BANKING UR RV MONEY??

[royboyterry]

OK GURUS IF WE DO MAKE OUR MILLIONS...PLEEASE....A BANK WILL ONLY INSURE 250K..DO I NEED 100 DIFFERENT BANK ACCOUNTS OR IS THERE A PLACE TO PUT IT ALL WITHOUT BREAKING IT INTO HUNDREDS OF DIFFERENT PIECES...GO RVVVV!!!

[Frank61]

OK GURUS IF WE DO MAKE OUR MILLIONS...PLEEASE....A BANK WILL ONLY INSURE 250K..DO I NEED 100 DIFFERENT BANK ACCOUNTS OR IS THERE A PLACE TO PUT IT ALL WITHOUT BREAKING IT INTO HUNDREDS OF DIFFERENT PIECES...GO RVVVV!!!

100 bank accounts should do it.

[Officer151]

This is why most people who land this investment will lose it all within the first few years. Did you know that one of the self proclaimed guru's here claims to be in the oil industry for over 15 years. In time we've come to learn that he has been pumping gas at a local gas station for 15 years, So what he said was true! Maybe if your lucky he will be the one to advise on your new found millions! Until that time maybe you should reflect on what you have just done and the people you are placing your trust in. If you want some real fun you should read the rumor section and make decisions based on what is posted.

[Roscoboy007]

OK GURUS IF WE DO MAKE OUR MILLIONS...PLEEASE....A BANK WILL ONLY INSURE 250K..DO I NEED 100 DIFFERENT BANK ACCOUNTS OR IS THERE A PLACE TO PUT IT ALL WITHOUT BREAKING IT INTO HUNDREDS OF DIFFERENT PIECES...GO RVVVV!!!

Talk to your bank or an investment individual....Do you actually think that Bill Gates or Donald Trump have hundreds of bank accounts???? Or have 1 and feel their money is not secure some how.......there are people here that will loose there new found fortune quickly...and that will be unfortunate......THINK and make CALLS.....

[shirleyjune]

This is why most people who land this investment will lose it all within the first few years. Did you know that one of the self proclaimed guru's here claims to be in the oil industry for over 15 years. In time we've come to learn that he has been pumping gas at a local gas station for 15 years, So what he said was true! Maybe if your lucky he will be the one to advise on your new found millions! Until that time maybe you should reflect on what you have just done and the people you are placing your trust in. If you want some real fun you should read the rumor section and make decisions based on what is posted.

Well I should be more of a guru than him then. I have been in the oil industry for 30 years (managed convenience stores for 30 years) LOL LOL LOL

On a more serious note--hire a good tax attorney and a cpa. They will give you sound advice.

Edited November 19, 2010 by shirleyjune

[ecosov]

This is why most people who land this investment will lose it all within the first few years. Did you know that one of the self proclaimed guru's here claims to be in the oil industry for over 15 years. In time we've come to learn that he has been pumping gas at a local gas station for 15 years, So what he said was true! Maybe if your lucky he will be the one to advise on your new found millions! Until that time maybe you should reflect on what you have just done and the people you are placing your trust in. If you want some real fun you should read the rumor section and make decisions based on what is posted.

Since your so well versed in why "most" people will lose their money within a few years, perhaps you can answer why. And if you can answer why, that would mean you may have an intelligent solution, rather than being part of the problem by implying people are ignorant.

I know who your referring to. The question is, can you prove that? Or did you get that out of the rumor mill too?

[muchodinaro]

OK GURUS IF WE DO MAKE OUR MILLIONS...PLEEASE....A BANK WILL ONLY INSURE 250K..DO I NEED 100 DIFFERENT BANK ACCOUNTS OR IS THERE A PLACE TO PUT IT ALL WITHOUT BREAKING IT INTO HUNDREDS OF DIFFERENT PIECES...GO RVVVV!!!

No, you will not have to open hundreds of bank accounts. I'm with Wells Fargo, and they have what is called Private Banking. It's for the wealthy, and your money is insured. They told me no matter what the amount.

