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a bank that would ensure you for millions

Topic closed. 8 replies. Last post 13 years ago by rabbitfoot.

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luckylottolady's avatar - character catafly.jpg
Thread Starter

United States
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August 2, 2004
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Posted: December 8, 2004, 3:27 am - IP Logged

is there a bank that exists,like the one in brewsters millions,that would ensure all youre money? and pay you alot of interest,in the movie it wass 24%,i know it wouldnt be that much now. the bank was somewhere in new york,i think. if anyone knows it would be greatly appreciated.cause if i win - i would hate to haft to find alot of banks to put the money in.100000 per bank. lol

    twisted's avatar - underground
    New Jersey
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    September 25, 2003
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    Posted: December 8, 2004, 10:04 am - IP Logged
    Quote: Originally posted by luckylottolady on December 8, 2004

    is there a bank that exists,like the one in brewsters millions,that would ensure all youre money? and pay you alot of interest,in the movie it wass 24%,i know it wouldnt be that much now. the bank was somewhere in new york,i think. if anyone knows it would be greatly appreciated.cause if i win - i would hate to haft to find alot of banks to put the money in.100000 per bank. lol






    To answer your question first. I dont know what bank you are talking about and where it is. Second, I would not recommend you put all your money in one bank like that. I'm no financial advisor but if a bank provides a high interest like that,that also translates into a higher risk both for you and your bank (because the bank lends the money to other people to earn even more than they are paying you in interest.) Thats just too risky.
      four4me's avatar - gate1
      MD
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      June 18, 2003
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      Posted: December 8, 2004, 11:22 am - IP Logged

      On the front door or window of any federal bank in the usa they will list the amount that your money is insured for. I'm pretty sure it is only insured up to $100.000 i found the link below to the insurance corp. This dosent mean that you can't or shouldn't put more that 100,000 thous. in their bank it only means that in the dvent of wall street crashing or bank forclosure that your only insured for 100 grand. This is another reason to hire a financial advisor if you win the lottery for a large amount. They wiil set up accounts in as many banks as necessary to protect your money.


      How you're covered
      Here is an overview of the network that's been created to protect your money.


      The color=#0000ffFederal Deposit Insurance Corporation insures deposits of virtually all U.S. banks and savings and loan institutions up to $100,000 per customer (individual or business) in the dvent of a bank failure.

        rabbitfoot's avatar - 8ball

        United States
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        August 25, 2002
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        Posted: December 8, 2004, 7:36 pm - IP Logged

        There is a way to deposit up to $5-million in CD's and every dime of it is insured by the FDIC insurance. And, it is done through just one bank.  It's called CDARS, or pronounced cedars.  I got this infomation off of-- Bankrate.com.


        So, goto to www.bankrate.com and do a search on their site for CDARS to read all about this method.


        After you laid aside $5-million using this source, you could always buy into 5-7 yr. bonds to conserve your bankroll. However, you will not get any where near 24% interest on your money.  At this stage of the game I would be thinking "conservation of principle" and wouldn't worry much about how much interest I could earn.


         


         


         


         

        I play to dream and dream of winning a major jackpot!

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          Roslindale, MA
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          Posted: December 8, 2004, 7:56 pm - IP Logged

          Keep in mind that movie is about 20 years old (1985, IIRC), and back then interest rates were higher (the prime rate was about 10%, as opposed to 4-5% now - even a simple passbook savings account paid 5% back then - now you'd be lucky to get 1-2%). Plus, even back then I think 24% was just a fictitious number, anyway.

            Avatar

            United States
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            July 11, 2003
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            Posted: December 8, 2004, 8:34 pm - IP Logged

            The highest I know of is offered by ING, 2.75%.

            (insert signature here)

              fwlawrence's avatar - Yavill
              Austin
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              December 6, 2004
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              Posted: December 8, 2004, 11:42 pm - IP Logged

              I am sure you could buy additional insurance through the bank for amounts over $100,000.

                luckylottolady's avatar - character catafly.jpg
                Thread Starter

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                Posted: December 9, 2004, 3:00 am - IP Logged

                thank you everyone,i appreciate everyone answering my question and helping me. i wondered how that would work,i knew that regular banks insured for 100000. i didnt know if there was a special bank,for people with millions that would ensure for higher amounts. that would be set up for that kind of money.i like the idea about the cdars  cd's. i was going to  find alot of banks and put 100000 in each one.lol. in my name and my husbands name(200000 per bank)if i ever won. and i would  check into getting millions insured ,if they do it. i hope someone on the board wins millions so they can tell us how to do it.

                  rabbitfoot's avatar - 8ball

                  United States
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                  August 25, 2002
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                  Posted: December 9, 2004, 8:50 pm - IP Logged

                  Yes, you could deposit up to $5-million in your name under your social security number and your spouse could do the same.

                  I play to dream and dream of winning a major jackpot!