Time to stuff your money in a mattress

Parent Cafe
1

<p>In letter from Bank of NY, they say the FDIC is guaranteeing all [no $250,000 limit] non-interest bearing deposits through 12/31/09. The FDIC charges 10 basis points (0.1%) to an institution to participate.</p>

<p>“Beginning March 31, 2009, this surcharge will be passed through to clients”</p>

<p>So, banks are now charging to keep your money “safe”.</p>

2

<p>I understand why it’s desirable for banks to attract deposits. But doesn’t this eliminate the last reason for keeping money in Treasuries?</p>

3

<p>Change banks.</p>

4

<p>There are many credit unions out there :rolleyes:</p>

5

<p>I have a bond with them that matured two years ago. Too lazy to fill out the paperwork to get the cash. I guess I should do it soon.</p>

6

<p>We’ve had our $$ in credit unions for 25 yrs. I hope its as safe as I think it is!</p>

7

<p>It is probably time to take your money out of the mattress and out of the bank and buy stocks. The market should have about bottomed out. If not, it is time to give up on money and investments and buy gold.</p>

8

<p>I keep pumping money into my 403b. I sure hope it pays off someday - sure doesn’t seem like a wise idea at this point! :)</p>

9

<p>The powers that be know that we have gone over the edge and are free falling to an unknown future. I do believe it is time to have actual cash on hand. This is going to be very, very ugly. Before you stone me I felt it coming in March of 07 as did others.</p>

<p><a href=“http://talk.collegeconfidential.com/parents-forum/311758-follow-your-heart-follow-financial-page.html?highlight=worried[/url]”>http://talk.collegeconfidential.com/parents-forum/311758-follow-your-heart-follow-financial-page.html?highlight=worried&lt;/a&gt;.&lt;/p&gt;

10

<p>Wow, sax, you called it. We have been worried, too, for a while. It’s been a few years since we’ve put money in the stock market and actually cashed in quite a bit this summer. We feel very lucky.</p>