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JWRAY
Penny Collector Member
USA
378 Posts |
 Posted - 04/16/2010 : 23:04:51
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How much do you guys think is reasonable to keep in a bank account, giving the banking industry today? I dont bank with any of the huge national banks currently, mostly medium sized regional banks, and worry more and more about the safety of my money.
SHould I keep more cash at home than at the bank? Or should I convert more savings into PMs, though then I have to worry about liquidity?
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MOVING SALE!!! Selling Copper Cents 1.4 shipped - in limited quantities PM me and we'll talk. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/16/2010 : 23:21:11
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Convert it all into pennies.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 04/17/2010 : 00:05:39
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| I have less than $5 in each of four different bank accounts. I've got several hundred dollars worth of nickels that I'm (slowly) stockpiling in lieu of Cu pennies, and also have several hundred dollars (and growing) in rolled quarters I'm keeping on hand as emergency cash. I was using some of my nickel stockpile for emergency cash, but it's a lot easier to unload $20 worth of quarters when making a purchase than it is $20 worth of nickels. |
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stateofmind
Penny Pincher Member
143 Posts |
Posted - 04/17/2010 : 00:53:54
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| I keep less than 50% of my net worth in banks. The rest is in stocks, land, gold, silver, platinum, palladium, rhodium, ammo and guns. In that order. My accounts are only in credit unions. I feel that are at least partially safer than banks. |
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"There are people who are very resourceful, at being remorseful, and who apparently feel that the best way to make friends is to do something terrible and then make amends."
-Ogden Nash |
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Nickelless
Administrator
USA
5580 Posts |
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silverhalide
Penny Sorter Member
92 Posts |
Posted - 04/17/2010 : 04:31:24
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| I would rather use a credit union for my living expenses. I would avoid using the banks as they are nothing but a minefield of traps to extract exorbitant fees from the unwary. |
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Nickelless
Administrator
USA
5580 Posts |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 04/17/2010 : 15:18:37
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I don't have a savings account, and I don't want one. I only keep a few bucks in my checking account. I only put in money to cover the 7 checks a month I write, or any online purchase using the accompanying checking card. The rest is.., well.., elsewhere.
I am fully diversified. I have some under the floor, some in the mattress, some buried in the backyard... 
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JWRAY
Penny Collector Member
USA
378 Posts |
Posted - 04/18/2010 : 22:01:03
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I am moving to Texas soon, and I will be clearing out the accounts here to move, and was considering how to "reinvest" when I get there. I think for now I will largely cut my bank cash down, keep more in coins, silver, gold, a few fiats. Thanks for the feedback guys.
As for stocks, I just dont like them anymore. I invested for 10 years or so, cashed out when I left the country for a while, and when I returned the IRS slapped me with the governmental weenie. I dont understand enough of the rules/regs on that stuff, and dont like the difficulty I have always had moving/liquidating/ cashing out and avoiding the damn fees. |
MOVING SALE!!! Selling Copper Cents 1.4 shipped - in limited quantities PM me and we'll talk. |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 04/19/2010 : 06:07:37
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quote:
Originally posted by JWRAY
I am moving to Texas soon, and I will be clearing out the accounts here to move, and was considering how to "reinvest" when I get there. I think for now I will largely cut my bank cash down, keep more in coins, silver, gold, a few fiats. Thanks for the feedback guys.
As for stocks, I just dont like them anymore. I invested for 10 years or so, cashed out when I left the country for a while, and when I returned the IRS slapped me with the governmental weenie. I dont understand enough of the rules/regs on that stuff, and dont like the difficulty I have always had moving/liquidating/ cashing out and avoiding the damn fees.
Are you saying you got hit with fees from the government just for coming back into the country and, I'm assuming, bringing assets with you? What country did you come back from? |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 04/19/2010 : 09:39:22
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Nickless,
Why quarters. My experience is banks hate quarters and would rather have nickels. Consider that when you go to buy nickels they are tougher to acquire. They (nickels) have more value base metal wise than quarters and some day you may find opportunity to realize a profit on nickles, not so with quarters. Merchants also appreciate nickels as much as quarters.
Credit unions are gov't regulated and fall uunder financial regulatory laws and YES they too would be closed for "Bank Holidays" Keep this in mind with your safe deposit boxes as well.
Keep only enough cash in your accounts for day to day transaction. Keep excess cash invested in physical tangibles(day to day goods) once these needs are met next consider coinage nickels, cents(even zincs are better than paper promises). Consider a TRUSTED secondary source for extra cash. My trusted source has a significant stash of coin which I keep inventoried and secured at their location.
