How To Protect Your Money From The Bank Crisis
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- เผยแพร่เมื่อ 19 มิ.ย. 2024
- How can you protect yourself from bank failures and uncertain foreclosures? There is a lot of confusion around the current crisis, resulting in misinformation leaking to the masses and inciting panic among those who rely on said banks.
Toby Mathis Esq. and Stefan Whitwell from Whitwell Advisors will be going over the facts regarding what information you need to know to make informed decisions on what to do with your money.
First and foremost, the pressing issues banks are facing right now are not a crisis, they can be simply seen as a problem. We want to be clear…banks are not failing, they are having issues with their current financial models that are proving to be less than ideal.
Learn more about Stefan 👇
whitwelladvisors.com/team/ste...
The real question is: How does this affect me? The answer is: It doesn’t. At least not yet.
What is important for patrons of banks right now to understand is… gathering credible information like we are supplying here and making informed decisions on what they want to do with their money.
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Silicon Valley Bank is a company that has been helping banks with their current issues. This is something that many banks are struggling to do right now because of their outdated business models.
We will be going over several key topics related to the current ‘supposed crisis’ SVB is facing.
Thank you to Stefan for joining us and offering his insight on the matter. Whitwell Advisors were wonderful to work with, and we appreciate all the valuable information they were able to provide to our audience.
To those seeking more professional knowledge and insight, please consider subscribing to the channel for more guest features and captivating topics.
Show Notes:
0:00 Intro
0:14 Guest Introduction
1:30 Cause Of Crisis
8:46 SVB
10:10 What To Do
15:54 Investing Your Dollar
18:35 Risk
21:27 Insurance
25:38 Press Releases
26:13 Past Case
30:20 Choices
31:48 Outro
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Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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I just heard on Rich Dad that if bank runs become systemic, the FDIC can only fund at a rate of 0.03%. Also, Janet Yellen in a congressional hearing said that she and other people at the Fed will decide which banks they will bail out. I think the situation is more dangerous than portrayed here.
Ummm kinda world govt is in place cbdc to enslave all...FED NOW NEXT
Saw the same program. I'm small fry but still loosing confidence in the Dollar itself.
The FDIC can cover only 1% of all deposits in the US banks. So who do you think will get that 1%? I guess the top 1% as usual. Certainly not little old retired living on social security me. 😢
I don't have much anyway but only leave a small amount in the bank.
Toronto Canada CDIC doesnt look in good shape either. I heard they may raise from 100,000. to 200,000. coverage for money, intersting to see how they figure that will work.
The bank crisis isn't over yet, and experienced individuals know credit crises don't end quickly. Some find it amusing that some think it's resolved, but in reality, we're headed for a major economic downturn due to this credit contraction.
In case you need to know what the big three questions to protect your money are, they are: 1. Are you a fiduciary? 2.
Is this a segregated account? 3.
What's the level of insurance on the account?
I made note of this because I need to do this myself and thought I'd share my notes.
Thank you so much! We are just now looking at a fiduciary money manager-I had no idea what other questions to ask-in other words-you don’t know what you don’t know….
Thank you for setting that up perfectly
Thanks so much!
Thank you
Thank You, I couldn't stay awake to take notes. I'm certain those Men enjoyed talking shop for 25 minutes with out a hint where the information associated with the video's title is hidden.
I fall down so many rabbit holes on TH-cam and this by far is one of the most valuable videos I’ve ever found! Will be looking at opening a custodial account immediately now! Thanks .
You, like everyone else who's watched this total CRAP are being sucked in.... go find the REAL TRUTH - QUICKLY
The fact that Silicon Valley Bank was "asleep" may have been intentional as many experts are warning of a march toward CBDCs. Would love to hear you discuss this real and present danger.
This is just the real mystery that I cannot comprehend - both the bank executives and the depositors as well as the shareholders are all the cream of the crop in educated elite people. I worked in Silicon Valley years ago - there is no lack of education, at Harvard, Stanford, and MIT, just tons of experience and competence. I think they knew what they were doing - operating without a Risk Manager for 9 months. It's some kind of gaming of the system - I just can't accept that they were asleep at the wheel. It is truly incomprehensible.
@@bethfoster4529 Exactly. It's frustrating when the common person can see the problem the experts won't address.
@@bethfoster4529 Thank you for that information.
It's planned out way in advance Sherlock 😅 that's how wealthy transfer wealth all start up was funded by fed back in 2020 with 0% interest in bay area so eod its govt funded money inside game open eyes little more
@@bethfoster4529 I agree. Even Yellen’s statements are astounding coming from a Yale-educated Ph.D. In economics. Is there a combination of hubris and deliberate inattention to detail? Certainly those who are well-educated are without excuse.
