Not Your Average Financial Podcast™

Episode 55: Banks vs. Mutual Insurance Companies

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In this episode, we ask:

  • What are banks?
    • How do banks work?
    • What happens when you put your money with a bank?
    • Is a checking account safe?
    • What about interest bearing savings account?
    • If you put ten thousand dollars into the interest bearing savings account, how much do you get credited to your account?
    • What is the bank’s business?
    • Why do they lend money?
    • How far does modern banking go back?
    • What was Jekyll Island? Who was there?
    • What is the Federal Reserve?
    • How much do banks have to keep on reserve?
    • When did the FED update the requirements for the reserves?
    • Where is all of your money?
    • What happens when you deposit money into the bank?
    • Why do we call deposit accounts the “safe” place?
    • Is there another way?
    • What are mutually owned life insurance companies?
      • How long have these companies been in force?
      • What does Benjamin Franklin have to do with insurance?
      • How are these different from a bank?
      • Are life insurance companies allowed to inflate the money supply?
      • Are life insurance companies allowed to participate in fractional reserve banking?
      • What are the reserve requirements for an insurance company?
      • Which is safer? The institution who has 10% or less on reserve or the company that has to keep over 100% on reserve?
      • How many banks went bankrupt in 2008?
      • How many life insurance companies in 2008?
      • If banks are so safe, why did so many fail?
      • If there isn’t going to be a bailout next time, how many more banks are we going to see go down?
      • Have you ever looked into who owns banks?
      • Have you ever heard of BOLI (Bank Owned Life Insurance)?
      • How much life insurance do banks purchase, according to the FDIC?
      • How do banks benefit from BOLI?
      • Should you do with your money what banks are doing with theirs?
      • What is COLI? Corporate Owned Life Insurance
      • Is a mutual life insurance company policy SAFER than a bank?
      • What happens if a life insurance company fails?
      • How are life insurance companies regulated?
      • What are insurance companies invested in?
      • Are life insurance companies convenient?
      • Do we spend more or less as availability to money becomes more convenient?
      • How would a life-insurance driven debit card affect dividends?

        • ...more
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