Next would be easily liquidatable tangibles bought below market value which have utility value and meet certain durability standards. (barterables with a market).
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PreservingThePast
1000+ Penny Miser Member
USA
1572 Posts |
Posted - 04/19/2010 : 10:03:21
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quote:
Originally posted by silverhalide
I would rather use a credit union for my living expenses. I would avoid using the banks as they are nothing but a minefield of traps to extract exorbitant fees from the unwary.
I have done my personal banking with the same bank for over 20 years. I don't pay fees on my accounts and haven't, except for the safe deposit box and I receive a good discount on the regular charge for this. I have also had an account with the credit union for more than 20 years. I don't pay any fees there either.
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 04/19/2010 : 12:14:25
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| Too bad we can't start our own bank :-) |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 04/19/2010 : 13:48:29
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banks and credit unions are not meaningfully different for this purpose.
if you have less than $250,000 per account, you should be covered by FDIC insurance. The FDIC is insolvent, so that insurance will not be there at some point.
a lot of people are prepping by buying a years supply of household items, foods, etc in anticipation of a bank holiday. I think a bank holiday is possible, but remote. There are tradeoffs between the convenience of a bank account and alternatives like PMs, prepping, etc. A little bit of each is not a bad idea. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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Nickelless
Administrator
USA
5580 Posts |
Posted - 04/19/2010 : 16:18:56
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quote:
Originally posted by wheeler_dealer
Nickless,
Why quarters. My experience is banks hate quarters and would rather have nickels. Consider that when you go to buy nickels they are tougher to acquire. They (nickels) have more value base metal wise than quarters and some day you may find opportunity to realize a profit on nickles, not so with quarters. Merchants also appreciate nickels as much as quarters.
I've got bank-wrapped rolls of quarters (as opposed to CWRs) I'm stockpiling as my emergency cash, in lieu of keeping money in the bank. I've gotten more dirty looks from people when I've tried to spend $20 in nickels than $20 in bank-wrapped quarters. But I'm also stockpiling nickels for copper:
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quote:
Credit unions are gov't regulated and fall uunder financial regulatory laws and YES they too would be closed for "Bank Holidays" Keep this in mind with your safe deposit boxes as well.
Never keep anything in a safe deposit box that you aren't willing to lose.
quote:
Keep only enough cash in your accounts for day to day transaction.
I put money IN the bank only as needed to cover checks or debit-card transactions for a handful of monthly bills.
quote:
Consider a TRUSTED secondary source for extra cash. My trusted source has a significant stash of coin which I keep inventoried and secured at their location.
What do you mean by this? |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
Be prepared...and prepared to help: http://www.survivalblog.com/charity.html
Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
Edited by - Nickelless on 04/19/2010 17:07:39 |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 04/19/2010 : 17:02:32
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Nickelless,
By a trusted secondary source I am referring to an alternative location where you can store some extra P.M.'s.
Like many on here I am an advocate of educating my friends and anyone who shows a sincere interest in both personal and financial preservation. My trusted second source has "no interest in P.M.'s because he either has too much $ or faith in the U.S. I don't preach to him. However I trust him explicitly and therefore I am comfortable in diversifying my assets around. I store coinage and P.M.'s at one of his facilities as a safety net in case I am robbed or fire or any other more unimaginable scenarios' occur. He doesn't live in the same area and is in a safe community. He is also an armed citizen. Should something happen I can commute to his place or in my untimely demise he will disseminate my assets accordingly. I realize this may seem abstract however it never hurts to be safe. I have been robbed before and it SUCKS.
I also don't keep much in my safety deposit box.
P.S. I am not advising against quarters as a store of wealth I have rolls of all denomination as a precaution and many retailers are happy with rolls of quarters especially. P.S. They don't burn too quickly in a fire either when stored in a fire safe box.
Thank you for your continued contributions and respectful courteous manner in which you share them. |
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Nickelless
Administrator
USA
5580 Posts |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 04/19/2010 : 19:42:16
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quote:
Originally posted by JWRAY
How much do you guys think is reasonable to keep in a bank account, giving the banking industry today? I dont bank with any of the huge national banks currently, mostly medium sized regional banks, and worry more and more about the safety of my money.
SHould I keep more cash at home than at the bank? Or should I convert more savings into PMs, though then I have to worry about liquidity?
