"PARKING" Money........in current prepping reality.....???

[Neb]

As long as the fire safe is somewhere no one will find it. Fire safes protect from fire but a large screwdriver will pop open the lid and bolting it down makes it easier to get good leverage prying it open. I have no idea how many times I took burglary reports and the owner was stunned the fire "safe" was not safe.

As for a safe, if it is not too heavy to move with a large furniture dolly it is not quite safe enough. Yup, took reports for them being pried open too, they just used a larger pry bar.

The high end Liberty safes bolted down to reinforced concrete will not just pry open and it would take a backhoe to dislodge them. They do have protection from fire but are first a safe.


Ben

 

[INresponse]

The high end Liberty safes bolted down to reinforced concrete will not just pry open and it would take a backhoe to dislodge them. They do have protection from fire but are first a safe.


Ben

Yes, those will be helpful, but the ones bought at Home Depot, Walmart, Lowes or similar places are only safe from fire...... for about 30 minutes or an hour tops.

 

[backlash]

The things sold at big box stores are not safes. They are residential security containers.
Their purpose is to keep the honest people out. A determined thief will get in given enough time.
I read a story about thieves that cut holes in the wall, put a chain around the safe and pulled it out through the wall with a truck.
If they want it bad enough they will get it.
A floor safe set in cement is a good option for cash.

 

[INresponse]

The things sold at big box stores are not safes. They are residential security containers.
Their purpose is to keep the honest people out. A determined thief will get in given enough time.
I read a story about thieves that cut holes in the wall, put a chain around the safe and pulled it out through the wall with a truck.
If they want it bad enough they will get it.
A floor safe set in cement is a good option for cash.

I think that is what I mentioned. But, most people do think clearly.

 

[Amish Heart]

We left a high end Liberty Safe that was bolted in to our floor (tile and concrete) in New Mexico. Hated to leave it.

 

[Neb]

We left a high end Liberty Safe that was bolted in to our floor (tile and concrete) in New Mexico. Hated to leave it.

I remember that.

It took 6 brutes ro deliver this.

https://www.libertysafe.com/products/presidential-25

Ben

 

[Supervisor42]

I admit I am shocked to discover that Banks and Credit Unions Essentially don't pay any interest, or hardly any interest. Open to suggestions as to other options.

Yes, I started a same subject thread a few months ago, but can't find it.

Welcome to the real world.
No, you can't put it in a FDIC insured account that pays more than 2% interest.
Here's your other thread:
https://www.homesteadingforum.org/threads/parking-money-in-current-prepping-reality.15961/

 

[Sourdough]

What about Securities Brokerage House. Looks like something called Marcus (a division of Goldman Sach claim to pay 1.20 % interest.

 

[Haertig]

Super, what does this comment refer to?

No, you can't put it in a FDIC insured account that pays more than 2% interest.

You CAN put your money into a savings-type account to "park" it. That may not be your best or safest option, but you can do it. I don't understand the meaning of your comment above saying that you can't. I have put money into savings-type accounts for short term parking between investment changes in the past.

With a savings account, you're not going to earn much interest to increase your money, but not not going to lose money in the stock market either. You could lose the money if the bank failed, which is what FDIC insurance covers. So you want to choose a bank that has FDIC insurance (if the bank has it, it's automatic and free - you don't have to sign up for it or anything). Of course, if things are so bad that not only the bank fails, but the US government starts failing to pay on debts too, then FDIC insurance is not going to be all that useful (since it's a government thing).

If someone WAS going to park money in a savings account, remember that the FDIC insurance only covers loss due to a bank failure up to a max of $250,000 in your account. There are a couple of ways you can increase that however. The easiest is probably to add a few beneficiaries. e.g., if you own the account, you're covered up to $250,000. If you add a single "payable on death" beneficiary (and you SHOULD have beneficiaries specifically listed if you're talking about 1/4 million dollar+ accounts), then the money in your account is insured up to $500,000. Add another beneficiary, so you now have two, and the insurance goes up to $750,000. There is a limit as to how many beneficiaries you can use to increase the insurance amount, but I forget what that number is at the moment. I think you can get up to at least a million in insurance, if not more, using the beneficiary technique. I do not recall if you can list a trust as your beneficiary or if that increases the FDIC coverage like a human beneficiary does. I think you can do that, but I just can't remember to tell you the truth.

