What is not insured by the FDIC? (Wells Fargo website)
What is not insured by the FDIC?
Wells Fargo, and it’s Bank and non-bank affiliates, also offers a range of products and investment accounts that do not qualify as deposits and are therefore not covered by FDIC insurance. Examples of non-deposit products that are not covered by FDIC deposit insurance include:
Investments in mutual funds
U.S. Treasury bills, notes, and bonds purchased through an insured institution
Stocks, bonds, or other securities
Contents of a Safe Deposit Box
I finally got the update from Wells Fargo, saying investment funds are not FDIC insured, not guaranteed by the bank, and subject to investment risk.
Before everyone starts to assume the worse, just posted what they are talking about. This is nothing new. Because of the way the economy is swinging, the memos are sent out as caution. See What is not insured by the FDIC? (Wells Fargo website)
Yes. Nothing alarming. Investment funds are seldom insured, and usually subject to investment risk. I guess someone was surprised by the decline in value of their investment account, prompting the bank to notify their customers.
With all we know about investments already and also understand that no bank has our back, we would be crazy to let them have any degree of control in our future. Find your own path in the investments. Study up, it will give you the control of your own money and the freedom to choose…Work your own plan. It will be very satisfying when you chose to work your plan and not have to pay someone else to play with your money that you waited so so long to get.
UAE: We seek to increase the volume of cooperation with Iraq, and we will contribute to the reconstruction
Foreign Minister Fouad Hussein discussed with the UAE Foreign Minister Abdullah bin Zayed, on Thursday, September 22, 2022, the strengthening of bilateral relations and the overall developments in the Arab region.
The media office of the Minister of Foreign Affairs stated that “Hussein met with the Minister of Foreign Affairs of the United Arab Emirates Abdullah bin Zayed, in the context of the meetings of the 77th session of the United Nations General Assembly in New York.”
He added, “The meeting reviewed the progress of bilateral relations between Baghdad and Abu Dhabi, and the prospects for raising them to a level that meets the aspirations of the two brotherly peoples,” noting that “the two parties discussed the overall developments in the Arab and international region.”
The Minister of Foreign Affairs stressed that “Iraq is keen to strengthen joint cooperation with the UAE in various fields,” calling on Emirati companies to “contribute to the reconstruction of Iraqi cities.”
The statement indicated that “Abdullah bin Zayed reiterated his support for the security and stability of Iraq,” adding, “We always strive to increase the volume of cooperation with Iraq, and we will contribute to reconstruction, construction, and increased investment in Iraq.” link
Iraqi governorates will suspend work next Sunday
Each of the local governments in the governorates of Maysan, Karbala and Najaf decided to suspend official working hours next Sunday, corresponding to September 25, 2022 AD, corresponding to Safar 28, 1444 AH, on the occasion of the death of the Prophet of Islam Muhammad bin Abdullah, according to the Shiite narration.
Imami Shiite Muslims commemorate the death of the Prophet at the shrine of his cousin and son-in-law Ali bin Abi Talib in the city of Najaf in Iraq.
For the first time after 2003…a security monitoring committee to immunize Diyala markets from “fake dollars”
A security source revealed, on Thursday, the formation of a specialized committee to immunize markets in Diyala Governorate from counterfeit dollars.
In an interview with “Information”, the source said, “Forgery and the promotion of counterfeit currencies are among the challenges facing the markets in Diyala and the rest of the provinces, in light of the presence of professional mafias in this path.”
He added, “A specialized committee has been formed that will take upon itself the follow-up of the counterfeit currency file and collect information about the criminal networks that stand behind them,” noting that “the committee will begin its work in carrying out the duties assigned to it, starting next week.”
The source pointed out that “counterfeit currencies have an impact on the economic file and lead to a breach of transaction systems,” noting that “a list of awareness-raising instructions will be issued to banking offices to cooperate in deducing any suspicious cases.”
The markets of Diyala Governorate have suffered in recent years from the emergence of counterfeit currencies and some attempt to promote them from time to time. link
Seems like an education for the people
What is the central bank and what is it?
