I took all the AmericanInstitute(of)Banking courses... what i learned: The FDIC has upto (6) SIX years to pay out just .06 cents on every $100 deposited in the FDIC insured account. (math) that is only $60 on every $10k you have deposited and the FDIC has six year to send you a check. Think about how you are going to survive over the next 6 years waiting on a check from a collapsed FDIC Bank Account.. If all the banks fail, where are you going to take your check to to get cash..? FDIC is a sham.. i learned this in 1980.. Last report: After the 3 major banks failed in California. The FDIC has no more money to pay out claims.. they are upside down.. and the report said that 50% of small banks are also upside down.. that means they owe more than they have in reserves (cash). Banks are only required to keep 10% in reserve... 90% they use to make new loans... if you deposit $100, they loan out $90... that money is paid to someone ... that person deposits the $90 and the bank loans out 90% of the $90... Do you see how this works, they don't have the cash to reimburse you..? You cannot walk into a bank anymore and say, "i want to withdraw all my money if it is more than a couple thousand.. they don't have access.. and now they require you to tell them how you plan to spend it.. BTW that is none of their business..but...you see where this is going.. i believe everyone should have cash on hand to spend in the event of an emergency.. I believe everyone needs to stop using digital money (credit/debt cards) to make purchases. I always deposit my paycheck.. I leave just enough to cover the rent/utilities checks.. I take the rest in cash back and only use cash to purchase groceries and consumer goods.. I have a fire proof safe that is lag bolted from the inside to the floor (so it cannot be removed unless you have the combination to open the safe) I've seen businesses that won't accept cash anymore.. I b o y c o t t those E S G businesses... for this reason, "you won't be able to buy or sell without it". i believe they are transitioning to the C B D C for a reason.. And only patronizing business that accept cash will greatly slow down that agenda.. May God be with you and your family..
It's very important to have actual cash on hand for times when businesses are cash only during emergencies. I went through this a few weeks ago after Helene hit my area. For about 5 days the few businesses that were open were only taking cash. It's important to have small denominations, too.
Had a bank freeze my atm card while I was out of state on a motorcycle ride. It was the weekend, and they didn't have anyone available that could restore service until the following Monday. The same bank locked my wifes ATM card while traveling in Mexico. After 20+ years with them, I now have a different bank/credit union.
In addition to accounts with multiple banks, I have IRAs with multiple custodians, and I have annuities with multiple life insurance companies. I like diversification.
People still take cheques get a secured (gold seal)chequing account. Generally these are for purchase over $10,000.00 I use one account for online banking and only put small amounts of money in it or fill it up for online purchases or transfer . Credit cards are insured . And I don't do tap on debit cards . Lots of cell phone hackers or spy ware home computer hackers. Canada really needs analog services for Healthcare and many non essential services. What's the big deal of moving a hard copy file to different offices .
I’ve been doing this for a while whenever I see those “Oh, how can I contact your financial advisor” posts. On one channel they’re so prevalent I’ve been wondering if that’s the point of some of these channels. That the video is just an intentional platform for this kind of “advertising”.
I have alerts on all my bank accounts. I get notified when money is deposited or withdrawn over a certain limit. I also get notified when the balance in my accounts fall below a certain limit.
This is the very reason that I track my bills and know when they should be paid and why I have cash on hand to pay these bills if need be. I copy my bills for the reason I may have to mail them again.
Keep emergency cash at home in a firebox, during power outages ATMs, cell phones, internet, water/sewer don't work, business only accept cash, I keep $5000 cash to handle 2-3 months
Remember "American Express Traveler's Checks: Don't leave home without them !" Financial houses and banks should set up their customer secure web pages to read something like "System down,balance not available" or "Balance not available because of system maintenance" when the system isn't capable of displaying balances instead of showing "zero balance"
Chequing accounts still work, get a gold seal cheques for purchases or transfers over $10000. Use only one account for online banking and dont use that account for savings or cheqing storage . Credit cards are insured for online purchases and dont use tap on debit cards.
