Coronavirus

[Snapdragon]

Your money is never “safe” in a government institution. But talking to a banker friend, he’s seen a HUGE run on cash, he’s also turned away folks trying to withdraw ALL of their cash at once. He won’t say how much his bank has on hand, but he did say the customers he turned away each one would have individually taken ALL the cash on hand. It’s as safe as it can be, if this gets worse, it’ll be toilet paper anyway. Keep a few hundred to a thousand handy in small denominations and you should be good.

So as long as I don't want to withdraw it all right now, it will probably be there when this blows over?

 

[maxwelhse]

I'm late to the party and can't find a thread about it, but what is the situation with the banks and credit unions? Is money safe? I took some out but left most in.

I don't think anything has changed, so, safe as it ever was for now.

If you just have excess in general, some silver buried in the back yard wouldn't hurt.

 

[Vigilant]

So as long as I don't want to withdraw it all right now, it will probably be there when this blows over?

Just wait for the “free money” checks to hit. And to answer your question, yes-ish. You’ve got a better than even chance that you’re fine. Your money is as “safe” as it ever was before Dos Equis, or whatever terrible beer is killing folks.

 

[Snapdragon]

OK. I saw someone say "the banks are failing left and right" and panicked.

It may or may not have been on Facebook.

 

[maxwelhse]

Your money is never “safe” in a government institution. But talking to a banker friend, he’s seen a HUGE run on cash, he’s also turned away folks trying to withdraw ALL of their cash at once. He won’t say how much his bank has on hand, but he did say the customers he turned away each one would have individually taken ALL the cash on hand. It’s as safe as it can be, if this gets worse, it’ll be toilet paper anyway. Keep a few hundred to a thousand handy in small denominations and you should be good.

A little background from personal experience here... I once brokered a car deal for a girlfriend for $16,000, but the seller would only take cash paper money. I went down to the local 5/3 branch and tried to cash her cashier's check. I figured they'd want to hold the check for awhile, but that wasn't the problem... They didn't have $16k in cash, ever, and refused to even order than much cash to that branch (which was in a nice little quiet Ohio town... Brookville). Instead they had to give a different branch 3 days notice to get that much cash in (which was in the hood btw, Trotwood) and I had to do it there.

When I did all of this, they also had an extra security guard escorting me the entire time. I asked for none of that. This was in 2007 in "good" times and that was my experience with trying to get a bunch of cash out of a huge bank. I figured $16k is nothing to them... I figured wrong.

So... Your friend isn't BSin', but he's sorta spinning a yarn to sound like maybe a little more than it is, IMO.

 

[Vigilant]

OK. I saw someone say "the banks are failing left and right" and panicked.

It may or may not have been on Facebook.

If the banks fail, access to your cash is way down the line of the problems that will represent. But so far, none have failed.

 

[Trigger Time]

I went to take out 13k once to buy a watch and the bank manager said I was lucky they had it.
I was like what the ferk?! 13k to a bank cant really be that much dough

 

[Vigilant]

A little background from personal experience here... I once brokered a car deal for a girlfriend for $16,000, but the seller would only take cash paper money. I went down to the local 5/3 branch and tried to cash her cashier's check. I figured they'd want to hold the check for awhile, but that wasn't the problem... They didn't have $16k in cash, ever, and refused to even order than much cash to that branch (which was in a nice little quiet Ohio town... Brookville). Instead they had to give a different branch 3 days notice to get that much cash in (which was in the hood btw, Trotwood) and I had to do it there.

When I did all of this, they also had an extra security guard escorting me the entire time. I asked for none of that. This was in 2007 in "good" times and that was my experience with trying to get a bunch of cash out of a huge bank. I figured $16k is nothing to them... I figured wrong.

So... Your friend isn't BSin', but he's sorta spinning a yarn to sound like maybe a little more than it is, IMO.

Ive personally been to a large branch, and withdrew $26K, but had to wait another day for the other $20K. I’ve also been refused for $8K at a smaller bank because they didn’t have it, or I would seriously deplete their on hand enough that they wouldn’t do it that day.

 

[maxwelhse]

It may or may not have been on Facebook.

This thread is only like 45% better some times...

 

[Vigilant]

This thread is only like 45% better some times...

Id say 45% better 32% of the time.

 

[Trigger Time]

Ive personally been to a large branch, and withdrew $26K, but had to wait another day for the other $20K. I’ve also been refused for $8K at a smaller bank because they didn’t have it, or I would seriously deplete their on hand enough that they wouldn’t do it that day.

Biggest I ever did was for a house but in Indiana it has to be done electronically so that made it easy

 

[maxwelhse]

Ive personally been to a large branch, and withdrew $26K, but had to wait another day for the other $20K.

Weird... Might be a branch to branch bank to bank thing, but 5/3 made it as big of a PITA as they possibly could have. I don't bank there anymore.

 

[maxwelhse]

Id say 45% better 32% of the time.

Obligatory...

[video=youtube;m9iXlOHtzV4]https://www.youtube.com/watch?v=m9iXlOHtzV4[/video]

 

[CTC B4Z]

Are we close to lock down yet?

 

[Hatin Since 87]

That's incredibly descriptive!

Lol sorry.

 

[Vigilant]

Weird... Might be a branch to branch bank to bank thing, but 5/3 made it as big of a PITA as they possibly could have. I don't bank there anymore.

Dont get me wrong, they didn’t make it easy, they warned me they had to “ notify” the Feds, and this is an unusually large amount, etc. but they still would only let me get about half of what I needed and to come back for the rest, which in turn, caused ANOTHER “notify the Feds” warning.

 

[smokingman]

Dont get me wrong, they didn’t make it easy, they warned me they had to “ notify” the Feds, and this is an unusually large amount, etc. but they still would only let me get about half of what I needed and to come back for the rest, which in turn, caused ANOTHER “notify the Feds” warning.

We learned this back in 2010. We started taking out 9k every day for a few weeks. Under 9999.99 requires no special approval from the feds.

 

[Vigilant]

We learned this back in 2010. We started taking out 9k every day for a few weeks. Under 9999.99 requires no special approval from the feds.

Its not an approval, so much as a heads up to the Feds. And don’t think 9999.99 doesn’t draw scrutiny either.

 

[smokingman]

Its not an approval, so much as a heads up to the Feds. And don’t think 9999.99 doesn’t draw scrutiny either.

At 9k a day we where never asked to fill out a form stating why we wanted our cash.
Rather it drew attention I did not care about,but I should not have to fill out a form telling the government why i want my cash.0

 

[maxwelhse]

Dont get me wrong, they didn’t make it easy, they warned me they had to “ notify” the Feds, and this is an unusually large amount, etc. but they still would only let me get about half of what I needed and to come back for the rest, which in turn, caused ANOTHER “notify the Feds” warning.

Shoulda just told them you were gonna smoke the crack so fast the feds wouldn't even get a chance at you...

Anyhow. It sounds like you already knew your buddy is probably stretching the story a little then. Clearing out my local 5/3 branch at the time could have been done with like a 3 grand withdraw from the way they looked at me when I asked for 16k. If many people smart enough to think they may need to get their money before SHTF has less than 3 grand in there, then the state of our general community's savings is pretty sad.