$400k ATM Receipt - Madison Ave Doin' Just Fine
There's a $407k balance on this ATM receipt. At least one denizen of Madison Ave, a metonym for the advertising industry, hasn't been reading the headlines. One is that he's supposed to have no money thanks to the recession. The other is that the FDIC only provides coverage up to $250,000. Oh Don Draper, won't you ever be felled by your devil-may-care ways? Full-size, inside...
Reminds me of that $97,084.23 ATM receipt found on Wall Street back in September. Back when people cared about being under the FDIC coverage limit (it was $100k then). Good times.
Recession? What Recession? [I'm Not Bored Anymore] (Thanks to jpropaganda!)
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Looks like s/he's also not reading his/her ATM receipt. There's a friendly reminder of the $250K limit there, too.
Hey Peter. Watch our for your cornhole.
I'm sure that the person is living as though they had $4,000,000 in that account.
That is what one man earned in 2007 according to the Boston Globe. 3,700,000,000.
No, not a company, one man earned that much money.
Yep, a far cry from minimum wage... John Paulson, a hedge fund manager who predicted the subprime lending crisis would happen and thus resulted in massive foreclosures on home mortgages, led as the top earner among hedge fund managers. The top five managers all earned over a billion dollars in income. There's just no getting around it…that's a lot of money. Just for fun let's consider how much that is…
$ 308,333,333. a month
$ 71,153,846. a week
$ 10,136,986. a day
$ 422,374. an hour
$ 7,039. a min
Whats $400,000 anymore? An hours pay?
It could be a join account... Then they'd be insured up to $500,000, I believe. Even if not, it's a nice problem to have. ;)
what an idiot... id be splitting that into two banks if I were him, caution never hurt anyone
Citibank has unlimited FDIC coverage until December 2009.
I could make that last my entire lifetime.
Could be a joint account...
Just as a point of information, I've noticed that when I use an ATM that doesn't belong to my bank (which I do a lot, because my bank is in CT and I live in VA), if there's an available balance printed, it is almost always some seemingly random number.
Or, you know, this guy could be comparatively rich and stupid.
@snobum: Are you saying that ATM receipts make pretty good rolling papers? Because I can't vouch for that. Really.
Um, maybe it was a business checking account? For, you know, one of them there businesses. They generally have more money than us, you know, people, or like whatever.
Maybe the guy will come forward and tell us? The last 4 digits of his account number and card number are visible thru that semi-opaque paintbrush.
That $400 withdrawl? Walkin' around money, clearly.
Glad to see that Consumerist is still tackling important consumer issues. Like, how much money some random person has.
We had a six-figure balance the week we refinanced and I funneled the proceeds through our checking account before stashing most of the money elsewhere. I still have a receipt similar to the one above 'cause it's fun to look at.
@KyleOrton: Yes, I can see how the receipt had enough information that you could figure that out.
You know what happens when you assume, right?
I'm sure the 100+ people who got laid off from my company on Tuesday find this post hi-larious.
@Colage: It's a friendly reminder about FDIC limits. If you don't like it feel free to go somewhere else.
Am I the only person who usually has two different balances shown on their ATM receipt when they make a withdrawl?
Wow.
I wonder if that guy had a lawsuit (hence the $) for wearing a offensive t shirt at the airport and those are his out of court settlements.
:D
@snobum: Even if it was a joint account, I'm pretty sure it's only insured up to $250k.
My understanding is that one person can have more than $250k of FDIC-insured deposits at a single bank by having up to $250k held individually and up to another $250k held jointly with somebody else. But I don't think you can have $400k in one account all insured, no matter how many joint account holders there are. I'm sure somebody will correct me if I'm wrong.
If I had $400k I could pay off all my debts and still have quite a bit to play around with... actually, I could buy a second house with what was left over.
It could also be a brokerage account. My brokerage account shows up as a checking account on ATM receipts, and the balance is the balance if I went to 100% margin, so it's ridiculously higher than I would ever actually withdraw.
@themicah: Nope that was my understanding, that it doesn't matter how many people are on the account only 250K per account number.
@KyleOrton: Defensive is when I'm trying to justify my own statements, I'd imagine you could realize the point of my comment was to let you know that I thought your statement was presumptuous and dopey.
Point is this: A receipt showing someone withdrawing one-tenth of one percent of the balance of his checking account does not a biography make.
@Colage: The original post related the found receipt with the overall economy. I don't think anyone was actually interested in this specific person and their account.
In this economy, people in every income bracket are actually poor because they spend beyond their means.
That was the point of the comment. I don't know why you would have responded unless you somehow took it personally. Hence defensive.
@snobum: Snobum, why so harsh? Havin' a bad day, hun? I agree totally with Colage; it reads more like a snarky swipe, with the FDIC comment tossed in as an afterthought.
Hmmm. The ATMs around here ask you if you want a receipt. If I had that much money I wouldn't bother to print it out.
@cynical_bastard: I was thinking the same thing.
I am ashamed that you use the name of a Purdue grad and a Chicago Bear.
Your original comment was just as Colage described. Your defense of it lacks any credible logic, and continues to make assumptions with no basis.
In this economy, people in every income bracket are actually poor because they spend beyond their means.
Hmm. In EVERY economy, people are poor because they spend beyond their means. I would probably argue that this may LESS true in the current economy.
That was the point of the comment. I don't know why you would have responded unless you somehow took it personally. Hence defensive.
Perhaps he responded because your point was assumptive, not relevant, and completely without merit.
@Party Boy: Yeah, I don't know what's wrong with me today. Maybe if I had 400K in my bank account...
@Tmoney02:
Read the link from snobum. Just because you think you know something don't stick to your unverified knowledge in the face of proof otherwise.
Two account holders on the same account equals 250k x 2. Therefore, if this is a joint account it's fully protected up to $500,000.
Oh, did I drop that?
I wish......