who might point a gun at you and say "continue to use the old, broken, corrupt, debt-laden system, or else."


When "or else" doesn't look much worse than what you have to deal with anyway, the people will just say "Screw it. We have nothing more to lose."


That day of reckoning is coming. This is why the gov is preparing with all its surveillance and arms. They know the people are about to realize that we've all been stolen from.


Every single thing the banks and government own has been bought with counterfeit money. Stolen Wealth. Those things do not belong to them. They were stolen, and it's time we take back what is rightfully ours.



Nathan Rockefeller - "Why do you think the Rockefeller foundation financed the women's liberation movement?"

Aaron Russo - "Getting women the right to work with men for equal pay?"

Rockefeller - "Wrong. Two reasons: It was about half of the population not being taxable when women weren't at work. The other reason is that if both parents are at work, who's going to take care of the kids? The government will. They will have to go to our schools at an early age and learn to think like we want them to think - they become what we want them to be. We did it so they will always work for us, and they will not even know they've been brought up to be that way, because they were told that it's a better world now that women can work for the same pay, and pay the same taxes that men do while the children become the property of the state."





[edit on 5-5-2008 by ianr5741]

I think there is more in that "Eyes Only" category. About a year ago there was information making the rounds about Safe Deposit Boxes. The banks were given instructions to seize the contents of the boxes in the event of a national emergency like a terrorist attack.

I was able to find posts by bank employees confirming the story and even found one post from a person who claimed to have quit over the secrecy. I thought it was just a rumor until I found plenty of info to back it up. Still, there is no way of knowing what is true from Internet posts.

I have a friend who might be able to answer this one. I'll try but no guarantees. I need to call her anyway. I would not want to put her job in jeopardy.

Another thing I've noted is that a person I have to meet with a few times a year is now behind locked doors. I have to call him to come outside the security system now when we meet. Until recently I could just go to his office door. I asked why the intense security but I could see in his eyes I would not get an answer, so I dropped it.

This is one of the many reasons I do not trust banks. An easy solution to this is get a safe. Find a safe location for your safe and put all your money in it. Having money in a bank nowadays is a big risk. I would rather have MY money in a safe place.

I did a little research and the FDIC will surely pay-out but there is no specific time limit. I was researching this and came across a neat little page.
The Automatic Earth

1000 - FDIC Federal Deposit Insurance Act
FDIC

(f) PAYMENT OF INSURED DEPOSITS.-- (1) IN GENERAL.--In case of the liquidation of, or other closing or winding up of the affairs of, any insured depository institution, payment of the insured deposits in such institution shall be made by the Corporation as soon as possible, subject to the provisions of subsection (g), either by cash or by making available to each depositor a transferred deposit in a new insured depository institution in the same community or in another insured depository institution in an amount equal to the insured deposit of such depositor.

The as soon as possible seals the deal.

Another rumor that I've heard is that the FDIC does not have to pay all of your money to you--only a percentage. Interesting that there's that new commercial with the financial expert telling the couple to take their savings on a car purchase and use it to "buy an insured CD." We're so willing to listen to the media that one must question this idea of "insurance."

okies ill help with this. I just sent an email to the FDIC asking them a few questions about this. I will report back if I get an answer from them.

I asked simply if a person has a deposit in a financial institution or bank that is insured with the FDIC for an amount less thain 100,000.00. How long does the FDIC have in order to reimburse the insured customer the amount of the deposit? Is there a time limit on the FDIC to reimburse a customer for the amount of the deposit? How much of the deposit is actually covered by the FDIC insurance?

Thank you for contacting the Federal Deposit Insurance Corporation (FDIC).
Your email was received by the FDIC on May 6, 2008. The FDIC's Division of Supervision and Consumer Protection will respond to your complaint or inquiry in accordance with the following schedule:

• If the FDIC does not need to contact an FDIC-supervised bank for information to respond adequately
to your question or concern, you may expect to receive a response from the FDIC within 15 calendar
days.

• If the FDIC needs to contact an FDIC-supervised bank for information, you may expect to receive a
response from the FDIC within 60 calendar days.

