No FDIC Deposit Insurance Necessary: Wealthy Use Private Banking for Resolution
I am reposting this again to remind everyone FDIC is not important if your funds are in a private trust bank.
Dear All TNT Dinar & Open Mic Members;
I would like to inform everyone about my experience as a current private banking client of Wells Fargo Private Bank.
I would like to put to bed about possible banks failures after you get your blessing from exchanging your currencies. You need to ask yourself this question, why do the wealthy customers don’t worry about their investments disappearing out of their accounts.
The reason they don’t have that concern is because their investments in the “private trust bank” is considered “off balance sheet” and therefore these investments are not owned by the bank and not reportable to Wall Street. Additionally, the wealthy customers’ investments are titled and owned by them personally or titled and owned by a trust or entity you control.
So, this is where a third party comes in to play. My private bank (Wells Fargo Private Bank) use Depository Trust Company (DTC) one of the world’s largest securities depositories that will be the clearinghouse and safekeeping for my transactions.
Now you say, what if something happens to Wells Fargo Private Bank. Well, since they don’t own your investments, you only need to contact Depository Trust Company to now instruct them to name a new private trust bank (i.e. Northern Trust, U.S. Trust).
Just remember, the private trust bank is only a fiduciary that help manage your investment needs.
Please review the further detailed info on the Depository Trust Company that holds trillions of dollars of securities in their custody.
Furthermore, my private banker explained to me that generally his multibillion and multimillion dollar clients don’t have excess deposit insurance because the bank don’t have title to the investments to be a part of a bank failure.
Finally, this will not protect you from losing money on bad investments. Private trust banks generally carry insurance for your protection if they put you in an investment without careful due diligence and you lose your money as a result of their recommendation.
This is why everyone should relax and make sure you put your funds in a private trust bank to remove this concern. That’s what the wealthy and the 1% do. We do not need to reinvent the wheel.
Good luck to everyone and I hope that I helped ease everyone concerns I will see some of you in Las Vegas, Raleigh and some other venues that RayRen98 will be holding some Wealth Retention Workshops.
Source: Dinar Recaps
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