US BANKS SHAKEN BIGGEST DEPOSIT WITHDRAWALS SINCE 9/11, $114 BILLION IN JANUARY?!

[AdamAntium]

UNITED STATES BANKS SHAKEN BY THE BIGGEST DEPOSIT WITHDRAWALS SINCE 9/11, $114 BILLION WITHDRAWN IN JUST THE FIRST WEEK OF JANUARY?!


US Federal Reserve is reporting a major deposit withdrawal from the nation’s bank accounts. The financial system hasn’t seen such a massive fund outflow since 9/11 attacks.







The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government.

The program was introduced in the wake of the 2008 crisis in order to support the banking system. It provided insurance for around $1.5 trillion in non-interest-bearing accounts with a limit of $250,000. It was aimed at medium and small banks as the creators of the program believed bigger banks would cope with the crisis themselves.

So the current “fast pace” of withdrawal comes as a surprise to financial analysts because the deposits are slipping away from those banks which supposedly were safe. Experts expected savers in small and medium banks would turn to bigger players come December 31.

There are a number of reasons behind this unpredicted fund outflow. Some experts believe it has to do with the beginning of the year when the money is randomly needed here and there. Others have concluded the funds are getting down to business and being invested.

Another set of data from the US Federal Reserve shows some deposits may have moved within the banking system from one type of account to another. -

http://rt.com/business/news/us-major-dep...rawal-740/

[Fiat Facade]

I took the majority of my cash out of the bank many years ago. Everyone needs to do this. Only keep minimum a balance in the bank to pay off your bills.

It's really amusing when you go to withdrawl larger amounts (3-5K), but they say they do not have the cash and ask you to come back tomorrow. This happened to me several times.

Banks runs are coming soon to a neighborhood near you.

[12GaugeAngel]

The Transaction Account Guarantee program, a government action aimed at protecting the solvency of smaller banks, ended on Dec. 31. TAG was a 2008 government creation that offered smaller banks unlimited insurance on money in certain accounts. The program’s end was expected to bring more withdrawals — but the smaller banks only lost .9 percent of their deposits.
Another guess: The Feds’ records are “wacky,” one analyst muses, in various media reports.


Read more: http://www.washingtontimes.com/news/2013...z2J76qCxWc

[razzle34dazzle]

http://www.fdic.gov/deposit/deposits/dis/


The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the
United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds.

FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities.

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.



http://www.fdic.gov/deposit/deposits/changes.html

December 31, 2012
As scheduled, the unlimited insurance coverage for noninterest-bearing transaction accounts provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act expired on December 31, 2012.  Deposits held in noninterest-bearing transaction account are now aggregated with any interest-bearing deposits the owner may hold in the same ownership category, and the combined total insured up to at least $250,000. 


http://www.barchart.com/chart.php?sym=&#...&template=

Dollar is not lookin good


http://m.research.stlouisfed.org/fred/

Look at the US adjusted monetary base. It just hit new highs this month from QE3/QE4 infinity+


http://www.zerohedge.com/news/2013-01-23...rth-poland

HSBC Bank is diversifying out of the Dollar and into silver. The Dollar is on a death spiral. Get most of your cash out of the banks. Keep cash stashed at your house and convert some into silver for long term savings funds