As Safe as Money in the Bank?
Article Abstract:
It used to be that saying something was as safe as money in the bank indicated that it was positively, absolutely secure. But the 1980s have seen banks floundering and closing in unprecedented numbers. While the economic recovery has helped the system, we have not seen the last of bank closings. One of the major factors contributing to the state of the banking industry is deregulation, which has heated up competition for depositor's money. International situations involving loan defaults have not helped. But there are things you can do to help make certain your money is safe. The first thing to do is make sure that your money is deposited in an insured bank.The current ceiling on amounts which can be insured is $100,000; if you have more than this in one bank, spread the money around. Most people do not even know if their bank is in trouble; most often it is taken over and reopens without many depositors knowing the bank was ever in trouble. The best protection is insured accounts.
Publication Name: Money
Subject: Business
ISSN: 0149-4953
Year: 1984
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Speeding Snail-Paced IRA Transfers
Article Abstract:
The Securities and Exchange Commission (SEC) has received many complaints from people who are trying to transfer their Individual Retirement Account (IRA) about how long the process takes. The reasons for the delay are many, and include securities dealers who handle too many accounts to be efficient, or invest the money through an agent which means more paperwork at sale time. The fastest way to handle an IRA transfer is to do it yourself, rollover the account from one investment to another by actually removing and reinvesting the funds. But even when the transfer is handled in the traditional way - with one company making the transfers to another company - there is no reason to put up with unusual delays. If the process is not handled within three to four weeks, complain - often, and loudly - until the process is completed. If all else fails, a letter to the SEC can usually get the agency to intercept on your behalf, usually with very positive results.
Publication Name: Money
Subject: Business
ISSN: 0149-4953
Year: 1984
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Where to Put Your IRA Money Now
Article Abstract:
Since government ceilings have been removed from financial institution's interest rates, people who are investing in tax free IRA accounts have many types of accounts from which to choose. There are some IRA accounts, such as bank IRAs or CDs which are safe, and might be the option for someone intending to retire on their IRA money. But for younger, or more risk-oriented IRA investors there are accounts tied to the stock market which can produce more income, but involve taking a greater chance with your money. IRAs are wise tax shelters, can be switched from one account to another, and can be withdrawn for up to sixty days (for an interest free loan to yourself) while being rolled over from one account to another. All these things combine to make IRAs an investment which is good for almost everybody.
Publication Name: Money
Subject: Business
ISSN: 0149-4953
Year: 1984
User Contributions:
Comment about this article or add new information about this topic:
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