Moving money away from banks these days?
A top producer I consult just shared THIS ARTICLE with me.
Do your practice a favor and read THIS ARTICLE. Highlight the points you want to share with clients & go to work!!! Some of the interesting things I saw included:
–FDIC has only an approximated $55 billion in reserves to cover $5.4 trillion in assets! (Basically $0.01 to cover every $1.00).
–Current total assets “in trouble” are $379 billion (with the 860 institutions)!
–The reason regulators do not close more insolvent banks may be due to the fact that the FDIC Deposit Insurance Fund (DIF) was a negative $8 billion at September 30, 2010. A number of large banking failure could deplete the entire insurance fund and cause panic among bank depositors. The DIF reserve ratio at September 30, 2010 was -.15 percent, almost the lowest ratio in the history of the FDIC.”
Clients need your help now more than ever!
Make it a successful week for everyone! We’ll visit soon.