Recently, there was talk about the currency auction, preceded by the change in the exchange rate to the dollar, and other economic issues that the Iraqi street addressed, blaming the monetary policy of the Central Bank of Iraq.
But few of those who are specialists are aware of the behind-the-scenes of these measures taken by the Central Bank, and their purpose, and may be accused of being dragged into political ends once, or of being led to a destination again.
In the beginning, as is well known, the stability of the economic life of any country is mainly related to the general political atmosphere of the country, the extent of its stability and its impact on the level of stability and stability of the local currency.
In a political arena such as the Iraqi arena, which is witnessing rapid events, it is a worried and discouraging environment for an improvement in the value of the local currency, and even makes it threatened by instability, and this in turn affects the banking circulation process, which makes the citizen not reassured about the value of the local currency, and thus there will be an indication of an increase in the value of the local currency. The demand for the dollar, which puts pressure in the conversion process, and eventually will lead to an increase in the exchange rate.
As for the currency sale window, the Central Bank takes upon itself the management of this window by providing hard currency to citizens who wish to obtain it for business or to complete studies abroad at a subsidized price, and other things. Therefore, the bank provides foreign currency to the Iraqi market, on a regular basis with An examination of the correct dollar, that is, it avoids citizens dealing with counterfeit currency.
Thus, he directly supervises the management of the currency exchange rate, despite what gives it the features of inflation! Which indicates (the health of the economy). Some may be surprised by this phrase, but the inflated economy is the economy that witnesses high rates of demand in exchange for less supply, with the purchasing power of the individual, in contrast to what some markets in the region suffer from price inflation and is offset by a reluctance in demand operations, which causes economic depression and currency inactivity.
The Central Bank of Iraq did not stand on the limits of its main tasks in managing the local cash, and drawing monetary policy only, but also contributed to the preservation of public money, by imposing its monetary authority on the rest of the private banks, and limiting the manipulation or fraud that is heard about here and there.
_ As he imposed a series of strict measures on private banks that obligate them, and put in place a mechanism for granting licenses to establish the same bank, as well as monitoring the capital and exchange operations, and direct supervision by the cadres of the Central Bank, for the work of these banks on the ground, through periodic visits, and it is done by During which banks are classified according to the services they provide to the citizen on the one hand, and their commitment to regulations on the other hand.
_ The Central Bank has also created (Letters of Guarantee Platform), which is a new mechanism followed by the Central Bank in order to examine and scrutinize each letter of guarantee submitted through any bank. work with it.
Granting the housing fund initiatives through soft loans, and strengthening that initiative by canceling interest, so that the bank has contributed approximately (30-40%) of the total investment development rate.
The Central Bank also launched the renewable energy initiative in cooperation with the Ministry of Environment, by consolidating the principles of reliance on solar energy in generating electric power, by granting loans to citizens to purchase these units, which contribute to reducing environmental pollution, saving fuel and considered one of the economic alternatives to providing electricity, which It will contribute to alleviating the burden on the citizen who constantly complains about the high prices of private generators, and the poor services provided.
The Central Bank’s contributions were not limited to the economic and development field only, but it also had a role in supporting, sponsoring and supervising several effective community initiatives, which have won the approval of the Iraqi street, including; Reconstruction of Al-Mutanabi Street, Baghdad’s cultural street that has been neglected for decades.
The Central Bank, in cooperation with private banks, also supervised the initiative to reconstruct the most important squares of the capital, Baghdad, and restored its special luster.
The Central Bank also did not neglect the humanitarian aspect, as it provides several aids to some segments of society, through sums of money provided as care for the elderly, or for those in need of treatment and others.
In the end, we must commend the work of the institutions that represent a safety stake for the state structure, including the judicial institution, which has devoted the concept of independence and to rise above the tension, attraction and struggle that is going on in the Iraqi arena. Not to be suspicious or suspicious…
God bless Iraq… link
Source: Dinar Recaps
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