Yes, you are correct that the stock market is at an all time high. Guess who's taking the credit for it? Well, can Trump take all the credit, I don't think so, however, he toots his horn longer and louder than anyone else (especially on Twitter). I think that it is probably due to the confidence in Trump to lower corporate taxes. He is really working on that one. I'll get off my soapbox now.....

Lexie wrote: My paperwork for the rollover was submitted over a month ago and still no money. I called them (Voya) just to be sure everything was O.K. and they assured me that it takes 6 to 8 weeks to complete the paperwork on their end. Really???????

That is absurd 6 to 8 weeks! I have never heard it taking that long.

My paperwork for the rollover was submitted over a month ago and still no money. I called them (Voya) just to be sure everything was O.K. and they assured me that it takes 6 to 8 weeks to complete the paperwork on their end. Really???????

Agreed. The FDIC insurance is the absolute safest place you can put your money. There is no safer place.

Goldbug wrote:

Lexie wrote: After meeting with a financial advisor, he assures us that the banks are solid and nothing is going to happen. In fact, he said, with the new administration in power, we will begin to see a rise in interest rates on savings/iras/cds. I sure hope so.

We're already seeing signs of this with the last interest rates rise. I hope there are more to follow. Mind you, the conspiracy theorists would just say that of course a financial advisor would say that because he's part of the banking system.

I understand that Goldbug. Still in all, I don't see BB&T going anywhere just yet. I did hear just yesterday that the stock market is on the rise. Higher than it has been in the last two years. That's a good sign.

Stick with banks that are FDIC insured and don't deposit more than the limit which I believe is $250,000. I just cannot wrap my mind around the idea of pulling your money from a bank when we it's a regulated entity with some consumer protections. Are consumers who withdraw their money really just upset at big bank money and trying to make a political statement? Otherwise, I don't get it.

Lexie wrote: After meeting with a financial advisor, he assures us that the banks are solid and nothing is going to happen. In fact, he said, with the new administration in power, we will begin to see a rise in interest rates on savings/iras/cds. I sure hope so.

We're already seeing signs of this with the last interest rates rise. I hope there are more to follow. Mind you, the conspiracy theorists would just say that of course a financial advisor would say that because he's part of the banking system.

After meeting with a financial advisor, he assures us that the banks are solid and nothing is going to happen. In fact, he said, with the new administration in power, we will begin to see a rise in interest rates on savings/iras/cds. I sure hope so.

I wouldn't recommend pulling all of your money out. I overall still trust the system

Lexie wrote: Good point Goldbug. I was just wondering if anyone else had heard about pulling it all out? Spreading resources is definitely the better option. Putting all your eggs in one basket is not a good idea these days, in my opinion.

The last person I heard say it seriously was into "off-grid" living. Even he still had a bank account, with the absolute minimum he could keep in it. It was just that most of his reserves were kept on his farmstead where he was trying to practice self-sufficiency.

Out of curiosity, how many of the people recommending withdrawing all their money from banks do you think have actually done it themselves? I suspect it's not that many.

Good point Goldbug. I was just wondering if anyone else had heard about pulling it all out? Spreading resources is definitely the better option. Putting all your eggs in one basket is not a good idea these days, in my opinion.

Spreading your resources between several financial organisations seems sensible, but removing all your money from the bank is going to make day-to-day life very difficult. There are always people who say that you should keep your money under the mattress or in gold, etc but it seems unwise to have nothing in a bank. What happens if your house burns down or gets robbed and you lose your money?

Never read that and it sounds like a lot of nonsense. Don't "throw the baby out with the bath water". Been listnening to all sorts of doomsday predictions for many many years. If something like that were to occur you would find folks leaking official information not all that "fake news" that get's around.

I have read in several different places over the last few months to pull your money out of the bank. Have any of you seen this? I believe the reasoning is that if anything ever happens to social security, "they" will take a look at your savings first and then determine what your ss check will be.