The FDIC supervises state-chartered banks that are not members of the Federal Reserve System. Questions or concerns about a financial institution that is not supervised by the FDIC, such as a bank with the words "National" or "Federal" in its name, will be forwarded to the appropriate federal regulatory agency for response. We will also provide you with contact information for that agency.

As part of its supervisory responsibility, the FDIC assists consumers with complaints by informing them of their rights under federal consumer protection laws and by reviewing the bank's actions to assess whether the bank has complied with such laws. The FDIC's authority to act on your behalf is limited to the enforcement of federal banking laws and regulations for banks supervised by the FDIC. The FDIC is not authorized to intervene when the matter involves a factual disagreement with the bank and no clarifying documentation is available, or if the matter is or has been the subject of litigation.

If you have submitted a complaint regarding an FDIC-supervised bank, your complaint may be forwarded to the bank for additional information. It is FDIC policy to fully review the available information after receiving the bank's response. While we conduct our review, you are free to try to resolve this matter by other means available to you. If you have additional questions or information concerning your complaint, you may contact the FDIC at the address provided below.


Federal Deposit Insurance Corporation
Division of Supervision and Consumer Protection
Consumer Response Center
2345 Grand Boulevard, Suite 100
Kansas City, MO 64108
1-877-ASK-FDIC

Thank you for bringing this matter to our attention.

Source



[edit on 5/6/2008 by whatukno]

reply to post by Dave Rabbit

To the OP. 99 years seems perfectly reasonable to me. If something bad happens and you loose your money, just consider it a donation to the"cause", whatever the cause is. Or as D. Cheney so eloquently put it, "So?"

The "As Soon As Possible" is a red flag to me and I think this is what my friend was basically talking about. It is NOT SPECIFIC. As soon as possible could be 1, 10, 40, 70 or more years. That is NOT what the public believes.

Dave

reply to post by Dave Rabbit


Sorry brother, but your banker is .. wrong.

The FDIC has, essentially unlimited funds. In 1929 when banks begand collapsing because money stores where far lower then actual withdraws, they went bankrupt. Now however, since Gold no longer backs our money, you could make an unlimited supply. However, you risk hyper inflation, but if it is enough to make sure enough people get the "hard amount" of money they are owed, then it could dispel panic. They see the bank didn't go under, they have their money, and they put it back into the bank.

Of course, inflation goes through the roof.

The FDIC only keeps enough money in it's vaults to cover impending bank collapses. For instance, if Bank of America went insolvent, the FDIC would have a fund injection to cover the entire asset value of accounts under 100k. If the bank re-establishes it's self and is no longer in danger, the FDIC will not hold onto the funds anylonger, as they are not needed.

If all the banks went insolvent, it doesn't matter if the FDIC gives you your money back anyways because honesty, the economy already tanked and your 125k might buy you a weeks bread and butter.

So dave, the point of this long winded response -- don't worry.

And if you have any other questions, U2U me so we don't discuss your money in public if you have concerns about your money in the bank. What are you getting, 1%? But seriously, don't worry about the FDIC, it has never failed and is essentially fool proof -- you get our money no matter what, granted, it might not worth much when you get it.

Also the time frame that I have always heard was 1-6 weeks to get your funds, I will ask around the office to see if anyone knows an exact time frame.

(spell checker is broken )

[edit on 5/6/2008 by Rockpuck]

Originally posted by CPYKOmega
This is one of the many reasons I do not trust banks. An easy solution to this is get a safe. Find a safe location for your safe and put all your money in it. Having money in a bank nowadays is a big risk. I would rather have MY money in a safe place.

see thats what im sayin... im talkin to my wife right now about it.. i'm like "I dont know... when I can actually see my money.. or know that its in a safe place that only I have access to and even know about... then it is mine and it is secure... bottom line."
fire proof bomb proof.. all that stuff ya can get in a safe lol

reply to post by Dave Rabbit


Dave, when you track down any official government documents, can you add those to the FOIA area of ATS, if they were obtained via FOIA requests? ...Although I don't know if the FOIA route would actually be successful; maybe only the whistleblowers will talk.

Thanks for this very thought-provoking discussion.

Originally posted by Rockpuck
reply to post by Dave Rabbit

 

Also the time frame that I have always heard was 1-6 weeks to get your funds, I will ask around the office to see if anyone knows an exact time frame.