Everyone has their own comfort levels. I still have money in the banks but I maintain a cash stash at home too which includes base metal coinage. I think we have more worry about the strength of the dollar than the strength of the banks. But I don't advise putting money into PMs that you couldn't wait out two years of a down precious metals market. |
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Think positive. |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 04/19/2010 : 20:22:50
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| It depends on what one defines as "safe". I am certain that my bank funds will be there as long as there is an economic system using FRN's. I also believe that it is "safe" to say that as long as you have FRN's on deposit, they are returning to their true intrinsic value.... |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 04/19/2010 : 21:00:56
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| I don't if I believe it or not, but Bob Chapman has said that some of his source indicate that the Fed is planning a "new dollar" for sometime in the not too distant future. Possibly a 3:1 exchange or something - three old for one new. Time will tell. Either way, inflation is bad enough to convince me that one is safer keeping money in coins and PMs than in FRN bank accounts. Liquidity is good for emergencies though - don't overlook the importance of being able to write a check if something unexpected comes up. Good luck to everyone in your monetary affairs - always keep them in perspective. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 04/19/2010 : 22:43:27
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quote:
Originally posted by AGgressive Metal
I don't if I believe it or not, but Bob Chapman has said that some of his source indicate that the Fed is planning a "new dollar" for sometime in the not too distant future. Possibly a 3:1 exchange or something - three old for one new.
THREE TO ONE??? That's not even an admission of a problem, much less inflation. Look at the 100-to-1 or 1000-to-1 revaluations in other countries. 3 to 1 would be a joke and not worth the paper the FRNs are printed on. |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
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Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 04/19/2010 : 23:36:03
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| A 100 to 1 shift would make McDonalds dollar menu cost a penny - I don't think that is what they have in mind :P |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 04/20/2010 : 00:48:22
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| Right, but a 3 to 1 exchange is pretty much nothing at all. Why not make it 30 to 1 and get us back to pre-Fed price levels? Or why not wait until inflation REALLY takes off before revaluing the currency? Why revalue the currency now when it wasn't done 30 years ago coming out of high interest rates and inflation? What would be the real purpose of a 3 to 1 exchange other than a PR move? Has any country ever revalued its currency on such a low ratio? I just don't think a 3 to 1 swap makes any sense at all. |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
Be prepared...and prepared to help: http://www.survivalblog.com/charity.html
Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 04/20/2010 : 01:48:48
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| When you look at current debt levels and current price levels, a 3:1 will bring us back to roughly $300-400 gold and $5-6 silver. That is about where "they" were trying to fix things back in the late 90's and early 2000s. I also heard 5:1 thrown around, which would be 1980s levels more or less. So it would buy time. A bigger swap would completely freak people out and would look like bannana republic nonsense. That is just the way I see it. Like I said this is just something Bob Chapman's "high level sources" told him - I have no information outside that to confirm or deny it will happen. I have been so caught up in financial news the last couple years that I am trying to force myself to become more detached and objective rather than emotionally invested in the affairs of the world. The Biblical position, I think, is to roll with the punches, follow the Law (the true law - not US code, per se), and trust that God will provide. And of course prudently save like we are advised in Proverbs, but not to the point of hoarding money out of love for money. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 04/20/2010 : 07:03:44
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We(sheeple) are not even of importance to this government except as pawns to be used. AG MEtal put it well "trust that God will provide". If we prepare for the unexpected and live with in our means we will be much better off than most.
We all anticipate some "STORM" in the future. Each of us has a different theory of what that storm may be. As prudent individuals we wouldn't wait for the storm to occur and then seek out survival. We all have a chance to prepare ourselves ahead of time and if we area lazy and unwilling then we suffer the consequences.
We have never had a better opportunity in history to see in "real time" what the consequences of unpreparededness can cause. Remember hurricane Katrina and the Government response, think Haiti with those images flashed across your screen every night. Didn't we all see the flooding in diferent parts of the U.S. recently. Lets not forget the crippling snowstorms and stranded individuals. I personally was stuck at home for days during an ice storm with my wife and two small children, no heat or electricity no stores or businesses open for same reason.
Today we have the "financial crises" in the U.S. which is far from over and we may just be starting to enter into the early stages of the real results of it. Air travel in Europe is shut down and we don't know the fallout from that yet. Greece is broke and grasping for a life preserver from anyone who will throw one and no one is willing because they are scared also.
Yes. Life goes on. Civilization will survive. As prudent individuals we have a chance to protect ourself from the coming "storm". Are you going to wait?
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 04/20/2010 : 08:14:29
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| There won't be a "new dollar" created. No need to make a new currency and far too expensive. Just as has happened in the past, the dollar will be the dollar, albeit closer to worthless than before. All REALCENTers know how to hedge this. Some will and some won't. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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Trusting Banks?
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