expired Posted by georgerobert • Apr 9, 2024
Apr 9, 2024 4:52 PM
Item 1 of 1
expired Posted by georgerobert • Apr 9, 2024
Apr 9, 2024 4:52 PM
My Banking Direct High Yield Savings Account: Earn Up To
($500 Minimum Deposit)5.55% APY
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https://www.mybankingdi
A: In the unlikely event of a bank failure, the FDIC responds in two capacities.
First, as the insurer of the bank's deposits, the FDIC pays insurance to depositors up to the insurance limit. Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either 1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or 2) issuing a check to each depositor for the insured balance of their account at the failed bank.
https://www.depositacco
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I'm having difficulties finding information on brokered CD's but they seem like an incredible option during a shaky market.
If you were getting 1% extra or more than your current rate, then it starts to be worth chasing rates because you're hitting the $100 difference at $10K instead of $30K, but even then you have to consider how much money you'd actually be moving over.
https://ir.mynycb.com/news-and-ev...fault.aspx
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I'm having difficulties finding information on brokered CD's but they seem like an incredible option during a shaky market.
Many regional banks tend to allow their most valued depositors to look at their books at a far greater level of detail than retail depositors. In doing so, it gives high value depositors far greater confidence in that their deposits are safe. It also helps that NYCB has over 130% coverage ratio of their uninsured deposits.
Steve Mnuchin, in particular, is very familiar with turning around banks. He led a group of investors including Michael Dell and George Soros to buy IndyMac out of FDIC receivership, rebranded it OneWest, went through many rounds of layoffs, sold off toxic assets, regrew loan portfolio and deposit base, and ended up selling it to CIT Group in less than 5 years and more than doubled his money.
This 5.55% APY is right out of his IndyMac playbook: shore up capital first, improve CET, alleviate regulatory scrutiny of a Cat4 bank (>$100b total assets), keep steady until Feds (if) begin to cut interest rates. When that happens, paper losses on CRE (office and rent controlled apartments) would begin to lower.
Undoubtedly, that's what Mnuchin and Otting are telling the large depositors. And it seems to be working.
Really good post friend.
Well they are getting headlines with this move and I'm sure that's what they wanted, it's a bold move and there are much smaller and shakier online only pop up banks that are offering similar rates - so in the world of savings account yield chasing MBD / Flagstar is probably one of the more robust institutions competing in the space.
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https://www.jeniusbank.
They are FDIC insured.
They are a division of Sumitomo Mitsui Financial Group (SMBC) MANUBANK, which is a subsidiary of SMBC Americas Holdings, Inc., which is a member of the Japanese SMBC Group.
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