Yeah Rock..... that's all well and good..... but the point is HOW LONG can they take to PAY UP!. My banker never said they wouldn't pay up..... only that they could take up to 99 years (which may be simply a number out of the sky but FDIC used the same number). And I totally agree with you about the RETURN, but what blew me away is the statement that basically there is NO SPECIFIC TIME LIMIT that FDIC must comply with to honor what is insured up to the 100,000.00. The majority of Americans do not have the luxury of even your scale of up to 6 weeks..... people have to eat, pay rent, utilities and on and on. I want a document from the FDIC that says IN WRITING the time frame. And if it cannot be produced...... that, my friend, is what I am mad as hell about not only for me and the heirs of my mom's estate..... but for every person who has money invested in an FDIC insured institution and has been misled that it wouldn't be FAST.

Dave

Originally posted by Uphill
reply to post by Dave Rabbit

 

Dave, when you track down any official government documents, can you add those to the FOIA area of ATS, if they were obtained via FOIA requests? ...Although I don't know if the FOIA route would actually be successful; maybe only the whistleblowers will talk.

Thanks for this very thought-provoking discussion.

You can count on it.

Dave

I have always been wary of a Bank that charges me money to hold my money.... I haven't had a bank account in over 8 years....

I live in NV, so casinos can cash my check (for free), and my only expense is money orders to pay the bills I cannot Pay in person..

I guess the only way to REALLY know is to have something happen, and see what happens with your money...
Although i make no interest on my saved money, i at least can see it and touch it at any time i choose...

Money today is nothing but a number in a database anyway. A teller makes a mistake and moves a decimal point one way or the other and im either broke or much more wealthy (not that im wealthy anyways, but you get the point). 99.9% of transactions these days are made electronically. I could go a whole year and never use cash once.

More and more we have entered into a system of "credits" for lack of a better term. Like the movie "The Fifth Element." One bank transfers 1 million bucks to another bank and its nothing more than another number on a server.

My friend's mother works in a bank in California. I'll ask her what she can do.

I would definitely want to see this document.

A couple months ago, I was doing some online research into the FDIC insurance and it seems to me that in their statement about insuring depositors, there was no mention of a time frame, that it was left open-ended.

At any rate, I don't keep more money in the bank than I need to pay the bills every month.

Still, this needs to be researched and resolved.

Anyone heard anything about Country Wide Bank? We just got a report that they collapsed? I haven't found anything.

reply to post by Dave Rabbit


There's this-

www.bloomberg.com...

From the link

Countrywide agreed to sell itself in January after the largest U.S. mortgage lender couldn't overcome record losses and a cash shortage. Bank of America, the second-biggest U.S. bank by assets, said yesterday that the takeover is proceeding as planned.

I posted this in the other thread about this issue. I don't know which one is getting the most attention.

Originally posted by jefwane
Countrywide hasn't failed yet (YET being operative word). There was some news on the wire this week that Bank of America might not honor Countrywides debt. Also there have been some analysts saying that BoA is going to have to renegotiate or walk away from that merger deal.

There was however a bank failure yesterday. I heard a rumor in one of the trading boards I frequent that FDIC was going to have 2 bank failures over Mother's Day weekend. The bank that failed was in Bentonville(home of China-Mart) Arkansas. Here is the link to the FDIC press release.

www.fdic.gov...

You may find one of there customers and find out how quick they were able to get there insured amount.

As much as I'd love to see Countryslime go down, it hasn't happened yet. If BoA should back down from that merger it'll be bankrupt before the end of the day they announce it. Had Bank of America not made the aquisition offer back in January it would be bankrupt no doubt. BoA does have some MAC (material adverse clause) language in the acquisition agreement, but from what i've heard of it it's pretty tight. Couple of things that might set off that MAC could be: there is an ongoing criminal investigation by FBI into countrywide. There is also a story I've been hearing that Countrywide has taken out 100's of millions in loans from the Atlanta FHLB.

If Bank of America goes through with the merger, I fully expect them to try to cherry pick the good assetts and put everything else into a wholly owned subsidiary (think it's called Red Oak) and bankrupt it. I say try to cherry pick it because those FHLB loans will be the first creditors of countrywide to get paid.