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OMG, another bank failed!

March 20th, 2010 at 05:03 pm

Well, I am not having much good luck lately. About 6 weeks ago, a local bank of mine failed. I had a large sum on money tied up in c.d.'s there, paying 4% for another year. They immediately lowered my rate to 1%, so I withdrew all the money.
I opened c.d.'s in another bank with the money. Best rate I could get was 2%.

I logged into my accounts this morning to see that the fdic has taken over the other bank. That means my rates will be lowered again.

Wow, 2 banks of mine failed, within6 weeks.
This town only has 4 banks and another failed yesterday also. I did not have any money in that bank.

I wonder what will happen next?

5 Responses to “OMG, another bank failed!”

  1. Joan.of.the.Arch Says:

    Wow, wow, wow. Does this say anything about the economic health of your area as a whole. That is really somethin'!

  2. Ima saver Says:

    I think it does. This place was becoming a boom town with all the florida people moving to the mountains. Everyone because a builder and everyone built spec houses. Now all these houses are sitting and the banks are foreclosing on them. These banks just made too many loans.

  3. creditcardfree Says:

    That is too bad! At least your money is safe, but a pain to keep moving around.

  4. elisabeth Says:

    There are over 725 banks on the watch list. And of course we don't get to know who they are. Its a crap shoot.

  5. Analise Says:

    That is alarming, but glad your $$ is safe. The mattress is starting to look pretty good, isn't it?

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