My question: why are credit unions not being mentioned in all this bank crisis stuff? Do they have some other or better protection than the others?
I also would love to see a response to this...TY D Crump
Keep posting your question. I will post this question in more recent videos as I want to know as well.
The credit Union I was with closed up shop without a word , thank god I got my money out but maybe that’s why I didn’t hear anything . Listen to these guys they are top notch , Schwab
Loyds of London , 150million per account insured
Thank you so much for doing this video!!!! I am a young widow of a United States Marine who died for our country. I had to work very, very hard to survive and try to build a retirement. I never understood the difference between a banking account and a custodial account such as Fidelity. I do not trust the banking system as many do not but was sketchy about the custodial accounts that if the banks fail, so would the Fidelities of the world. Now I see not. Once again THANK YOU !
So sorry for your loss 🇺🇸
I’ve always prayed a little harder for spouses & children of our military than the service members themselves because they are the unsung heroes! You are on my permanent prayer list-May God bless you and your family!
So sad for your loss, and your struggles. I had a similar situation, a devastating divorce while 55, company went bankrupt, lost my pension.
Realized I needed divine help, and truly, God opened doors for me for jobs, in places I wouldn't have know there was a door! He carried my traumatized self for several years, until I started to heal and build my confidence.
It all turned out fine. You might want to think about that, too. We all need divine assistance at times. God bless you, my dear! ❤
Amazing guest! He was respectful and knowledgeable.
Also, This channel is great about avoiding sensationalism and giving info that can actually help me.
This same private central bank separate from the original treasury division of original republic, lends 90% of deposits at all banks and only allows 10% liquidity which is why none of us can get all of our money at one time--already been given to others.
It's called "fractional reserve banking". At some point. It will come down. It's inevitable.
Great info about "what to do" now, particularly the difference between a bank and a custodian!
This is the first video of yours that I've seen. It's incredibly helpful. Thank you!
Very clear and valuable information. Thank you.
If a run on ANY bank could happen because of a few Internet posts, then all banks need to be adaptive and ready for a run on them!
Thank you so much. I have been looking for this type of information for years. I am so grateful.
We hope our information if helpful to you!
Thank you Toby. It is appreciated!
Are we all not being hearded into the major banks and brokerages..??
Just saying.
Thank you so much for this information!!
Lived this presentation. Honest & relaxed conversation about a stressful situation. Don't need a 1929 repeat. Thanks for the insight👍❤️
Thanks for the kind words! And agree -- the last thing we need, especially after the last three, is a repeat of 1929 LOL!
Toby can you make a video of what you think about cbdc and what the alternatives can be
Excellent information provided.
Thank You!
Thank you for this interview! I wish you had not kept interrupting your guest so we could have heard a lot more high level information from him. I feel you talked more than him and also unintentionally dumbed down this info so it shared little more than we have already learned from the news, etc.
Thanks for the feedback Laila. Appreciate the good with the bad and will strive to do better.
@@TobyMathis thanks so much for receiving my forthright feedback so graciously. You clearly know a lot and have the capability to bring out the best in your guests. I was thrilled for this topic and that you introduced us to this info and knowledgeable guest.
He’s a class act
This is a CLOWN SHOW
I just called my HR and asked the questions Toby recommended about our 401k manager The Standard. She didn't have an answer!!!! we have over 400 employees and HR had no clue! Man I am glad I watched this video. I am still waiting for an answer from HR.. next step will be maybe to rollover to Charles schwab if they let me! last time i asked they said I had to keep it there until i no longer was employed with the company!!!
Thanks for the great video. I have a question. How do I know if a money market account is safe one versus the ones that buy riskier assets? Thanks
Great question. That's what folks hire us to help them with!
Great interview Toby! Greetings from Michigan.
Wow ! Found this to be very informative and in layman language. Learned a lot n will definitely be sharing this video with family. Thank you so much !
Great video very informative
Great video info for our times. Easy to understand and how to move FWD. I shared. Thank u. 🎉😅😊
Thanks for sharing Sami
Thank you is an understatement!
Thank you for watching! 😄
This old lady says a BIG THANK YOU❗😊
You made our day! Thanks for the kind words.
Great information! Thanks for sharing this with your listeners, as I will be moving my money to safer places.
Thanks for this video. What is the difference between such a custodial account compared to an IRA?
Called Schwab & they told me Custodial accounts are for someone else that you want to put your money in their name for use later, like grandchildren under 18.
What did I get wrong from your advice. ??