This is why most people who land this investment will lose it all within the first few years. Did you know that one of the self proclaimed guru's here claims to be in the oil industry for over 15 years. In time we've come to learn that he has been pumping gas at a local gas station for 15 years, So what he said was true! Maybe if your lucky he will be the one to advise on your new found millions! Until that time maybe you should reflect on what you have just done and the people you are placing your trust in. If you want some real fun you should read the rumor section and make decisions based on what is posted.

I assume you are talking about Okie. Where is your proof that he pumps gas? Just a few days ago Poker Player said that he worked in a grocery store. Which one is it? The answer is neither. He is who he says he is, and that is, his business is in oil. Don't worry about other people losing their money, just worry about losing yours.

Edited November 19, 2010 by muchodinaro

[Grandpa Dave]

I'll try to help you out on that ROYBOY. Just send me half your money and I'll open accounts. That would take a load off you. Glad to help.

[royboyterry]

I'll try to help you out on that ROYBOY. Just send me half your money and I'll open accounts. That would take a load off you. Glad to help.

LOL....I HOPE I HAVE THAT PROBLEM...

No, you will not have to open hundreds of bank accounts. I'm with Wells Fargo, and they have what is called Private Banking. It's for the wealthy, and your money is insured. They told me no matter what the amount.

I assume you are talking about Okie. Where is your proof that he pumps gas? Just a few days ago Poker Player said that he worked in a grocery store. Which one is it? The answer is neither. He is who he says he is, and that is, his business is in oil. Don't worry about other people losing their money, just worry about losing yours.

I GUESS WACHOVIA IS THE SAME AS WELLS FARGO NOW??

[prosperityclub]

OK GURUS IF WE DO MAKE OUR MILLIONS...PLEEASE....A BANK WILL ONLY INSURE 250K..DO I NEED 100 DIFFERENT BANK ACCOUNTS OR IS THERE A PLACE TO PUT IT ALL WITHOUT BREAKING IT INTO HUNDREDS OF DIFFERENT PIECES...GO RVVVV!!!

I've seen numerous posts about opening a private banking account, so talk to your bank about that, I plan to do the same. You might want to consider purchasing precious metals like gold and silver somewhere along the line.

[dinarislate]

This is why most people who land this investment will lose it all within the first few years. Did you know that one of the self proclaimed guru's here claims to be in the oil industry for over 15 years. In time we've come to learn that he has been pumping gas at a local gas station for 15 years, So what he said was true! Maybe if your lucky he will be the one to advise on your new found millions! Until that time maybe you should reflect on what you have just done and the people you are placing your trust in. If you want some real fun you should read the rumor section and make decisions based on what is posted.

Officer Quippy, you say some funny things!

[Charlie Echo]

Math will work here. Simple, common sense approach.

First you pay all your debts, taxes and keep your mouth tight... no talking to a lot of people....

Next you find some fixed secure A+ annuities, determine number of years until you can cash in without a penalty. Formula can be

determined with a little work. put enough into a side fund/cdars account, treasury only money market, etc... that will allow a monthly

draw direct to your checking account every month for x number of years. Once this side account is exhausted, Cash-in the 1st annuity

and put that money in a like account for x number of years.... Then, after say 15 years your 3rd annuity or fixed account, if properly

invested will equal the amount of money you started with and there you are, start the process all over again....

Key to this method is DO NOT OVERSPEND YOUR MONTHLY INCOME !!!!!!

If you don't have any debt, you should be able to survive on $30 - $40k per month (determined by amount you start with) for the rest of your life and never run out of money...

Good luck to all and be sure to think before you spend... don't be stupid, this opportunity will never come your way again....

[Pat]

If you open an non interest checking account it will be insured by the FDIC for any amount. This will give you time to check out different investments.

[hspotman]

I would also like to know how people would end up losing their millions in 3 years or a short period of time? What if you are a frugal person by nature, and don't intend to go on crazy spending sprees? Since you can only insure up to $250k(if true) in a bank account, can the bank actually do something to your other uninsured amount? I have already spoken with my Fidelity brokers about setting up income/dividend based accounts with my money(if/when this happens). But I definitely don't want all my money to go there, or even the majority. I figured to invest possibly $1mil with what they can do, depending on the rate of course, and then leaving a huge chunk in my BofA checking and savings account to use for what I want to do for myself and others. About $117,000 towards gifting my family(9 members x $13,000),home remodel/upgrade,new truck and toys,etc. I'm sure many on here are along the same lines as this. But if you are careful with how you spend/use these proceeds, HOW can it disappear over a short period of time? I would really like some input on this please, so as to not let it happen to me .