 

[Supervisor42]

Super, what does this comment refer to?

You CAN put your money into a savings-type account to "park" it. That may not be your best or safest option, but you can do it. I don't understand the meaning of your comment above saying that you can't. I have put money into savings-type accounts for short term parking between investment changes in the past.

With a savings account, you're not going to earn much interest to increase your money, but not not going to lose money in the stock market either. You could lose the money if the bank failed, which is what FDIC insurance covers. So you want to choose a bank that has FDIC insurance (if the bank has it, it's automatic and free - you don't have to sign up for it or anything). Of course, if things are so bad that not only the bank fails, but the US government starts failing to pay on debts too, then FDIC insurance is not going to be all that useful (since it's a government thing).

If someone WAS going to park money in a savings account, remember that the FDIC insurance only covers loss due to a bank failure up to a max of $250,000 in your account. There are a couple of ways you can increase that however. The easiest is probably to add a few beneficiaries. e.g., if you own the account, you're covered up to $250,000. If you add a single "payable on death" beneficiary (and you SHOULD have beneficiaries specifically listed if you're talking about 1/4 million dollar+ accounts), then the money in your account is insured up to $500,000. Add another beneficiary, so you now have two, and the insurance goes up to $750,000. There is a limit as to how many beneficiaries you can use to increase the insurance amount, but I forget what that number is at the moment. I think you can get up to at least a million in insurance, if not more, using the beneficiary technique. I do not recall if you can list a trust as your beneficiary or if that increases the FDIC coverage like a human beneficiary does. I think you can do that, but I just can't remember to tell you the truth.

I replied in his other thread (see his message I am quoting) and my reply got yanked over to this thread.
I guess I managed to get the new software 'cross-threaded' (mechanic pun)

 

[Caribou]

Super, what does this comment refer to?

You CAN put your money into a savings-type account to "park" it. That may not be your best or safest option, but you can do it. I don't understand the meaning of your comment above saying that you can't. I have put money into savings-type accounts for short term parking between investment changes in the past.

With a savings account, you're not going to earn much interest to increase your money, but not not going to lose money in the stock market either. You could lose the money if the bank failed, which is what FDIC insurance covers. So you want to choose a bank that has FDIC insurance (if the bank has it, it's automatic and free - you don't have to sign up for it or anything). Of course, if things are so bad that not only the bank fails, but the US government starts failing to pay on debts too, then FDIC insurance is not going to be all that useful (since it's a government thing).

If someone WAS going to park money in a savings account, remember that the FDIC insurance only covers loss due to a bank failure up to a max of $250,000 in your account. There are a couple of ways you can increase that however. The easiest is probably to add a few beneficiaries. e.g., if you own the account, you're covered up to $250,000. If you add a single "payable on death" beneficiary (and you SHOULD have beneficiaries specifically listed if you're talking about 1/4 million dollar+ accounts), then the money in your account is insured up to $500,000. Add another beneficiary, so you now have two, and the insurance goes up to $750,000. There is a limit as to how many beneficiaries you can use to increase the insurance amount, but I forget what that number is at the moment. I think you can get up to at least a million in insurance, if not more, using the beneficiary technique. I do not recall if you can list a trust as your beneficiary or if that increases the FDIC coverage like a human beneficiary does. I think you can do that, but I just can't remember to tell you the truth.

I wouldn't want all my money in one bank. There are State and federal banks as well as State and federal savings and loans. All can have FDIC. By spreading your money not only to different institutions but different types of institutions you reduce your threat of getting wiped out. If, for example, you wind up in a situation where one of your banks goes down you still have 3/4 of your funds available. If all institutions are restricted, to say $300/week, then you should be able to get $1,200/week, if you had 4 accounts at different institutions.

 

[Haertig]

If all institutions are restricted, to say $300/week, then you should be able to get $1,200/week, if you had 4 accounts at different institutions.