Thank ya. Audio quiet but manageable
I agree, would be easier to understand if volume was louder. I could only understand everything because I turned CC on.
Good stuff. Thank you!
Toby every video you make is gold, pure GOLD? 👍🤠
Thanks for watching!
Toby deserves a lot of credit for having put out so many videos aimed at lifting the veil, and helping everyone understand more about the markets and the world.
thank you so much. segregation only applies to cash correct? just wondering if this would apply to stock holdings. tnx again :)
Segregation applies only to securities. Custodians are allowed to do cash sweeps to give you interest on that cash -- which is why the SIPC insures accounts (cash included) up to $500k. The $150mm protection by Lloyds of London that Schwab has in place, applies to the first $1.15mm in cash and up to $150mm in total (where the value above $1.15mm in cash needs to be held in securities, which your investment into the correctly chosen money market fund counts as a security). That help?
@@stefanwhitwell1420 yes, thank you, making more sense.
Why doesn’t anyone ever mention credit unions?
I agreed, nobody does!! Why are they left out of the conversation? There are thousands of people that bank with C Unions.
And who is giving 4% earned interest on Money Markets. Wish they would be clearer on what $$ Custodians we as their followers can benefit from.
Is our money safe in a credit union , or is the risk the same as a bank, ?
@@jim.zuzukiz3583 20:36
Years
@@marshasimpson3453 Mostly internet banks are offering 4% on MMs and 5% CDs. Some examples: Bread Savings, Capital1 Bank, Live Oak Bank, etc.
From what I personally have garnered, is that CU's are the SAME as banks....absolutely operated the same. Ppl are leaving CU's like they are banks.
THANK YOU! THANK YOU SO MUCH!!! I REALLY NEEDED THIS VALUABLE INFORMATION... GREAT JOB :>)
Loved the fiduciary info!
Glad you enjoyed it!
I did chuckle just a bit about the fiduciary title. I appreciate the legal aspect as described, and Toby has been an excellent teacher to me as well. The reason I had to chuckle to myself was that Bernie Madoff was also a fiduciary , correct?
👍👍👍👍👍 Toby and Stephen thank you so much for this schooling. I'm calling my brokerage firm and bank immediately. Toby, the best info on the web, better than google.
Thank you very much for this SUPPER informative video!!!
Now knowing about segregated money, and custodial accounts, I will make some changes, and sleep better at night🌛
Thanks again for helping everyone navigate the Crazy times ahead!
Regards.
Absolutely the best information , Thanks again and always an education.
Very useful info, thank you!
I used to train jiu-jitsu with Stefan. Great dude.
How does an individual create/select the “ right” Schwab Money Market Custodial account? I just moved exposed cash into an Empower Wealth Mgmt Acct insured to 2mm…. But still spread to 250k each bank Acct so probably not custodial? 😮
Excellent information.
Thanks for watching!
I pulled out cash then the rest in t-bills and 10k in i-bonds. The t-bills are very convenient. The i-bonds are locked for 1 year.
Is BMO a little bank in comparison to Schwab? Is their Premier Money Market a Custodial and Segregated account?
Why would all of those depositors @ SVB have more than the FDIC insured amount with that one bank, unless somehow they knew ahead of the “incident” that they would be protected and be made whole?
Herd behavior. Nobody would have done that -- if they had read SVB's financials and seen that as of 12/31/2022 management at SVB had lost 94% of the bank's equity (which means that there was very very little buffer between client deposits and clients losing a lot of money). But, they had the "cool bank" vibe -- what could go wrong? =)
Because most of them were businesses and they were using the accounts as working capital!
Interesting Kramer pm MSNBC was saying buy SVB stock back in February. I would not trust what he ever says anymore
The real wonder is how any of you believe you are protected on less than $250,000!
really good at what u do
How about opening a treasury direct account and buy short term T-Bills. Should be safe until government defaults. Can also buy these directly through Fidelity etc.
What a confusing discussion. Custodial accounts are for IRAs, unless we're discussing Guardianship accounts. And as far as FDIC insurance, 250K is supposed to be the amount for an individual, but if you have a certain amount of qualified and properly POD'd beneficiaries, it's multiplied by that number, up to maximum of six, I believe. POD registered beneficiaries of a certain family relationship qualify. FDIC used to have all this info on their website and banks used to provide pamhlets on ways to ensure your beneficiaries are covered and your FDIC insurance is maximized. But no one ever discusses this.
Thank so much!
FDIC insures only per individual one time NOT per bank account !
Many people don't know that. If you are in only 1 bank be sure and have spouses and childrens names 1 each at every $250k level.
