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Dodd-Frank Act And Protecting Our Savings

paoli2
  |     |   2,641 posts since 2011

I keep getting emails stating how to "prepare" with the Dodd-Frank Act for protecting savings over certain amounts from banks being able to "seize" the money without our permission. This is scary but I notice the "scare" emails are from people or companies selling gold. Does anyone know if this is possible for the banks to do this? If so, how does the Dodd Frank Act protect us? Thanks for any info you can provide.

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3


Answers
me1004
  |     |   1,379 posts since 2010
The banks cannot seize your money. But yes, any money you have in them that is not protected by the FDIC insurance can be lost – don't have any money in them that is not covered by FDIC insurance. If not spam e-mail like that. That's al lit is, spam. Or worse, a scam.
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11
alan1
  |     |   877 posts since 2015
The FDIC warned about this scam months ago.

FDIC press release at https://www.fdic.gov/news/news/press/2020/pr20037.html

FDIC cease and desist letter at https://www.fdic.gov/news/news/press/2020/pr20037a.pdf

CNN article at https://www.cnn.com/2020/03/20/media/fdic-newsmax-advertisment/index.html
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5
paoli2
  |     |   2,641 posts since 2011
Friends, I can't thank you enough for calming my fears with your replies and especially Alan1 adding links to information about this very subject. I had a feeling it had to do with people who sell gold but reading the information really was so very helpful. My heartfelt appreciation and thanks for helping me with this concern.
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2
Ally6770
  |     |   4,295 posts since 2010
Whenever you get an email, click on the right hand side of the senders name. On my Mac I can get their email address and know if it is from a real person that I know or company that I know and respect. If it isn't someone you know or it is not from a company you deal with block the email or block the content, or at the very least mark it as spam or junk so it will not come to your email folder but to your junk or trash folder.
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