Edited November 19, 2010 by hspotman

[Munsch]

If you open an non interest checking account it will be insured by the FDIC for any amount. This will give you time to check out different investments.

This is what I heard too. I will probably do the "Private Banking" option that the bigger banks have.

[WorkerBee]

I'm pretty sure the FDIC limit is $250,000 on NON interest bearing accounts PLEASE ask your bank or go to the FDIC website for more info. Also from my understanding the insurance that is provided on accounts with unlimited balances does not come from the FDIC. Please speak with a Private Client/PersonalWealth banker to find out more info.

I hope I'm gonna need one of these bankers, it sure would be nice! Go RV!!!! (already)

[hspotman]

I'm pretty sure the FDIC limit is $250,000 on NON interest bearing accounts PLEASE ask your bank or go to the FDIC website for more info. Also from my understanding the insurance that is provided on accounts with unlimited balances does not come from the FDIC. Please speak with a Private Client/PersonalWealth banker to find out more info.

I hope I'm gonna need one of these bankers, it sure would be nice! Go RV!!!! (already)

I wish I were more money/banking knowledgeable.....what does having that $250k insured insure you from?

[rw.sutton]

I wish I were more money/banking knowledgeable.....what does having that $250k insured insure you from?

If you have 300k in the account, and the bank goes Ker-Plunk, they guarantee you 250k and you lose 50k.

If you have a joint account it insures for 500k in Tennessee. Hope this helps.

[4HisGlory]

IMO....you can set up accounts with your name as one acct., your name with spouse as one acct., your name and child as one acct., etc., etc. trust funds same way

unfortunately if the USD collpses I don't see how the FDIC will be of any assistance but I am not nearly smart enough to try and figure that out.

Get an estate planner for a few $$$ and seek real guidance from very trusted people!! Go RV!!!!!!!

[hspotman]

If you have 300k in the account, and the bank goes Ker-Plunk, they guarantee you 250k and you lose 50k.

If you have a joint account it insures for 500k in Tennessee. Hope this helps.

Ahh, I see. Thanks for the info. I bank with BofA, and I think they would be one of the last to go kerplunk , but I will still be safe no matter what.

[z124861]

From the FDIC Web site

read the part in red

Z

FDIC Deposit Insurance Coverage Limits 1

by account ownership category

Single Accounts owned by one person $ 250,000 per owner

Joint Accounts owned by two or more persons $ 250,000 per co-owner

Certain Retirement Accounts includes IRAs $ 250,000 per owner

Revocable Trust Accounts $ 250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific limitations and requirements)

Corporation, Partnership and Unincorporated Association Accounts $ 250,000 per corporation, partnership or unincorporated association

Irrevocable Trust Accounts $ 250,000 for the non-contingent, ascertainable interest of each beneficiary

Employee Benefit Plan Accounts $ 250,000 for the non-contingent, ascertainable interest of each plan participant

Government Accounts $ 250,000 per official custodian

To calculate your deposit insurance coverage

Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie.

For questions about FDIC coverage limits and requirements

Visit www.FDIC.gov/deposit/deposits, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.

Beginning December 31, 2010 through December 31, 2012, deposits held in noninterest-bearing transaction accounts will be fully insured, regardless of the amount in the account, at all FDIC-insured institutions.

[hspotman]

From the FDIC Web site

read the part in red

Z

FDIC Deposit Insurance Coverage Limits 1

by account ownership category

Single Accounts owned by one person $ 250,000 per owner

Joint Accounts owned by two or more persons $ 250,000 per co-owner

Certain Retirement Accounts includes IRAs $ 250,000 per owner

Revocable Trust Accounts $ 250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific limitations and requirements)

Corporation, Partnership and Unincorporated Association Accounts $ 250,000 per corporation, partnership or unincorporated association

Irrevocable Trust Accounts $ 250,000 for the non-contingent, ascertainable interest of each beneficiary

Employee Benefit Plan Accounts $ 250,000 for the non-contingent, ascertainable interest of each plan participant

Government Accounts $ 250,000 per official custodian

To calculate your deposit insurance coverage

Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie.