I keep a reserve of cash on hand for just such a risk. Electrical grid down etc. but still need to function. Until I retired I wanted at least one payroll cycle amount in cash for same reason. I know for the most part such a worry may be more of a remote risk, but I feel better being prepared. If some hacking (or like the recent global software problem) creates a problem using credit cards - I’m in better shape with having cash.
@@AzulWells appreciate it Azul. Now I just have to start acting on your advice to allow myself to spend in retirement! I’ll get there before too much longer👍
I've always had more than one bank account, but if both accounts were frozen, or if I found that for some unknown reason my balance were zero, I would still be able to survive. Why? Because I'm smart enough to have enough cash on hand to cover my expenses for awhile. If you're one of the many people, especially young people, who think they're smart that they never carry cash, you've just heard in this video what can happen to you. I also have two or three months worth of storable food just in case for some reason the stores run out of food, or if for some reason I'm not able to buy any. A word to the wise is sufficient.
It happened to me once that my checking n saving showed $0 balance when I checked at 2 AM and I believe the reason was that the system was taken down for maintenance. Typically the database system is designed in redundant architecture where one is online while the other is being worked on, but I guess there was a glitch that both database had taken down. Just a guess. I checked again around 6 AM and both accounts were fine with correct balances.
Hi Azul, I hear conflicting advice about having an overall relationship with an AUM 1% fee band based advisor (e.g. Chase Private Client) vs. a fee-only advisor vs. a tax advisor. I'm confused about who/where I am better off with my advice on retirement investing. Could you do a segment to explain that?
What does he know? He is not educated in financial field, he become a financial advisor by self proclamation🤣 i wouldnt trust him with my meager savings😂😂😂
I'm in canada and turn all ways to transfer money out of my accounts if someone may get into my online backing .my accounts can only be withdrawn at the branch only .
This might help (FAQ on the topic by the FDIC themselves). www.fdic.gov/financial-institution-employees-guide-deposit-insurance/joint-accounts#:~:text=Rules%3A,IDI%20records%20clearly%20indicate%20otherwise.
Happened to me at another major bank. I went to my account online just for the heck of it and surprise surprise my $4000. checking account showed $0.00 balance. This really sucks and how would I prove they are at fault for FDIC purposes? Anyway, the money magically reappeared after an hour. It seems this could happen anytime and at any bank. Very unsettling. What if your large IRA disappears through no fault of your own? And doesn't "reappear'?
You still have monthly statements and all the transactions are available. Money doesn't "vanish". There's a big difference between phones/computers not being able to access your account temporarily and someone emptying your account.
I'm new to investing, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.
As a beginner investor, it's essential for you to have a mentor to keep you accountable. Melanie Ann Karnavas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessment, ensuring my trades decisions align with market dynamics for optimal returns.
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you..prevent inflation.*
I started investing in crypto and def earlier this year and it's the best decision I've ever made. My portfolio is now worth almost a million and I've realized that if a cryptocurrency hits the news, you're probably pretty late to the game. The idea is to get in on blue chips early before they go public. There are a lot of life-changing opportunities in the market that you should make the most of.
I'm so happy I made productive decisions about my finances that changed my life forever. I'm 51 living in Melbourne Australia, bought my new mansion in August and hoping to do more if things keep going smoothly for me..
Congratulations dear. You're really doing well for yourself, I'm 49 and my financial life is in a mess. Any great tips would really go a long way in shaping my life. I want to buy my own house, that's really a big flex
Tracy Britt Cool Consulting was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Tracy.
My advice: for newbies to grow financially this year, invest. Saving is good, but investing elevates your finances. Why newbie make huge losses on trade is because investing without proper guidance can lead to mistakes and losses. that will stop you from trading, this has been one of the biggest problem to new traders, I've learned this from my own experience
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
!!I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks or Crypto will be appreciated
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $100k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
FDIC insurance only covers accounts when the bank fails. It does not cover losses due to theft, fraud, identity theft, or online fraud.