Toby you are a Genius.Thanks
Thanks for watching!
Great advice!
❤thanks - great info
You are so welcome! Thank you for watching!
Good information but I'd rather have bullion or a gold backed Roth. 4% barely outpaces inflation.
Agree! Much better to have your money invested, but corporates and venture companies often have a lot of cash that sits around -- for relatively good reason: you don't want to put cash you will need or may need in an operating capacity at risk etc, so there the goal is to do your best with near zero risk etc. But, I think your overall point is right -- stay invested, safer than cash!
Yep, except 4% doesn't outpace today's inflation of > 6%.
I have my retirement on an annuity @ 6% or above of market does better felt safer at my age.
Thanks Toby!!
Thank you Guys 😊
Thank you too! We appreciate you taking the time to watch us!
Toby, loved this video but I’m very confused about opening a custodial account. Schwab explained to me that a custodial account can be managed by me but it’s in name of a minor???what am I missing? Thanks
What about the Credit Union Banks ..Are they safer or not ? I didn't hear anything referring to that..
Credit Unions are just friendly nicer versions of banks -- same risks as a bank.
I have a money market account at fidelity, aside from my IRA. Is that money market account a custodial account? I think I was told that it’s SIPC insured
Great guest, wish you would have let him speak more.
Sorry Randy - will try to sit back next time. Burning issue with lots of nuances.
Great Info Thx
@writeme-hv7xb yes ?
@writeme-hv7xb yes ?
What about NCUA coverage thru credit unions?
In the UK we have 85k cash protected I have the rest in stocks and property
thanks so much mr. matthis
The video says Silicon Valley bank could have hedged their bet but did not explain exactly how the bank could have hedged. I'd like to know specifically how the bank could hsve hedged?
There are a whole host of ways they could have hedged. But most likely, the best option would have been to enter into laddered swaps whereby they pay a fixed rate and received floating...those swaps would have risen in value as interest rates went up, offsetting losses in their bond portfolios. There's a lot of detail that goes into implementing a bond portfolio interest rate immunization strategy but at a high level, that's what they would have done -- and they would have entered into swaps that matched the lengths of their bonds so that they were protected for the duration of their ownership.
No shade on this guy but I had a friend who went to Wharton and left to go to Temple. Learned a lot more.
I loved my time at Wharton. Temple is another great school. All schools are the same in the sense that you only get out what you put in...old fashioned blood, sweat and tears =)
What about custodian accounts? I called Schwab & was told any custodian account would have to be someone (relative) name??
Have you read “The Great Taking” by David Rogers Webb? Curious if the advice would change after that knowledge.
Is E Trade a custodian?
Great video Gents.
Most welcome, appreciate the kind words.
Glad you enjoyed it!
I don't think in this mass failure case an insurance company can even save us. An insurance company banks on that only a small percentage will ever fail and the remaining will continue to produce income to cover. However with mass failure, their money is also at risk and it would be lost. The mattress is our best bet
Insurance is window dressing. I would focus first on the core structural issues (differences) between banks and custodians. It is the segregated accounts that make the difference.
@@stefanwhitwell1420you are SO WRONG. ALL THIS IS TOTAL TOSH. ANY account, Any account is a total and utter waste of time. There's NOTHING in it, NOTHING. You can only ever be a creditor on a leger sheet of any banking institution.
@kp3509 out of ALL the comments on here YOU are the only person that I've seen that understands. All the rest are idiots, lambs to the slaughter. Respect to you and shame on the people who put this trash out.
Good info but if a bank run happens none of this stuff matters.. Does it?
Not to mention SVB’s risk manager left with $7.1 million, 6 months prior.
Can social security checks be put into anything other then a bank ?
Take it right out after you pay bills, if there is any left
Where is the safest place to buy guild and silver to get the best or real price?
Local coin shops. 🙂
In Australia what custodian bank / account would you recommend if any ?
I don't know off the top of my head. Would have to research that and also confirm that they work similarly there.
Can I get a list of custodial bank accounts
The Lloyd’s of London protection at Schwab has a limit it will pay of $600 million for all accounts combined.
How does the new digital program that were looking at going into effect all of this?
Just curious… What are his ties to Charles Schwab? It was mentioned that his fiduciary nature, but that’s the name he kept throwing around. I’m glad that you made a comment about that.
Thanks I am opening a custodial acct asap
Very educational. Love the content!
Toby you're my new favorite TH-cam channel...making all of this simple to understand. Been watching your other videos..learning for sure. Thank you.
