Long Line at Citibank

Stumbled upon a funny discussion late last night on FatWallet forums and can’t help post it here. Citibank is where I have my savings and so the title certainly caught my eye.

So I went to my local citibank branch to deposit my $100 pay check (thats righ baby, $100, read it and weep) and there was like 3 people in line in front of me to get to the teller. I promptly withdrawed all $400 of my money at Citibank as obviously they are about to go under. I am contemplating burying the money in my backyard and then creating a secret treasure map that I will keep underneath my pillow. Anyone have any suggestions on the best way to create a pirate like treasure map? What about where to buy high quality booby traps to guard said money (under $400 would be best)? I looked through hot deals but did not see any booby trap deals.

Without question this thread is sparked by the recent IndyMac failure and it would have been funny if the whole store wasn’t so sad.

Are your short term savings in FDIC insured accounts? How concerned are you about the financial situation in the US and possible future bank failures?

Source: Long Line at Citibank at FatWallet forums

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3 Responses to “Long Line at Citibank”

  1. 1 Navin Jul 18th, 2008 at 1:27 pm

    I have a few CD’s with Indymac Bank. Definitely below $100 K.. (got lured with their good interest rates) I decided to leave it there until they revise the interest rates. I will probably decide what to do after reviewing the rates. I would think a federally insured CD with a federal acquired bank is probably a safe bet .. but that’s just me. Pls correct my assumptions if i’m wrong..

    The worst case scenario is probably when FDIC doesn’t have enough funds – can happen when more banks go under. Don’t know what happens after that. I would assume they would probably print more money (increasing inflation) than throw in the towel. If they do throw in the towel, it is probably going to shake everything.. there is going to be so much panic that more banks will collapse as people start withdrawing all their money from banks.

  2. 2 Alex Jul 18th, 2008 at 4:41 pm

    I am not concerned at all… I know my savings are insured. The fact that media is screaming about a drop in stock prices doesn’t mean anything. I strongly believe that the current situation is over-hyped (is that a word?)and influenced by upcoming elections. Economy is not doing as good as it should be but overall we are doing fine.

  3. 3 CHARLIE Jul 20th, 2008 at 4:25 am

    can someone please tell me if citibank going under is a joke ?? or real ?

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