How much money do you have in the bank?

[proud2BlibKansan]

Obama has proposed raising FDIC insurance to $250,000. Which leads me to ask how many average Americans have that kind of money in a bank. Not in a pension fund or in other investments, but in a bank.

[OakCliffDem]

1. Any money I have in the bank is pre-expended for necessary items

I get money in, then it goes right back out to pay utilities and rent.

My normal account balance is the minimum required to maintain an account.

[dkf]

2. Some securities firms put their clients cash into a deposit product.

So if you are selling your stocks or mutual funds, it sweeps into an FDIC insured account.

Those people are likely to have balances above $100k, especially now when so many are getting out of equities because the market is all crazy.

[proud2BlibKansan]

3. But how common is this?

[dkf]

21. You know how everyone wants deposits?

This is an easy way to get deposits.

This is how my brokerage account works. I'm not sure how everyone else is.

[B Calm]

4. Your poll asks in A bank. Is this singular or plural?

[proud2BlibKansan]

7. One bank

Do you have $100,000 in ONE bank?

[hobbit709]

5. Money??

[tama]

13. Indeed

But hobbits got the Ring!

[hobbit709]

18. Had to hock it to pay my wife's COBRA

:rofl:

[barbtries]

6. less than $1,000

and a damn sight more than the 26 cents i had on monday. it'll be less than a hundred by the time my next payday rolls around though.

[Indenturedebtor]

8. Negative 960 dollars in one and Plus 1,000 in another lol

Pssst don't tell the other bank :hide:

[proud2BlibKansan]

9. LOL I can relate

[michreject]

10. I have between $100,000 and $250,000 in a bank

Would have been more, but when I retired, I paid my house off. Now the only income is my wife's and my pension.

[Raven]

11. The increase in FDIC insurance is targeted to small business. n/t

[Toucano]

15. Bingo.

He specifically mentioned that it wouldn't affect a lot of families and few students.

It got a chuckle from the crowd, made up largely of students.

[alcibiades_mystery]

24. Retailers had a run on the bank at WaMu...that's the point

As you point out, the OP's premise is silly and uninformed.

[InkAddict]

12. I made a whole penny on my savings last month - Tell you anything?

[supernova]

14. I have 20k in the bank

On paper, I'm worth about 170K.

edit: Most of that is my house and environs, so it's not like I can use it.

*sigh*

[Toucano]

16. Would those choosing the third option PM me please!

LOL!

[renate]

17. I *think* the change was intended to help small businesses

Although I'm not sure how, since I thought the credit crunch was problematic because businesses don't always have enough money on hand to meet payroll, not because they didn't have money all together in one bank. :shrug:

[alcibiades_mystery]

25. It's retail deposits

One of the (many) reasons WaMu crashed was because small retail depositors started a run on the bank because of the $100,000 FDIC limit, and you're now seeing this at banks across the country. The raised limit is to calm retail and other small business depositors. That will calm the credit issue because banks can then lend without worries about sudden changes in their balance sheets (and regs that require them to have %s of their loans secured with balances).

[NeedleCast]

19. I think this move is more geared toward small and medium

businesses.

[hunter]

20. A pawn shop is sort of like a bank, right?

:shrug:

[proud2BlibKansan]

22. Yes

:rofl:

[alcibiades_mystery]

23. It's for small retail deposits...they're the ones who pulled out of WaMU

The raised limit is for small businesses that keep between 100,000 and 250,000 cash on hand at a bank.