For questions about FDIC coverage limits and requirements

Visit www.FDIC.gov/deposit/deposits, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.

Beginning December 31, 2010 through December 31, 2012, deposits held in noninterest-bearing transaction accounts will be fully insured, regardless of the amount in the account, at all FDIC-insured institutions.

Wow!! If this is for real, then it is definitely happening!

[Linda]

OK GURUS IF WE DO MAKE OUR MILLIONS...PLEEASE....A BANK WILL ONLY INSURE 250K..DO I NEED 100 DIFFERENT BANK ACCOUNTS OR IS THERE A PLACE TO PUT IT ALL WITHOUT BREAKING IT INTO HUNDREDS OF DIFFERENT PIECES...GO RVVVV!!!

Try a bank that does CDARS accounts...info on the internet....

[awish30]

This is why most people who land this investment will lose it all within the first few years. Did you know that one of the self proclaimed guru's here claims to be in the oil industry for over 15 years. In time we've come to learn that he has been pumping gas at a local gas station for 15 years, So what he said was true! Maybe if your lucky he will be the one to advise on your new found millions! Until that time maybe you should reflect on what you have just done and the people you are placing your trust in. If you want some real fun you should read the rumor section and make decisions based on what is posted.

We come here on the forum each day and learn alot of ways to protect our wealth. With all we have learnt, I am sure we will be smart to put our monies in the correct places to take care of us. There is a tremendous wealth of information here on this forum.

From the FDIC Web site

read the part in red

Z

FDIC Deposit Insurance Coverage Limits 1

by account ownership category

Single Accounts owned by one person $ 250,000 per owner

Joint Accounts owned by two or more persons $ 250,000 per co-owner

Certain Retirement Accounts includes IRAs $ 250,000 per owner

Revocable Trust Accounts $ 250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific limitations and requirements)

Corporation, Partnership and Unincorporated Association Accounts $ 250,000 per corporation, partnership or unincorporated association

Irrevocable Trust Accounts $ 250,000 for the non-contingent, ascertainable interest of each beneficiary

Employee Benefit Plan Accounts $ 250,000 for the non-contingent, ascertainable interest of each plan participant

Government Accounts $ 250,000 per official custodian

To calculate your deposit insurance coverage

Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie.

For questions about FDIC coverage limits and requirements

Visit www.FDIC.gov/deposit/deposits, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.

Beginning December 31, 2010 through December 31, 2012, deposits held in noninterest-bearing transaction accounts will be fully insured, regardless of the amount in the account, at all FDIC-insured institutions.

Just opened a BB&T account today and that is exactly what they told me.

[rrupple]

I would also like to know how people would end up losing their millions in 3 years or a short period of time? What if you are a frugal person by nature, and don't intend to go on crazy spending sprees? Since you can only insure up to $250k(if true) in a bank account, can the bank actually do something to your other uninsured amount? I have already spoken with my Fidelity brokers about setting up income/dividend based accounts with my money(if/when this happens). But I definitely don't want all my money to go there, or even the majority. I figured to invest possibly $1mil with what they can do, depending on the rate of course, and then leaving a huge chunk in my BofA checking and savings account to use for what I want to do for myself and others. About $117,000 towards gifting my family(9 members x $13,000),home remodel/upgrade,new truck and toys,etc. I'm sure many on here are along the same lines as this. But if you are careful with how you spend/use these proceeds, HOW can it disappear over a short period of time? I would really like some input on this please, so as to not let it happen to me .

He wasnt saying everyone in the dinar would lose it withing three years. Look at the stats of the lottery, (let me start off by saying yes i play the lottery every once in a while) a really high percentage of people that win the lotto overspend their money and are filing brankruptcy within 10 years! (i really dont know if its 10 years) But my point is that with this type of investment brings in those type of people that play the lottery.... Most people just dont know how to save money, since their whole life all they have ever known is living feom paycheck to paycheck.

Ps. Sorry if i jumped around so much and its hard to understand... I just drank one of those huge RedBull's and my brain is moving too fast for my fingers haha