Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > Fiat Ponzi

Reply
 
LinkBack Thread Tools
Old 05-17-2013, 06:28 AM   #1
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,064
Liked: 2454 times
Snidely Scottrade moving customer cash into FDIC bank accounts

Aren't they aware that no banks are safe with the bail-in plans coming to fruition?
Quote :
...
Dear Jim,

Please find below a notice I received today from Scottrade that I thought might interest you. Unless one opts out, any and all cash balances will automatically be swept into FDIC insured bank accounts at unnamed banks at the broker’s discretion. So if those banks go under, one’s cash position of their brokerage account could possibly be "bailed in" to save an unrelated financial institution unbeknownst to the brokerage customer. I’m sure this happens at other brokerages as well. See note below.
...

Dear Scottrade® Client,

Scottrade is pleased to offer a program that provides up to $500,000 of FDIC insurance protection for your uninvested cash. Our Bank Deposit Program (BDP) transfers available cash in your Scottrade brokerage account and deposits it in one or more FDIC-insured bank accounts. To review the details of the BDP, please review the BDP Terms and Conditions.

What this means for your account: Unless you opt out of the BDP per the instructions below, uninvested cash in your Scottrade account(s) will be automatically deposited, or "swept," into one or more interest-bearing FDIC-insured bank deposit accounts beginning on or after June 14, 2013. When you purchase securities or withdraw funds, the necessary cash will be automatically swept back into your brokerage account. You can easily stay on top of this information through your Scottrade brokerage statements, where balances and activity in the deposit accounts will be reflected. Scottrade Bank, our affiliate, will be one of the banks in this program. Your account will not be charged any fees for the BDP. However, Scottrade does receive a financial benefit in connection with the program which is discussed in detail in Section 8 of the BDP Terms and Conditions.

Your next steps: If you approve of this change, you do not need to take further action. If you choose to not participate in this program, you have two options. You may make this election by logging into your account at Scottrade’s website and visiting the Bank Deposit Program section of the My Account tab, or you may contact your local Scottrade team. You must opt out by June 14, 2013 to avoid being enrolled in this program. If you do not contact us, Scottrade will make the changes detailed in the Terms and Conditions.

Please contact your local Scottrade team with any questions.

Sincerely,
Scottrade, Inc.
...
http://www.jsmineset.com/2013/05/16/jims-mailbox-1258/
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Sarkozy moving to London, setting up $$billion fund dontdeBasemebro Fiat Ponzi 3 01-24-2013 11:30 AM
Moving in the right direction ancona Silver Bug 2 12-27-2012 03:10 AM
FDIC and 2013 PMBug Fiat Ponzi 4 11-15-2012 07:49 AM
CFTC tightens limits on brokerages using customer funds PMBug Fiat Ponzi 1 12-06-2011 07:16 AM
MF Customer: $50M Commodity Account Gone PMBug Fiat Ponzi 6 12-04-2011 09:57 AM


All times are GMT -5. The time now is 05:04 AM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.