Definitely something to consider. Also note, once banks start limiting you to only small withdrawals like this, that's about the same time the $300 they let you withdraw won't be worth enough to buy a pack of chewing gum. This kind of withdrawal restriction tends to go hand-in-hand with inflation that is so high, and currency that is so devalued, that the currency you are trying to withdraw is mostly worthless anyway. Something else to consider.

 

[Sourdough]

In this continuing drama, Today I call this highly rated bank that pays no interest to find out exactly what I need to take to town to open a "NO INTEREST" savings account.

a.) Driver's License or government issued I.D.
b.) some utility bills with my name and address on them.
c.) my Social Security Card (Lost 66 years ago) or some official document that includes the S.S. number
(Alaska driver's licenses do NOT currently include S.S. number).

I have abundant utility bills. However, I can't find my Passport. which is the only thing I can think of with S.S. number on it.

 

[Amish Heart]

Use a copy of your income tax form. I did that for a drivers license, don't have an SS card.

 

[Magus]

Here is my monthly routine:
On the 3rd, I hit the bank and withdraw 1000$
I pay my bills on my visa card. the rest I use for transactions that ain't nobody's business,
at the end of the month, I deposit what's left if anything and repeat on the 3rd.
I'm an economic grey man, and should that leftover cash amount to something substantial, there is always something that needs repaired or tweaked before it breaks. there is NEVER any more than 500$ in my account at any time, and yet my money is in constant motion!

 

[Sourdough]

Good suggestion, however, I have not filed a tax return in a very long time, maybe 15 or 20 years. I don't have enough income to meet the minimum need to file a return.

Use a copy of your income tax form. I did that for a drivers license, don't have an SS card.

 

[Magus]

Ditto, I make under 14K a year, but I'm easy to please normally, until Ruger comes out with a new goody anyway.

 

[Sourdough]

Deleted by me.

 

[zoomzoom]

In this continuing drama, Today I call this highly rated bank that pays no interest to find out exactly what I need to take to town to open a "NO INTEREST" savings account.

a.) Driver's License or government issued I.D.
b.) some utility bills with my name and address on them.
c.) my Social Security Card (Lost 66 years ago) or some official document that includes the S.S. number
(Alaska driver's licenses do NOT currently include S.S. number).

I have abundant utility bills. However, I can't find my Passport. which is the only thing I can think of with S.S. number on it.

A passport doesn't have your SSN. I just checked mine.
Do you have a login at SSA.GOV? If so, you can login and request a new card. Very simple.
If you don't have a login on that site, you may have to go through a couple extra steps.

On the SSA.gov site after you login:

Request a Replacement Social Security Card​

Do You Really Need a Card?​

• You will rarely need to show your Social Security card.
• Knowing your Social Security number is what is important.
• Many organizations can verify your Social Security number directly with us.

When Can You Expect to Receive Your Card?​

• Most applicants will receive their replacement Social Security Administration card in 7-10 business days.

 

[PopPopT]

Discuss the pros and cons of different options for parking money. "NOT INVESTING".......Parking.

If you wouldn't mind, about how much money are you thinking about?

 

[Sourdough]

Quarter million next week and another $300,000.00 as soon as I sell this cabin in Paradise. Sadly, I fear that will be next summer. Might drag another $100,000.00 or more out of selling buildings, equipment, vehicles.

If you wouldn't mind, about how much money are you thinking about?

 

[PopPopT]

Quarter million next week and another $300,000.00 as soon as I sell this cabin in Paradise. Sadly, I fear that will be next summer. Might drag another $100,000.00 or more out of selling buildings, equipment, vehicles.

OK. That is significant. I wasn't sure if we were talking about $500. LOL!! Kinda out of my league. But I am still enjoying the thread.

Good luck!

 

[Sourdough]

This is one of the safest banks in America. I have a thread on another forum trying to explain why the hugest banks are not the safest.

https://www.fnbalaska.com/

 

[Sourdough]

OK. That is significant. I wasn't sure if we were talking about $500. LOL!! Kinda out of my league. But I am still enjoying the thread.

Good luck!

You might find this thread interesting. (I am username 6.8spc on that forum)
https://www.survivalistboards.com/t...ongest-banks-in-america.983667/#post-21341287