I wish I could but I have too much money tied up in the old Merrill Lynch accounts which is now part of BoFA. My Roth IRA is an automatic deduction and I couldn't do it from another bank. Of course I have busted all my investments down to nothing these days so I am closer than ever before in my life to boycotting them now. Last year I pretty much stopped all automatic investments, cashed out some and letting the rest ride so no new investments.
I've been big on warning folks on getting out of the TBTF (To big to Fail) banks. Pioneer Preppy if you can get out of your 401/IRA as the feds are eying that to make up the deficet and looking to change the rules. Take the tax hit and get into something real be it silver/gold or food/toilet paper. No capital gains hit unless you sell. Also no counter-party risk if you store yourself or not in a broker's vault.
Good advice. My 401K is now set at the minimum for matching. I set it down to the minimum last year when I declared myself as getting out of the market. I also busted my ROTH monthly contribution down to a paltry 50 bucks a month and stopped buying all paper assets except a gold fund I automatically buy into quarterly. Otherwise I am just building cash and using the ROTH as a pseudo savings account now.I closed my straight investment account I had with BoFA/ML and sunk that into tangibles while I still have a few accounts with only a few grand or so here and there like ESP and a solid REIT account that I just let slowly build on dividends alone these days. Basically what I left in the market is my just in case things don't fall apart insurance policy.When/If the decline slides into a collapse or the government seizes our IRA-type accounts I have already written off my last remaining accounts. Now the wife's accounts are another matter she will allow me to prep and such and even direct her investments to a point but she would never allow me to liquidate them.I also have enough cash to slide by for a month or two if we have an extended banking holiday although no bills would get paid just survival cash.As for the taxes you cannot remove any gains made from a ROTH at all until age 59 I thought. I can take out the after tax deposits but any gains have not been taxed yet. The company 401's you cannot withdraw funds except in the form of a loan and I refuse to pay interest for the privilege of burrowing my own money.Only capitol gains hit I take is for the ESP and REIT accounts. Once again the wife's capitol gains taxes are hefty. I just thank the lord the inheritance tax was reintroduced after her father passed.
While I'm in a similar position, I refer to the incident with MF Global who stole 1.6 Billion in customers money. I recently cashed mine out and paid off some bills while I could. My retirement had been transferred to JP Morgan which had been implicated in this whole mess, as was the federal government which allowed the wrong type of bankruptcy to take place. This put the creditors in the front of the line instead of the CUSTOMERS thereby screwing them royally.If you wait too long before you try and get it you will run into the following issues.1. It will simply disappear as with the MG global issue, with the governments approval.2. It will simply disappear when the global economy collapses. Always remember that one bird in the hand is worth two in the bush.
Matt and others,There is another way to deal with these issues. Keep your IRA, but call your companies and verify they do direct registration of your stocks. Then call the transfer companies and verify what you have been told. Then go back to your IRA broker and tell them to pursue direct registration of your stocks. Yes it will cost a little money, but that depends on your broker or IRA trustee.If costs are exorbitant, shop around, find someone else, and roll it over and do direct registration. Bottom line is the IRA trustee continues to hold your stocks, but they are now registered in your name and they cannot be lent out for short selling nor can they be sold without your autograph. The best part if your company is another MFGlobal your stocks are 100% protected.And Rob, I quit Bunko Amerika years ago after getting screwed by them one time too many. I also rolled over an IRA out of them and to someone else. When they fall, it will be painful for all of us, but I will be glad to see them gone. They are criminals.Winston
Sorry, but I'll stick with BOA. They've been too good to me. They've put the beans and bacon on my table for over twenty-five years.
My objections to BOA had more to do with really horrible customer service and government cronyism. Not to be a gun hipster, but I was already avoiding BOA.
I hate all banks, but trying to single out any one is simply silly. Unless you wish to keep all your money under you bed mattress, what are you going to do.You may as well be choosing which snake you want to play with.You can choose the Cobra, the Black Mamba, or any of the "one steppers" that Asia has to offer. Pick your poison people.Also remember that by trying to single out any bank, you are condemning many people to losing their jobs and potentially bringing down the system that much faster.... is that what you want? All banks are tied to the Fed. They are all corrupt at the top (although BOA is the only one that I know of that has refused to let people close their accounts and move their money). Look at the number of top bankers that have resigned lately. The only banks that ARE failing are the small ones 12 or 13 so far this year and just under a hundred last year. So do you really want to rush to the small banks that aren't TBTF?
If anyone is that worried about this, then go support that gun manufacturer.
I too used BOA when we moved to Florida. I dropped them after 3 months or so. They kept more of my money for going .02 over draft. One pay day it all went to them. Customer service sucked big time. Lobby's were always packed, with only a few tellers.Two years ago I went with Suntrust. No issues at all. In fact I got my 2 oldest boys banking with them now. When we move back to Mn I will go right back to the small bank we had before, or a credit union.Thanks everyone for stopping by and putting in your .50. I used to say .02 but today you need .50. hehehe
I've had customer service issues with Suntrust....like I said: PICK YOUR POISONIf you have those kind of issues, it's one thing. The point of the original post was political in nature... gun control. I won't be played by either side on this issue.ROB: 50 cents or some silver dimes....
Anyway back to the main point of the posting. I think it is a sad day when your bank says to you Mr Business owner, be it Stephen the gun shop owner, Ms. Glock Mom who runs a landscape service, or Ms Kymber the Home Gardener, sorry we don't like your business you own, please go elsewhere. They make themselves sound like the Feds.You can do this, but not that. Do as I say, not as I do. I think customer service plays a big part of any business. We could go on, and on, about everything under the sun.
Hmmm! Interesting responses. I was still in my twenties when I figured out that FRN's were for spending and if you wanted to save for the future FRN's was NOT the way to achieve that. Back then options were few, today not so.Those who have enough savings but keep it in FRN's is losing to inflation every day. A 2% inflation rate in 25 years results in 50% loss. And today inflation is over 10%. Much better today is to get out of FRN's and open a gold holding at Gold Money.com Deposit your funds, it is held as gold grams. Inflation proof. Held offshore so the criminals can't reach it. Think about it.Winston
never used BOA as a bank...we have been fortuant to have USAA and Navy Federal. But it did kind of stink when they bought out countrywide and then our new home loan was through them...as soon as we could we refinanced with USAA...
My dad stopped using banks long ago. He has always used credit unions. He has used the last one since 1979. He had all his banking/loans/refi, etc all placed with the credit union. He used CU's because he worked in aviation since 1966.I would rather use a CU, but none located nearby. I chose ST due to locations at Walmart here near us. We have 3 branches by us. One is a 10/15 min walk. They are always happy to see you. They even offer me a small bottle of water, since I walk.