I have a good size portfolio held at the arm of a major bank that is looking like it is going under. Are these holdings transfered under receivership or buyout? I’m getting worried here. The bank sounds like "walk over ya".

 
  • average joe 6:19 am on August 22, 2010

    Talk to them to get your stocks and mutual funds transferred to a different company. call charles schwabb or Edward Jones and they will gladly help bring your business to them. The bank itself may go under but your money is in the Mutual Fund family not the bank itself. You will not lose any money on the mutual funds but you may want to move them over soon as you can to prevent any confusion if in fact Wachovia does go under. I dont know if I would want to keep my investments in there just to see what would happen. i wouldnt be scared but I would be more proactive.

  • thomas p 6:19 am on August 22, 2010

    The stocks and mutual funds are not bank property. Your portfolio should not be affected at all.

  • golferwhoworks 6:19 am on August 22, 2010

    SIPC only insures you up to 100,000 per account that are held in street name. Move the investment while you can if over 100k

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