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/biz/ - Business & Finance

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56005640 No.56005640 [Reply] [Original]

I've inherited an IRA and brokerage account. I'm going to have to put the distributions from the IRA somewhere and I don't want to fuck with my comfy wagie credit union.

I haven't shopped for a bank in twenty years. I know anecdotally that they are mostly shit. I don't know the first thing about even reviewing a local bank or credit union. A google search is useless. Is there a resource for this sort of thing? This is all new to me and I'm not sure what I even want to do with the money, but I have to take it out because of the SECURE act and shit. You can't leave it in there if you inherit it and stuff (pic related), I get that part, it's not important.

>> No.56005651
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56005651

Anything yellow and below.

>> No.56005656
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56005656

Oh, and I'm going to take out just enough to stay in my tax bracket because it's taxed. I don't need that part explained. I just need to figure out how you bank shop in clown world.

>> No.56005682

>>56005651
Fhlb? Federal home loan banks? So I should pick based on it not being exposed to the thing that was the last scam? Do I understand (you) correctly?

I was more concerned with good hysa rates and customer service, but maybe I'm retarded, dunno.

>> No.56005691

>>56005651
Wait...
How can something be more than 100% of capital?

>> No.56005837

>>56005691
Leverage
Its a fucking bank you moron

>> No.56005988

>>56005837
I don't speak kike. So they are borrowing more than they're worth? What else is new?

>> No.56006087

>>56005988
They’re issuing more loans than they have capital for. Where the fhlb steps in is that other banks, with equally shitty balance sheets, buy stock of the other banks in the system to support the capital requirements of the issued loans. Where this becomes a problem is when a shareholding bank collapses, thus removing liquidity from the pool they sold loans against, and also having the secondary problem of bank shares getting sold at market rate as fast as possible by collapsing institutions to try to gather liquidity to save themselves, thus driving other banks in the fhlb system down with it.

If the housing market takes a massive tacobell shit without metamucil, the banks that are leveraged to the tits on loans issued vs equity, will collapse in like a dying star.

Its truly a poison pill scenario for all banks that are tied into this system. The market will go down, rather drastically, and any bank in the red/orange sector will get an absolute ass beating when it happens.

Niggers finna learn ‘bout rehypothecation.

>> No.56006242

>>56005640
Is the amount over $250k? You might want to consider multiple banks if that's the case to stay within the $250k FDIC/NCUA coverage threshold. You could also look into brokerages and see what options they offer. I know Vanguard is piloting a Cash Plus Account which sorta acts like a savings account and covers $1.25m in FDIC-secured accounts from partnered banks. I currently don't use other brokerages but I'm sure they might have similar offerings as well.