BANKING UR RV MONEY??

[natjus843]

you are all forgetting one thing; this is america, home of bailing out the bank to keep them from failing! so put it wherever you want, the government won't let a bank fail just for terrible business practice and/or generally being stupid w/ their assets! in all honesty, if you have any amount of money in this, you will want to get a private banker (assuming it is 100% insured). i have dealt w/ one briefly and it is great. i do like the excerpt from the FDIC someone posted though. that is great news.

[hspotman]

you are all forgetting one thing; this is america, home of bailing out the bank to keep them from failing! so put it wherever you want, the government won't let a bank fail just for terrible business practice and/or generally being stupid w/ their assets! in all honesty, if you have any amount of money in this, you will want to get a private banker (assuming it is 100% insured). i have dealt w/ one briefly and it is great. i do like the excerpt from the FDIC someone posted though. that is great news.

Are you talking about that post where the guy said all FDIC banks will insure "any" amount from 11/31/10-12/31/12(or whatever the dates were)?

[natjus843]

yes. i guess i did not read it too close. didnt realize there was a time limit. it is a long enough window to meet w/ a tax advisor and financial advisor to get your ducks in a row though.

[hspotman]

yes. i guess i did not read it too close. didnt realize there was a time limit. it is a long enough window to meet w/ a tax advisor and financial advisor to get your ducks in a row though.

Lol, unless someone's an idiot and blows their whole wad in that 2 year frame

[savedbygrace]

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 takes effect 12-31-2010. It is my understanding that this insurance will be for "non-interest bearing accounts" only.

If anyone can further clarify this it would be greatly appreciated.

[hspotman]

This takes effect 12-31-2010. It is my understanding that this insurance will be for "non-interest bearing accounts" only.

If anyone can further clarify this it would be greatly appreciated.

I will call my BofA here in SoCal tomorrow and ask them.

Hopefully we "will" all have this problem....if you know what I mean.

[0722]

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 do get your point, but you do not have to be mean spirited about it. Or call out Okie.

Unfortunately, there are quite a few folks that SEEM to be desperate about the RV to pay off debt from WHAT MIGHT likely be poor financial decisions to begin with. THESE folks will, in all probability be broke again at some time after their windfall. Fiscal irresponsibility comes wether you are blessed with a 100 dollars or a 100 million dollars.

I lived it and had to "Dave Ramsey" out of debt once I can tell you it will not happen again for me.

But now that I have some fiscal blessings, I can also tell you it's opened doors that were never even in conversation for me before.

Many folks will get good help once their local banker sees they are "important" all of a sudden.

It's amazing how doors will open for you.

When you only have the chance to talk to your local banker about NSF checks, it's likely he is not giving you investment advice.

When he/she sees you have considerable amounts of money, (and they will) good people will help you.

Of course, judging "good people" will become more complex........to say the least.

[Butifldrm]

I't all about structuring. Corporations, Trust's etc.... But initially you would want to put your money in a CDARS bank for safe keeping.

How CDARS® Works

Everything is handled through a CDARS® Network member of your choice. Financial institutions that can offer CDARS are members of a unique network. When you place a large deposit with a CDARS Network member, that institution uses the CDARS service to place your funds into CDs issued by other members of the CDARS Network. This occurs in increments below the standard FDIC insurance maximum ($250,000) so that both principal and interest are eligible for FDIC insurance. By working directly with just one institution, you can receive insurance coverage from many. And, you receive just one regular consolidated account statement.

http://www.cdars.com/howcdarsworks/default.aspx

[ExecConsult]

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!!!

find a CDARS network bank - let them spread the risk for you.

http://www.cdars.com

Best of Blessings,

Mark

[WhiteKnight]

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)

Here is a link to a government website telling everyone the FDIC limits.......... http://www.fdic.gov/deposit/deposits/insured/basics.html

The last paragraph is pretty good news for us:

Note: 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.

So good news for 2 yrs...gives you time once Dec 31 2010 rolls along.