Bank Runs Feared

[Riot]

Originally Posted by randallscott35

http://market-ticker.org/archives/19...-Accounts.html

Ah, I got you now - going back to the article within the one you quoted. Looks a really nasty fee scam to screw customers. But I still don't understand what this has to do with possible bank runs.

So buyer beware. If you are with Citi, you have a month and a half read the fine print on your accounts, and to take control and responsibility for your own financial well-being.

"Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change."

And Citi says it applies only to Texas.

What is federal banking law regarding this type of stuff - Dala?

[randallscott35]

Originally Posted by Riot

Ah, I got you now - going back to the article within the one you quoted. Looks a really nasty fee scam to screw customers. But I still don't understand what this has to do with possible bank runs.

So buyer beware. If you are with Citi, you have a month and a half read the fine print on your accounts, and to take control and responsibility for your own financial well-being.

I will say anything is possible. The last year and a half should prove that.

[dalakhani]

Originally Posted by randallscott35

I will say anything is possible. The last year and a half should prove that.

Randall-

Im not going to deny your point about the FDIC. It is a colossal (sp?) fraud when put up even against AIG. You simply can't guarantee a zillion times over your assets.

At the same time, an FDIC collapse would spell an economic collapse because that would be one of the last dominoes to fall. No? And if that is the case, WHERE we have our "money" would be the least of our problems. No?

[randallscott35]

Originally Posted by dalakhani

Randall-

Im not going to deny your point about the FDIC. It is a colossal (sp?) fraud when put up even against AIG. You simply can't guarantee a zillion times over your assets.

At the same time, an FDIC collapse would spell an economic collapse because that would be one of the last dominoes to fall. No? And if that is the case, WHERE we have our "money" would be the least of our problems. No?

But remember what countries have done when they have even selectively defaulted....Argentina basically made it so you could only take out "x" from a bank account during a time period and changed the nature of the accounts themselves with regard to currency change transactions...I would agree it is a very small chance, I just don't view FDIC the same way as most is all.

[dellinger63]

Originally Posted by Riot

So buyer beware. If you are with Citi, you have a month and a half read the fine print on your accounts, and to take control and responsibility for your own financial well-being.?

and if you had followed your own advice and applied it to reading the fine print on your health insurance policy there would be a lot less bitching out of you.

[Riot]

Originally Posted by dellinger63

and if you had followed your own advice and applied it to reading the fine print on your health insurance policy there would be a lot less bitching out of you.

What an ignorant thing to say.

Do you not understand the truth that everyone on this list, everyone who has insurance - that includes YOU - has the very same same fine print in their insurance policies?

The fine print that says the contract you bought with money, the contract you signed, is fluid? The insurance company can change the terms of the policy at any time they want, for whatever reason they want? And there is no laws that prevent this?

Do you think you are magically special and it couldn't possibly happen to you, your family, your parents?

You don't think you could be admitted to the hospital for a procedure; and you, the doctor, and the hospital call your insurance company beforehand and get approval from them for payment (you cannot get admitted to a hospital nowadays without payment being worked out beforehand) - and later the insurance company simply changes it's mind, and decides it will not pay?

If your insurance company says you are covered, and that they will pay for this procedure, wouldn't you go ahead with the operation you need, because the insurance company guaranteed to the hospital and surgeon they'd pay for it?

[dellinger63]

Originally Posted by Riot

What an ignorant thing to say.

Do you not understand the truth that everyone on this list, everyone who has insurance - that includes YOU - has the very same same fine print in their insurance policies?

The fine print that says the contract you bought with money, the contract you signed, is fluid? The insurance company can change the terms of the policy at any time they want, for whatever reason they want? And there is no laws that prevent this?

Do you think you are magically special and it couldn't possibly happen to you, your family, your parents?

