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2:47 pm
September 23, 2011
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OneCentAtatime
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In view of the recent problems with bank of America, how secure you feel?
I have my checking account (one of) with them I don't own their stock. But I still am worried about the repercussion of it failing. Is it too big to fail?
Interested to get views from the blogger community.
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7:14 pm
September 23, 2011
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DebtFreeByThirty
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I personally have never used BofA, but I guess you haven't seen this…
http://yesiamcheap.com/2011/09…..f-america/
This doesn't seem to be a one time occurrence either.
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5:01 am
September 24, 2011
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Tony Chou @ Investorz' Blog
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I believe it's too big too fail, but we'll still experience financial crisis 2.0
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6:42 am
September 24, 2011
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OneCentAtatime
| | Florida, USA | |
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10:31 am
September 26, 2011
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MoneyIsTheRoot
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I dont think they are going to fail…but they certainly aren't going to survive in their current structure. There is going to be a major reorganization I feel.
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11:12 am
September 26, 2011
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Eric – PersonalProfitability.com
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Most accounts there are FDIC insured, so you should be safe with your checking/savings.
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3:10 pm
September 26, 2011
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OneCentAtatime
| | Florida, USA | |
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I heard 30,000 layoffs are announced or going to be announced. Plus do you have stocks?
Deposits are secured but FDIC won't have to pay anything as buying institution should take over the deposits, exactly what happened to WaMu.
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4:45 pm
September 26, 2011
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krantcents
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Unless you have deposits (including checking accounts) in excess of the FDIC limits, I would not worry about it. I am a Bank of America customer and expect to remain one for the foreseeable future.
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11:10 am
September 27, 2011
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FamilyMoneyValues
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12:41 pm
September 27, 2011
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Jeremy @ Personal Finance Whiz
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Post edited 12:42 pm – September 27, 2011 by PersonalFinanceWhiz
DebtFreeByThirty said:
I personally have never used BofA, but I guess you haven't seen this…
http://yesiamcheap.com/2011/09…..f-america/
This doesn't seem to be a one time occurrence either.
I've seen a lot of people with complaints against BoA, but I've never had any problems. I have a business account there and my mortgage is with them.
In response to the original post, I wouldn't worry about it. That's what the FDIC is for.
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2:04 pm
September 27, 2011
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Sunil from The Extra Money Blog
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long term they should be fine. restructure efforts are well underway and i believe they are too big to fail. they also have the ultimate catalyst behind them – warren B lol. i hopped in the bandwagon few weeks back and grabbed a bunch of their shares. hoping for the best.
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The Extra Money Blog– Expedited Wealth Building Through Multiple Streams of Active & Passive Income (Entrepreneurship, Internet Marketing, Personal Finance)
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6:08 pm
September 27, 2011
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OneCentAtatime
| | Florida, USA | |
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Sunil that was opportunistic! I tend to follow Buffet but this one i am skeptical about. It should go the AIG route..
Too big too fail and too negligible share price to profit..
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2:40 pm
September 28, 2011
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Funancials
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Post edited 2:42 pm – September 28, 2011 by Funancials
I have lived in Charlotte, NC (BAC Headquarters) for the past 3 years. 75% of my friends/acquaintances work for Bank of America. Here are a few things I have noticed:
1. No one is supposed to be "too big to fail," but they are. Confidence is the only chance we have at rebuilding. If the nation's largest bank, by deposits, "fails" all hell will break loose.
2. The bank is doing something that all companies should do. Their corporate structure has become so "pyramidal" that there are 80% of employees (in the middle) not doing anything. By laying off these 30,000 employees they are finally flattening out. Everyone will be able to operate more efficiently.
3. Each year, the bank typically hires way too many people and then fires way too many people. It's turned into a laughable cycle. (I will say this time it is much different)
4. Had BAC not purchased Countrywide, they would be fine. Once all these lawsuits/settlements subside they will continue to do business as usual.
*I don't work for Bank of America, but I am a shareholder. I'm not worried.
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1:17 pm
September 30, 2011
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Aaron Hung
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What do you guys think of them implementing the Debit Card charge of $5 every month starting the new year? I think they're going to lose a lot of customers
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10:04 pm
September 30, 2011
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OneCentAtatime
| | Florida, USA | |
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I am looking for alternative, but switching checking account is not that easy. Never used and not planning to use debit card for my purchases.
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