Octopus Overlords

stessier wrote: Mon Aug 05, 2024 12:29 pm

em2nought wrote: Mon Aug 05, 2024 12:16 pm

LawBeefaroni wrote: Mon Aug 05, 2024 9:28 am

em2nought wrote: Mon Aug 05, 2024 8:25 am My buddy who knows much more than I do on the subject says I should have my money in a bank that's too big to fail, and that Chase is the biggest. Is it smart to be in a too big to fail bank?

Do you mean cash deposits or investing in the stock? JPM is fine as a bank to put your money in. However, if you you're looking to put in over $250K, you probably want to talk to a financial advisor.

If you mean the stock, it's just off an all time high in mid-July. Still one of the best bank stocks.

I'm talking about having cash deposits under $250k, and a certain worry about access to safety deposit boxes too. My current bank isn't one of the too big to fail banks. I've also got a Schwab account just for being able to use the debit card overseas and get ATM fee refunded. I'm glad I'm not a trader trying to use a Schwab account today.

Cash deposits under 250k, as long as the bank is FDIC insured, are protected whether or not the bank is too big to fail.

em2nought wrote: Mon Aug 05, 2024 12:36 pm

stessier wrote: Mon Aug 05, 2024 12:29 pm

em2nought wrote: Mon Aug 05, 2024 12:16 pm

LawBeefaroni wrote: Mon Aug 05, 2024 9:28 am

em2nought wrote: Mon Aug 05, 2024 8:25 am My buddy who knows much more than I do on the subject says I should have my money in a bank that's too big to fail, and that Chase is the biggest. Is it smart to be in a too big to fail bank?

Do you mean cash deposits or investing in the stock? JPM is fine as a bank to put your money in. However, if you you're looking to put in over $250K, you probably want to talk to a financial advisor.

If you mean the stock, it's just off an all time high in mid-July. Still one of the best bank stocks.

I'm talking about having cash deposits under $250k, and a certain worry about access to safety deposit boxes too. My current bank isn't one of the too big to fail banks. I've also got a Schwab account just for being able to use the debit card overseas and get ATM fee refunded. I'm glad I'm not a trader trying to use a Schwab account today.

Cash deposits under 250k, as long as the bank is FDIC insured, are protected whether or not the bank is too big to fail.

I wonder what that means though? If a bank fails do the bank facilities close until they get picked up by a bigger bank? Do you temporarily not have access to your funds or safety deposit boxes?

What about money market accounts?

Isgrimnur wrote: Fri Aug 14, 2009 8:23 pm Say goodbye to Colonial Bank.

Troubled Colonial BancGroup will be bought by rival BB&T Friday, the government said after state regulators closed the bank whose assets had been frozen by a federal judge.

The Montgomery, Ala., bank, which has 346 branches spread across Florida, Alabama, Georgia, Nevada, and Texas, is the sixth largest bank failure in U.S. history and by far the largest failure of 2009.

With $25 billion in assets and $20 billion in deposits, Colonial is 100 times larger than the typical bank to have failed this year. BB&T (BBT, Fortune 500) will buy $22 billion of Colonial's assets, as well as its deposits and branches, leaving the remaining assets in the hands of the Federal Deposit Insurance Corp.

Did I mention that my work project for the last 18 months has been working with them??

On Friday, April 26, 2024, Republic First Bank dba Republic Bank (“Republic Bank”) was closed by the Pennsylvania Department of Banking and Securities. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. Fulton Bank, National Association (N.A.), Lancaster, PA, assumed substantially all deposit accounts and substantially all the assets.
...
The full balance of all deposit accounts has been transferred to Fulton Bank, N.A.

You may continue to use your checks and ATM/Debit card. Direct deposits like paychecks and social security benefits will continue as usual.
...
If You Had a Loan
You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change.

If your loan is currently in process or you had a line of credit, contact your loan officer.
...
Safe Deposit Boxes
You will have access to your safe deposit boxes during normal business hours. Any changes will be communicated by Fulton Bank, N.A.

Pyperkub wrote: Mon Aug 05, 2024 2:04 pm That article appears to be from 2009?

TheMix wrote: Tue Oct 15, 2024 4:57 pm I have some change in my pocket. I could probably get them to $26...

LordMortis wrote: Tue Oct 15, 2024 5:09 pm

TheMix wrote: Tue Oct 15, 2024 4:57 pm I have some change in my pocket. I could probably get them to $26...

In equity or debt depending on if you gave or loaned it to them.

A federal judge in Oregon blocked Kroger’s proposed $25 billion tie-up with Albertsons, ruling that the largest merger in US supermarket history would limit competition and harm consumers.
,,,
The merger, announced in 2022, sought to combine the fifth and tenth largest retailers in the country. The companies own dozens of grocery chains, including Safeway, Vons, Harris Teeter and Fred Meyer.
...
Kroger and Albertsons employ mostly unionized workforces and said they wanted to merge to be more competitive against non-union giants such as Walmart, Amazon and Costco. The grocers also face increased pressure from Aldi, the fast-growing German discount supermarket chain.

The merger would accelerate “our position as a more compelling alternative to larger and non-union competitors,” Kroger CEO Rodney McMullen said when the deal was announced in 2022. Kroger committed to lowering grocery prices by $1 billion following the merger.

But Judge Adrienne Nelson rejected that argument.

In her ruling, she said that supermarkets are “distinct from other grocery retailers” and are not direct competitors to Walmart, Amazon and other companies that sell a wider range of goods. The merger would eliminate head-to-head competition between Albertsons and Kroger, potentially raising prices for consumers, she said in the ruling.

LawBeefaroni wrote: Wed Dec 11, 2024 12:09 pm Make sure your account has zero-fee trades. I assume etrade does. With smaller accounts fees would eat up gains.


Don't be afraid to cut losses. Pick a loss limit and stick with it. Especially in the learning stage where you want to develop good habits.

LordMortis wrote: Wed Dec 11, 2024 12:25 pm WRT income equities. If the a dividend is too good to be true, then everybody knows something is wrong but you. At the same time be careful of the publishing experts. They're not acting as fiduciaries. They are looking out for themselves, not for the consumers of their time on media.

Really, if I were to do it all over again, until I learned how to really understand an individual equity, I'd stick with the broadest of market ETFs, like SPY or VTI. Lord knows I have not out earned either from some pretty big bad moves that outweigh all of my good ones combined (unrelated to broad market ETFs)

If/when you eventually get to larger sums of money and start working with derivatives. Don't sell call on things you have no intention of divesting, no matter how much upside you think you may getting. Individual equities tend to move all at once, very quickly in one direction or another, often on earnings reports, which is something you should learn for equities you are interested. First the published books and second the earnings call.

Finally, I don't know nothing, so don't pay attention to me...

Scraper wrote: Wed Dec 11, 2024 12:22 pm

LawBeefaroni wrote: Wed Dec 11, 2024 12:09 pm Make sure your account has zero-fee trades. I assume etrade does. With smaller accounts fees would eat up gains.


Don't be afraid to cut losses. Pick a loss limit and stick with it. Especially in the learning stage where you want to develop good habits.

Yes Etrade is 0 fee. I already set up an account with them but I haven't funded it yet because they make you wait for test deposits into your funding account.

Are there any websites that I should be reading on a daily basis to help make decisions (other than the obvious ones)?

stessier wrote: Wed Dec 11, 2024 4:34 pm And remember that low cost index funds are going to beat you 99 times out of 100.

Isgrimnur wrote: Fri Dec 13, 2024 9:28 pm Why risk failing to beat the market when you can just play the market as a whole?