You don't think you could be admitted to the hospital for a procedure; and you, the doctor, and the hospital call your insurance company beforehand and get approval from them for payment (you cannot get admitted to a hospital nowadays without payment being worked out beforehand) - and later the insurance company simply changes it's mind, and decides it will not pay?

If your insurance company says you are covered, and that they will pay for this procedure, wouldn't you go ahead with the operation you need, because the insurance company guaranteed to the hospital and surgeon they'd pay for it?

I've never had arthritis and if I did I'd admit it before obtaining the policy. Man/Woman up and admit your mistake and go on w/life. Stop the bitching.

I have watched my diet, exercised and do not smoke cigs. To make me subsidize someone who either because of stupidity or laziness didn't follow common sense prevention is equal to holding me up at gun point IMO only I can’t fire my 9mm at the thief.

[Riot]

I've never had arthritis and if I did I'd admit it before obtaining the policy.

As I wrote here, I did. As I also wrote here, the insurance company says I did, too.

Man/Woman up and admit your mistake and go on w/life. Stop the bitching.

Dell, does that whoosing sound going by your ears ever make you stop and think?

[Riot]

if you were told you were covered, depended on that assurance, incurred an expense and the insurance company subsequently reneged, you need to talk to a bad faith attorney. do it as soon as possible.

Believe me, lawyer was immediately engaged, still is.

[dellinger63]

Originally Posted by Riot

As I wrote here, I did. As I also wrote here, the insurance company says I did, too.



Dell, does that whoosing sound going by your ears ever make you stop and think?

only when it's a bullet

[Danzig]

i remember a couple years ago, a woman went into premature labor and gave birth. baby of course had several issues related to being born earlier than he should have been. the insurance company initially refused to cover any of the infants necessary care, calling it a pre-existing condition. the subsequent firestorm made them re-think, and they covered everything. sometimes just a lawyer isn't enough, involving the media can help. go over your agents head if necessary. i'll never forget when my oldest went into the service, our auto insurance agent said she couldn't cover him since he'd be out of state! that prompted a reply from my husband along the lines of 'so if i travel out of state, i'm not covered??' a call to the office in little rock nipped that in the bud immediately. our next step would have been to the newspaper had they not changed her mind. someone going into the service shouldn't have to worry about seeking auto ins as soon as they enlist.

[Riot]

Originally Posted by dellinger63

only when it's a bullet

Probably best not to think afterwards about that one!

[hi_im_god]

Originally Posted by Riot

What an ignorant thing to say.

Do you not understand the truth that everyone on this list, everyone who has insurance - that includes YOU - has the very same same fine print in their insurance policies?

The fine print that says the contract you bought with money, the contract you signed, is fluid? The insurance company can change the terms of the policy at any time they want, for whatever reason they want? And there is no laws that prevent this?

Do you think you are magically special and it couldn't possibly happen to you, your family, your parents?

You don't think you could be admitted to the hospital for a procedure; and you, the doctor, and the hospital call your insurance company beforehand and get approval from them for payment (you cannot get admitted to a hospital nowadays without payment being worked out beforehand) - and later the insurance company simply changes it's mind, and decides it will not pay?

If your insurance company says you are covered, and that they will pay for this procedure, wouldn't you go ahead with the operation you need, because the insurance company guaranteed to the hospital and surgeon they'd pay for it?

insurance policy's are "contracts of adhesion". what that means is that one side (the insurer) wrote the contract and gave the other side (you), the option to say yes or no. you can't negotiate the terms offered.

courts will interpret any ambiguity in this kind of contract in favor of the party that didn't write it.

i work for an insurance company (please don't hate me). we never make any kind of serious coverage decision absent this awareness. we have a lot of attorneys and most of the time we pay them to have them tell us "you better cover that".

i work in property and casualty which may be very different than health. i also work in california and not kentucky. but the interpretation of contract law can't be all the different where you are.

if you were told you were covered, depended on that assurance, incurred an expense and the insurance company subsequently reneged, you need to talk to a bad faith attorney. do it as soon as possible.