Appreciate the support
My 401k account (which substantially exceeds insured limits) is with the custodian of a former employer. I'm thinking it needs to be decomposed into smaller (insured) accounts with multiple custodians, but such would force the rollover of the 401k to an IRA (I'm now retired, so I cannot roll the old 401k into a new one). Generally, a 401k offers superior asset protection (from creditors) compared to an IRA, but I'm not sure if this true in California. Which is the greater risk: Vanguard fails, or I get sued by a personal injury lawyer?
Best to roll that into an FIA
@@officialtobinshort to what limit would an FIA be insured upon failure of the insurer (eg failure of Kentucky Central Life)?
@@officialtobinshort does FIA stand for fiduciary insured account? Or something similar.
@@Chris.Brisson to my knowledge, pretty indefinitely as insurance companies are typically backed by reinsurers.
@@jojosewist8921 fixed indexed annuity
Their is no safety being in fiat money, nobody is going to insure you against loss of purchasing power. Through inflation, one weekend this whole pile will come crashing down, keep your money in physical metals in your house. Forget yield, preserve your wealth.
Schwab ? They having trouble now too . Try another . Maybe Fidelity
Is a credit union the same as a bank as for your money being safe?
Same problem. Friendlier and more likable institution by category, but same issues.
Be sure you only have the FDIC insured maximum in any bank. And don’t buy Bitcoin?
Toby, would my TD Ameritrade cash account be considered a castodial account? I sell a stock it goes into my cash account, or is this a different type of cash account? You guys talked about Schwab, I know Schwab bought TD and transitioning soon if my account is not now, maybe it would be under Schwab? Thank you, great video!
Can the fdic really pay everyone's money back if the banks fail?
Thanks for the kind words!
@@stefanwhitwell1420 Good evening Sir, did you see mine and Voyagers question about a standard brokerage account? Thank you in advance!
@@SurLaMer_ I checked with Schwab and cash in each account is guaranteed up to $1.15mm and securities up to $150mm; if you hold pure cash above that amount, it is not guaranteed. Since cash earns a low rate or interest in their standard sweep, I think that's a bad idea regardless. Once you put it into the correct money market fund, then it is considered a security and is covered up to $150mm.
Over the last 30 years in this business, I've learned to not assume. So, without calling TD Ameritrade myself I can't say for certain. However, if I were to hazard a guess, since they merged with Schwab, I'd imagine that they would be covered under the same umbrella, but again, best to call them and double check.
Ok, so if we were living in normal times where regulators were interested in upholding the law, a custodian bank would be the right move. But the the most well known and respected custodian bank in the world was Credit Suisse, and look at how that’s turned out. We’re living in unprecedented times and so nothing is what it appears to be. Diversifying funds (with an operations account and assets) seems to be the only strategy here and even then, it won’t be foolproof
Well, actually, Credit Suisse was NOT primarily a custodian. It made most of its money through banking and investment banking -- taking risk. They kind of tried to imply that your money was safe with them because they were a big bank and they were Swiss, but...we all know how that worked out.
How many properties do you need to put in a living trust?
Prob with custodians is where people hold their cash. Its in schwab or fidelity “bank” or in money market. MM can break the $1 now under changed rules so it too can collapse. And the “bank” side of these custodians can have even a faster run as people can get online and transfer assets in a second into other asset classes…..the bank runs at custodians can happen in minutes not days or weeks
Hi John, you make a GREAT point which is this: you cannot blindly invest in money market funds. I am familiar with some that I would say will be extremely unlikely, even under duress, to ever "break the buck" -- on the other hand, I'm familiar with a bunch that are trying to win the "we offer more yield than everyone else's money market fund" game -- and by definition are taking risks to do that, and the more risks they take the more possible a buck-breaking scenario becomes. So you have to get familiar with the different types of money market funds, the amount of risk they take etc. We use one that is extremely low risk. Personally speaking, I'm happier with a money market fund that yields say 4.30% instead one that takes a lot more risk in order to pay a higher yield of say 4.46%...I'd MUCH rather give up a tiny bit of yield for more safety.
Also, if your money is in a bank, even if that bank is owned by the same parent company that owns the custodian, then your risks = bank risks.
We've never seen a bank run on one of the biggest custodians because they are inherently safe(r) than banks.
The biggest "runs" on custodian's that I've seen have been on ones that focus on speculation or crypto -- or ones like FTX that claim to be a broker (custodian) but were in fact operating like a bank.
I think the masses are smart -- the quickest "runs" are on the weakest institutions.
where can we get these segregated custodial accounts from? any examples of who to talk to
.
I've had my money exclusively in credit unions.
I would say buy silver and gold bullion and take possession of it, don't leave it in a bank or some other place where they will take it.