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September 15, 2008 – Comments (8)

This is one that I reported a story on once with a smaller bank, but here's how the financial unwinding can affect many of us.

If the company you work for does its payroll at a bank that collapses and its payroll is more than 100,000, well, good-bye pay cheque...

The financial collapse of financial insitutions is going to be enormously challenging for any business that typically has over $100,000 in deposits.

 

8 Comments – Post Your Own

#1) On September 15, 2008 at 10:36 AM, EverydayInvestor (< 20) wrote:

Ummm ... unless that forces your company into bankruptcy the company still owes you the money and would just have to eat the loss. Also, there are private insurance products out there for non-FDIC insured deposits.

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#2) On September 15, 2008 at 10:55 AM, sarcaz (25.10) wrote:

EverydayInvestor - true; however, if they don't have the money, then you (the employee) aren't getting it regardless, at least not anytime soon (read: when you need and expect it).  Most Americans are still living paycheck-to-paycheck.  My guess is that this could lead to additional dominoes dropping.

sarcaz

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#3) On September 15, 2008 at 2:18 PM, lquadland10 (< 20) wrote:

So how are you doing? Any advice for the soon to be unemployed? How and what home based computer job to do? I will hold firm and fast even though the window looks petty good right now. But as Scarlet O'Hara said in Gone With the Wind there will always be tomorrow. How does Wells Fargo Look in the great landscape of things? Thank you.

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#4) On September 15, 2008 at 5:58 PM, dwot (41.46) wrote:

Doing fine lquadland.  Other then to cut expenses, no...

 

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