Or force majeure
Not true
I took all the AmericanInstitute(of)Banking courses... what i learned:
The FDIC has upto (6) SIX years to pay out just .06 cents on every $100 deposited in the FDIC insured account. (math) that is only $60 on every $10k you have deposited and the FDIC has six year to send you a check. Think about how you are going to survive over the next 6 years waiting on a check from a collapsed FDIC Bank Account.. If all the banks fail, where are you going to take your check to to get cash..? FDIC is a sham.. i learned this in 1980..
Last report: After the 3 major banks failed in California. The FDIC has no more money to pay out claims.. they are upside down.. and the report said that 50% of small banks are also upside down.. that means they owe more than they have in reserves (cash). Banks are only required to keep 10% in reserve... 90% they use to make new loans... if you deposit $100, they loan out $90... that money is paid to someone ... that person deposits the $90 and the bank loans out 90% of the $90... Do you see how this works, they don't have the cash to reimburse you..? You cannot walk into a bank anymore and say, "i want to withdraw all my money if it is more than a couple thousand.. they don't have access.. and now they require you to tell them how you plan to spend it.. BTW that is none of their business..but...you see where this is going.. i believe everyone should have cash on hand to spend in the event of an emergency.. I believe everyone needs to stop using digital money (credit/debt cards) to make purchases. I always deposit my paycheck.. I leave just enough to cover the rent/utilities checks.. I take the rest in cash back and only use cash to purchase groceries and consumer goods.. I have a fire proof safe that is lag bolted from the inside to the floor (so it cannot be removed unless you have the combination to open the safe)
I've seen businesses that won't accept cash anymore.. I b o y c o t t those E S G businesses... for this reason, "you won't be able to buy or sell without it". i believe they are transitioning to the C B D C for a reason.. And only patronizing business that accept cash will greatly slow down that agenda.. May God be with you and your family..
It's very important to have actual cash on hand for times when businesses are cash only during emergencies. I went through this a few weeks ago after Helene hit my area. For about 5 days the few businesses that were open were only taking cash. It's important to have small denominations, too.
Super important reminder for all of us. Thank you for sharing your recent experience. I hope everything went as well as it could. Azul
Absolutely
How much cash should a person keep at home? A few hundred dollars?
Few thousand
Had a bank freeze my atm card while I was out of state on a motorcycle ride. It was the weekend, and they didn't have anyone available that could restore service until the following Monday. The same bank locked my wifes ATM card while traveling in Mexico. After 20+ years with them, I now have a different bank/credit union.
In addition to accounts with multiple banks, I have IRAs with multiple custodians, and I have annuities with multiple life insurance companies. I like diversification.
"Bank accounts emptied in minutes"? Seems pretty heavy on the click-bait when comparing the title with the topic discussed.
It won't happen like that.
You will wake up on a Monday morning and it will all be gone. History does repeat itself.
Call me desperately old school, but I refuse to set up online banking on any of my bank accounts.
I don't use debit cards either.
How do you buy airline tickets and pay for hotels? No one accepts checks anymore and carrying a lot of cash is a bad idea.
@@martinlord8837 What leads you to believe that my credit cards are somehow tied to my bank accounts? They aren't even at the same banks.
I've never had a debit card either, drives the bank crazy :)
People still take cheques get a secured (gold seal)chequing account. Generally these are for purchase over $10,000.00
I use one account for online banking and only put small amounts of money in it or fill it up for online purchases or transfer . Credit cards are insured . And I don't do tap on debit cards . Lots of cell phone hackers or spy ware home computer hackers. Canada really needs analog services for Healthcare and many non essential services. What's the big deal of moving a hard copy file to different offices .
@@smar1968I have one, never used it.
Azul, you really need to do something about the scammer posts on all your videos. You can police your comments and delete them.
They are literally everywhere! They are irritating to say the least.
If you have a lot of eggs, place those eggs in several baskets. And have different keys (passwords/auth) for each basket.
I never do online banking.
@@miketheyunggod2534 Ridiculous. You do everything over the phone? How is that safer?
Am I supposed to have multiple checking accounts? Not gonna happen. 😂
SCAMMERS posting. Give them thumbs down and REPORT THEM.
