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Modern bank run isn't on cash; it's confidence
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By Bill Vidonic, Times Staff
Published: Saturday, August 2, 2008 11:53 PM EDT
Judy Cassidy of Hopewell Township doesn’t expect to see a rerun of the Great Depression in the late 1920s and early 1930s, when people lined up outside modern pendulum wall clock banks in droves, desperate to save whatever they could from their accounts.
“Back then, people did panic,” contemporary modern coffee table Cassidy, 63, said last week, modern day aphorism “and the banks ran out of cash.”
Federal officials say there’s no chance of a standard modern lathes repeat of that, however. Though several furniture bedroom modern high-profile bank modern reclinersfailures in recent months have grabbed headlines, federal officials say that, as a whole, the banking industry is sound. Also, based on theodore roosevelt modern president quotes problems during the Great Depression, the Federal Deposit Insurance Corp. was set up, in which up to $100,000 of a person’s money, in areas like checking and savings accounts and certificates of deposit, is insured. Insurance is modern vitrine also available on retirement accounts such as IRAs and 401(k) up to $250,000. What’s covered under the $100,000 insurance and the retirement accounts are treated separately, so, in essence, an individual can have up to $350,000 in insurance, according to the modern wedding songs FDIC’s Web site. Signs are posted at banks to let customers know they’re covered by the FDIC. “One thing all consumers should know is that their money is safe,” said John Hall, a spokesman for the American Bankers Association. “Is there a crisis in confidence? Yes. But once people get the real story, it will be business modern female names and their meanings as usual.” Until then, there’s no question that folks are concerned. A MATTER OF TRUST In mid-July, thousands of customers lined up to take their money out of IndyMac Bank in California, after federal regulators said the bank wouldn’t be able to meet depositor demand, that there could be money shortages there. Federal officials had assured customers that they weren’t in danger of losing any money. But many customers simply didn’t care, just didn’t trust the word of the bank or federal officials. Jim Muoio, 75, of Center Township, laughed and said he didn’t have to worry too much because, denver museum of modern art “I don’t have any money in the bank.” He said his money was invested, though he modern maternity had purchased a certificate of deposit now and again. modern home interior colors Even modern tea hayes street those, Muoio said, were under the minimum modern bedroom furniture of the FDIC insurance, so if something had happened, he would have gotten his money back. Muoio said modern father-son relationships he didn’t make the investments because he was worried about the strengths of banks, but rather to get better interest rates. He also said what’s going on now in the banking industry isn’t comparable to what happened in the 1920s and 30s. “A depression is when you are finding trouble getting food to eat,” Muoio said. COMMON CONCERNS Paul Furst, 81, of Hopewell Township said he’s read a lot about the banking troubles online and also has mccreary modern armless participated in some discussion groups with friends. The retiree of Bayer Corp. in Robinson Township said he’s concerned about his pension because he depends on that and Social Security for his income. However, Furst said, troubles in the banking industry will catch up to the common man at some point. He said that as boston modern contemporary patio furniture federal officials raise modern designer engagement rings interest rates, then inflation will rise, meaning the cost of living will be higher for folks. “This is only the tip of the iceberg,” Furst said. Frank A. Pinto, head of the Pennsylvania Association of Community Bankers, said customers at smaller, community-based banks probably feel more comfortable about modern dance history their money simply because bank employees and customers are more familiar with each other. “Our customers know us, and we know our customers,” Pinto said. Fred Solomon, a spokesman for PNC Bank in Pittsburgh, hutchinson mn modern towing said bank branches have reported some customers have expressed concerns about the safety of their money. Solomon said tellers have been given information to pass along to the customers to reassure them that their money is safe. Also, Solomon said, televisions in many branches are displaying a video by James E. Rohr, chairman and chief executive officer dutch colony modern government of PNC Bank, in which Rohr tells customers they can be confident in their money’s safety. Bill Vidonic can be reached online at bvidonic@timesonline.com. The Associated Press modern wood candle holders contributed to this report. Only some users answer call on cell-phone health risks Paisley falls short on nominating petition Article Rating Current Rating: 0 of 0 votes! Rate File: Select Rating: * ** *** **** Comment Blog - Note: All Comments Subject To Approval Comments are limited to 200 words or less. *Member ID: *Password: Forgot Your Password? Do not use usernames or passwords from your financial accounts! Note: Fields marked with an this modern world tom tomorrow asterisk (*) are required! *Create a Member ID: *Choose modern tv stands a password: *Re-enter password: *E-mail Address: *Year of Birth: (children under 13 cannot register) *First Name: *Last Name: Company: Home Phone: Business Phone: *Zip Code: COMMENT RULES Comment posters are responsible for the opinions they express and the accuracy of the information they provide. We urge modern pablo picasso comment writers to treat this as a public forum where manners matter. 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