That’s is a good question! Check these pages:
Share Insurance Fund Overviewhttps://www.ncua.gov/support-services/share-insurance-fund
https://www.ncua.gov/support-services/guaranteed-notes-program/projected-legacy-asset-losses
https://www.ncua.gov/support-services/guaranteed-notes-program/balance-change-report
I’m not an analyst, I just play one on the inter-tubes.
My guess, as good as the “Texas Two Step” the Sackler family tried and that J&J Succeeded in using. Texas, it’s BIG.
I believe some of this is State regulated but also the private institutions can require it if they want. So I guess, yes, they could do that, even without the federal marshal or a judge. My amateur references are from my current role as an executor of my Mom’s estate and I’m awaiting the SDB instructions from her bank.
Moving IRA money out of the hands of the system is difficult, particularly if you want to do it quickly. If you pull it out of the IRA, the Feds will steal it all in taxes. Getting a self-directed IRA set up to allow investment in things like land is time consuming, and of course you aren’t allowed to use the land you invest in - e.g. you must become an absentee landlord or rent to a bunch of staving share croppers, like Bill Gates is doing.
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And bitcoin IS a fiat currency.
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I would just add, don’t link your coinbase account to your main checking account. Instead, open up a secondary checking account at your bank, fund it by transferring money within your bank accounts to each other, and link the secondary checking account to the coinbase account.
Why do that? So that there is basically no way a hack of coinbase can access your main checking account.
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Agreed - difficult to move money out of an IRA.
I have a self directed IRA with TD Ameritrade and I was able to move money to Hard asset alliance and I purchased physical silver and gold - without any penalty / taxes. If anyone is interested, HAA will help in the transfer to them without you injuring penalties or taxes.
Since then, I have taken physical silver out of my HAA account without penalty (I’m over 59.5 year old) and paid very little tax (due to my income).
I’m actually going to contact HAA today and withdraw some more physical silver - bird in hand is worth two in the bush
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Fdic Insurance Coverage
From the FDIC website: COVERAGE LIMITSThe standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met.
All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
Years ago I closed down my safe deposit box. Too many loopholes in which the bank could either seize the assets or in some way obstruct my access. That was without considering the impact of bank failure on it.
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Thank you for your reply Barbara, land was one asset on my radar and the tax trap was right there to greet me! I will keep searching and I really should find a good money manager…that realizes where we are in this story!
I will also look deeper into this “community of believers”, if there’s someone here that even has an answer to such a troubling scenario! Thanks again.?
Thank you for your time and comments, I looked very briefly at gold IRAs years ago. I did not let myself believe in the possibility of things progressing to such a troubling place. I’ve squandered that time. I’m digging back into it this morning as the outcome is not decided…at least not yet! Thanks again for the tip!
What Have We Learned From History?
We learned that we don’t learn from history.
News travels fast and so does panic. We don’t need dozens of banks to become insolvent and freeze accounts or limit withdrawals. Even one or two mid size or regional banks doing this would likely get a regional bank run or holiday started that would spread.
Your bank doesn’t have to become insolvent or the complete collapse of our financial system for this to affect you personally.
I’m not completely cleaning out my bank accounts due to this probability but I do have a several months of living expenses set aside and a good amount already outside the system.
Both sets of grandparents lived thru the depression and neither trusted banks or the markets. Both kept PMs, coin collections, cash, knew how to cook, garden, hunt, fish, preserve food, build or fix most things, rode horses and tractors and worked with animals.
My parents missed the depression but lived under parents that beat only some of this into their world view. My siblings and I, incrementally less.
Most of it lost in 2 generations, completely in 4. I’m relearning now most of the things my grandparents knew.
History repeats or rhymes but few alive now lived through it, a few more have read about and understand it but the greatest number of our population still believe hard times of the past are even possible now.
Some of those people will become very dangerous and desperate when it kicks and you better have a well thought out plan for dealing with that.
- As the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUSIF) insures savings of at least up to $250,000 per account (with separate coverage of up to $250,000 for certain retirement accounts). The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government.
Resources To Accurately Identify Banks Financial Health
What are some of the good resources/sites to identify bank financial health?
I’m currently using depositacconts.com to get some of this information; however, based on their advertising model, they might have conflict of interest in accurately disclosing this information.
Ratio Of Cash-out To Deposit Accounts Split Over Multiple Banks
Assuming no debt or any significant investments in the market, what’s a good ratio of keeping cash to leaving money in deposit accounts?
Canada: Sd Boxes, Proviancial Deposit Guarantee Corporations And Cipf In Canada
For anyone interested, I can tell you that the existing rules and regs for Safety Deposit Boxes in Canada are very lax. The bank has almost no liability of obligation to ensure outcomes.
Multiple legal cases have been brought in which plaintiffs complained that the contents of their SDB went missing and they were found to have no legal recourse. And this was before Covid, financial crisis, WW III etc.
In Canada, many provinces have Deposit Guarantee corporations which backstop certain credit unions. You might want to consider looking into that if you’re choosing to put some of your money into those. Ontario and Manitoba, for example both have these.
Finally, brokerage/investor money in Canada is guaranteed through the CIPF (Canadian Investor Protection Fund).
More details about their coverage here:
https://www.cipf.ca/cipf-coverage
Dave:
Wouldn’t silver be a better bet if the crash is as large as we think it’s going to be? It’s more affordable, anyways, and still used in tons of industrial processes.
Crypto
Not so long ago, a good friend of mine told me about an unusual type of cryptocurrency fraud and showed me an article from this site https://tabtrader.com/articles/what-is-rug-pull . There I was able to learn more about this fraud in more detail and I recommend reading it to you if you also want to trade on exchanges more successfully and safely!