I’ve been doing this for a while whenever I see those “Oh, how can I contact your financial advisor” posts. On one channel they’re so prevalent I’ve been wondering if that’s the point of some of these channels. That the video is just an intentional platform for this kind of “advertising”.
I have alerts on all my bank accounts. I get notified when money is deposited or withdrawn over a certain limit. I also get notified when the balance in my accounts fall below a certain limit.
This is the very reason that I track my bills and know when they should be paid and why I have cash on hand to pay these bills if need be. I copy my bills for the reason I may have to mail them again.
Do you take your bills to the store to pay them? I use autopay and have direct deposit.
Keep emergency cash at home in a firebox, during power outages ATMs, cell phones, internet, water/sewer don't work, business only accept cash, I keep $5000 cash to handle 2-3 months
FDIC does not have enough money to cover everyone.
The FDIC puts in money to facilitate bank mergers. Just look at the great recession.
Only the rich and well connected will be reimbursed.
The little guy will “take in the shorts”.
But they do have enough to cover any losses to our politicians…let that sink in for a minute…
Thank you Azul for all the good content! 😊
Remember "American Express Traveler's Checks: Don't leave home without them !"
Financial houses and banks should set up their customer secure web pages to read something like "System down,balance not available" or "Balance not available because of system maintenance" when the system isn't capable of displaying balances instead of showing "zero balance"
I had some american express traveler checks. Had to cash in.
Chequing accounts still work, get a gold seal cheques for purchases or transfers over $10000. Use only one account for online banking and dont use that account for savings or cheqing storage . Credit cards are insured for online purchases and dont use tap on debit cards.
Canada really needs to do and system analysis to decide which agencies can go back to analog. Like doctor info etc....
Why should one not use tap on debit cards?
I keep a reserve of cash on hand for just such a risk. Electrical grid down etc. but still need to function.
Until I retired I wanted at least one payroll cycle amount in cash for same reason.
I know for the most part such a worry may be more of a remote risk, but I feel better being prepared.
If some hacking (or like the recent global software problem) creates a problem using credit cards - I’m in better shape with having cash.
Better to have prepared and not needed to then the other way around. I think you are smart .... Azul
@@AzulWells appreciate it Azul.
Now I just have to start acting on your advice to allow myself to spend in retirement! I’ll get there before too much longer👍
Is it possible someone may be stealing?
I've always had more than one bank account, but if both accounts were frozen, or if I found that for some unknown reason my balance were zero, I would still be able to survive. Why? Because I'm smart enough to have enough cash on hand to cover my expenses for awhile. If you're one of the many people, especially young people, who think they're smart that they never carry cash, you've just heard in this video what can happen to you.
I also have two or three months worth of storable food just in case for some reason the stores run out of food, or if for some reason I'm not able to buy any.
A word to the wise is sufficient.
It happened to me once that my checking n saving showed $0 balance when I checked at 2 AM and I believe the reason was that the system was taken down for maintenance. Typically the database system is designed in redundant architecture where one is online while the other is being worked on, but I guess there was a glitch that both database had taken down. Just a guess.
I checked again around 6 AM and both accounts were fine with correct balances.
If you lose your CC or it's stolen or if the CC app/company has been hacked or there's an EMP/CME...keep some physical cash at home!!!
This year first working day in Jan this happened to me with chase bank Terrible 😢
Hi Azul, I hear conflicting advice about having an overall relationship with an AUM 1% fee band based advisor (e.g. Chase Private Client) vs. a fee-only advisor vs. a tax advisor. I'm confused about who/where I am better off with my advice on retirement investing. Could you do a segment to explain that?
What does he know? He is not educated in financial field, he become a financial advisor by self proclamation🤣 i wouldnt trust him with my meager savings😂😂😂
I use a small bank where I live.
Sounds like a hacker's dry run.
I'm in canada and turn all ways to transfer money out of my accounts if someone may get into my online backing .my accounts can only be withdrawn at the branch only .
Is joint accounts insured for 500k?
FDIC insurance is against bank failure, not fraud. At least as far as I know.
