papsrus Posted June 30, 2011 Report Posted June 30, 2011 Link Fist of all, only $250,000 is FDIC insured. Quote
Guy Berger Posted June 30, 2011 Report Posted June 30, 2011 Ha - Mr. Tepper could have had all of it insured if he kept it in a non-interest-bearing account. But more seriously, he could be so loaded that this is a logical investment - I mean, if he has a net worth of several billion then this could just be part of his cash holdings. Guy Quote
papsrus Posted June 30, 2011 Author Report Posted June 30, 2011 Even funnier is he withdrew $400, which I guess is the daily max from a cash machine. But you'd figure someone with $100 mil in a savings account would have a pile of Benjamins stuffed in the old household cookie jar or something. Quote
Chuck Nessa Posted June 30, 2011 Report Posted June 30, 2011 Anyone with that much in a savings account is an idiot, no matter the personal worth. Just another reason to shout "off with their heads!!" Quote
ejp626 Posted July 1, 2011 Report Posted July 1, 2011 (edited) Well, speaking only from semi-personal experience, it is possible that since it is out-of-network (note the $2.75 ATM fee), this bank doesn't know the breakdown between savings, checking and investment accounts held at Mr. Tepper's actual bank. It wouldn't be nearly as surprising to have that pooled among three different account types and if the overdraft protection is linking all of them,* then it would look like it was all available. * Sometimes allowed. Other banks only allow overdraft between checking and savings. Edited July 1, 2011 by ejp626 Quote
BillF Posted July 1, 2011 Report Posted July 1, 2011 (edited) Who the hell has 100 million Too many! http://www.thisismoney.co.uk/money/news/article-1714820/Forbes-Rich-List-2011-Worlds-100-wealthiest.html http://en.wikipedia.org/wiki/Sunday_Times_Rich_List_2011 Edited July 1, 2011 by BillF Quote
papsrus Posted July 1, 2011 Author Report Posted July 1, 2011 I notice this bank offers a savings account interest rate of over 1% for balances in excess of $100 K. It's just bizarre that anyone would have that much dough in a savings account, regardless of their net worth, when there are so many better uses for it. Weirder still that they would withdraw $400 from this account at a cash machine. Security isn't foolproof on those things. You'd think a person wouldn't access such an account through any means other than a face-to-face with the bank manager. Weirder still that they would request a receipt then leave it behind. The whole thing is just plain weird. Quote
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