Browse Forums General Discussion 1 Oct 10, 2008 12:24 pm From news.com.au
Is my money safe? The government is under growing pressure to guarantee bank deposits, banks have been flooded by worried savers cashing out their shares and putting the money into cash. In Australia, unlike the US or some European countries, there is no guarantee on bank deposits, although the government says they would protect amounts up to $20,000. Mr Rudd says he is considering increasing that amount, but in the meantime, if a bank collapses, savers would have to wait for liquidation proceedings –which can take years – to claw back all or part of their money. So my question is as I'm sure many of us having savings in the bank for building..... are we worried? My money isn't in a big four so should I be concerned? - would that even matter.... $20,000 just wouldn't cut it really! Re: Bank savings for house building..... 2Oct 10, 2008 12:43 pm The 20K is peanuts.
I can only hope our banks are safe. They should be with all the billions in profit they've been making in past years. Ruddy keeps saying our banks are strong.....that's kinda got me worried Re: Bank savings for house building..... 3Oct 10, 2008 1:28 pm I haven't seen the Australian wording but if it is like the US protection then the "insurance" is per account. You can have multiple accounts with the same bank and be protected that way. But $20K is way too little to protect.
Dale. Re: Bank savings for house building..... 4Oct 11, 2008 1:38 am According to other sources I've seen, 85% of Australians have less than $20,000 in their bank accounts. After 2 false starts, a year living overseas, two more world trips and 3 years of uncertainty we are now starting the build process again - hopefully for real this time! Re: Bank savings for house building..... 5Oct 11, 2008 8:54 am the banks in australia are relatively strong (can absorb massive loses) and would need a lot larger financial crisis than what is happening right now.
Foreign banks particularly like Citibank (which has potentially 90 billion plus loses coming up) will fall a long time before Aussie banks do. Re: Bank savings for house building..... 7Oct 11, 2008 12:07 pm noidea well, if your saving is in those Big 4 then you will be save. If one of the Big4 collapse then i should said Australia is in a doom day. It won't happen. don't worry. Never say never but I can't tell you how unlikely it is. Remember everyone complaining about banks big profits??? This is exactly the reason successive governments have been blaisay about banks and profits, the freddie mac and fannie mae banks in the US operated on much lower profit margins than ours that is part of the reason for them falling over so easy when strife hit. Re: Bank savings for house building..... 8Oct 11, 2008 12:57 pm I have all my house proceeds in the bank, waiting to be paid to my builder (when applicable). If I lost that I'd be screwed. I don't really want to have 12 separate accounts though...
Edited to remove mention of actual figures... Re: Bank savings for house building..... 9Oct 11, 2008 1:29 pm oztish I wouldn't worry if it's one of the big four it is safe and as I said if it wasn't there would be a lot more signs,
1. big international banks going under (not just one or two) like citibank, duetch bank 2. Wholesale Credit unions, Building societies going under in Australia 3. Small banks going under in Australia (ie bendigo, queensland) 4. Big banks in Australia The first step may happen but it is unlikely as for the rest it is extremely unlikely and would take a fair while for it to happen. In other words your money is still a lot safer in the bank than under your pillow. Re: Bank savings for house building..... 10Oct 12, 2008 1:42 pm It's in ING. According to their little blurb each time you log in, it says that Australian ING depositers' money stays in Australia and is as safe as the Australian big 4. They also brag about their "Standard and Poor" rating being high.
Still, it's scary Re: Bank savings for house building..... 11Oct 12, 2008 4:07 pm Great news!!! In an article on news.com.au today it stated that K-Rudd will be guaranteeing all bank balances in Australian banks, building societies etc for the next three years no matter what the size - as opposed to the original $20 000. See the details here:
http://www.news.com.au/business/money/s ... 27,00.html Re: Bank savings for house building..... 12Oct 12, 2008 4:24 pm Great news but nevertheless a worrying sign...the change in the tone of the message coming from the Government since the G20/G7 conference is a worry...if you look at the optimism of Thursday to the nature of the "message" coming from Government today I think the reality of the depth of the crisis has been made clear to the world's finance and treasury reps.
I think the weeks ahead will be interesting if you're an economist..... How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11916 Hi All It has been a few weeks since my last update. The build has been progressing well. No major issues to report. The scaffolding was dropped today, gyprock will be… 96 356952 Building a fence now will help limit people dumping rubbish and soil on your property. Many houses in suburbia on small lots have fences up before a build. I moved into a… 1 4396 |