But yes, joint accounts are insured for $500k
no, each account is insured up to $250,000 joint or individual. If you have more money than that you should open another account.
It's $250k per co-owner per account type. Joint account is 2 co-owners, so each person is covered for $250k for a combined $500k
This might help (FAQ on the topic by the FDIC themselves).
www.fdic.gov/financial-institution-employees-guide-deposit-insurance/joint-accounts#:~:text=Rules%3A,IDI%20records%20clearly%20indicate%20otherwise.
Great topic! Oh how fun - you suggested the very first video of yours that I ever saw and liked so much that I subscribed!! ☮️💟
Happened to me at another major bank. I went to my account online just for the heck of it and surprise surprise my $4000. checking account showed $0.00 balance. This really sucks and how would I prove they are at fault for FDIC purposes? Anyway, the money magically reappeared after an hour. It seems this could happen anytime and at any bank. Very unsettling. What if your large IRA disappears through no fault of your own? And doesn't "reappear'?
You still have monthly statements and all the transactions are available. Money doesn't "vanish". There's a big difference between phones/computers not being able to access your account temporarily and someone emptying your account.
Herbert W Armstrong was right.
I use cash. No problems.
A financial advisor would know about emptying bank accounts. That’s what they do for a living.
Wonder how much Hertz paid Brady to do that commercial . Anybody know ?
Use bank account not internet-link.
Don’t be a cashless individual. Only a fool would do that
Thats my account every day
Cash at home helps me sleep better
😢
2025, americans have cash, gold and silver, going to be a bumpy ride, if you know what I mean!
Lost me at $250,000
Multiple banks don't fix a global digital breakdown. Cash is king
Ok. I will keep my two hundred thousand dollars under my pillow.
Fdic insurance 😂
MAGA 2024 💪
300..that's my average daily balance 😂
I'm new to investing, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.
As a beginner investor, it's essential for you to have a mentor to keep you accountable. Melanie Ann Karnavas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessment, ensuring my trades decisions align with market dynamics for optimal returns.
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
Yes, I agree with you. Her platform is wonderful and her strategies are exceptional.
I'm new at this, please how can I reach out to her easily?
She's on face book, look up her name👇
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you..prevent inflation.*
I started investing in crypto and def earlier this year and it's the best decision I've ever made. My portfolio is now worth almost a million and I've realized that if a cryptocurrency hits the news, you're probably pretty late to the game. The idea is to get in on blue chips early before they go public. There are a lot of life-changing opportunities in the market that you should make the most of.
Waking up every 14th of each month to $30,000 it's a blessing to I and my family... Big gratitude to Michael Wayne 🙌
nice! once you hit a big milestone, the next comes easier. How can I reach him, if you don't mind me asking?
Put the numbers together. UA-cam is frustrating when inserting numbers
That's his WHAT'SAPPS 🇺🇸🇺🇸🇺🇸
I'm so happy I made productive decisions about my finances that changed my life forever. I'm 51 living in Melbourne Australia, bought my new mansion in August and hoping to do more if things keep going smoothly for me..
Congratulations dear. You're really doing well for yourself, I'm 49 and my financial life is in a mess. Any great tips would really go a long way in shaping my life. I want to buy my own house, that's really a big flex
Tracy Britt Cool Consulting was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Tracy.
My advice: for newbies to grow financially this year, invest. Saving is good, but investing elevates your finances. Why newbie make huge losses on trade is because investing without proper guidance can lead to mistakes and losses. that will stop you from trading, this has been one of the biggest problem to new traders, I've learned this from my own experience
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
How can i reach this Tracy Britt Cool Consulting, if you don't mind me asking? I've known her by her reputation at Berkshire Hathaway
!!I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks or Crypto will be appreciated
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of
information can be a big hurdle. I've been
making more than $100k passively by just
investing through an advisor, and I don't have
to do much work. Inflation or no inflation, my
finances remain secure. So I really don't blame
people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
nice! once you hit a big milestone, the next comes easier. How can i reach her, if you don't mind me asking?
look up her name on the web for her website.