Sit-rep in your area?

[JettaKnight]

I know this, if you do not have a substantial cash reserve at home you should.

If **** gets bad enough that you can't send money as normal (i.e. using debit / credit cards), then a horde of cash isn't going to help much.

 

[snorko]

Why? If the banks fail, FDIC will pick up the tab. If they don't, the money in your account will be so much worthless numbers on a computer screen, and you'll need a suitcase full of paper money to buy a loaf of bread, if it's worth anything at all. Doesn't even make good toilet paper. The new currency will be beans and bullets.

I don't think there will be a total collapse, no need to assume the extreme. However, if all of a sudden folks are cashing checks instead of depositing them, or pulling out monthly benefits, the available cash will be drained. If the systems stay up and running then no problem, use your Credit/Debit cards. But as we've seen with toilet paper, the NICS system, and other things, the architecture is not designed for this kind of demand surge and it may get inconvenient.

So all I am saying is like has happened numerous times after storms, etc., stores may be cash only and if you don't have any you go home.

I'd really like to know if anyone has another take on this. Am I wrong in my thinking? I see nothing wrong with having a couple thousand in the safe for general purposes, but why would I need a substantial cash reserve at home?

I agree and I was not recommending closing accounts or such. For most folks a couple thousand is a substantial amount of cash. I just polled the three other people in my office and together they had less than $150 on them.

 

[AngryRooster]

They based mine off of my employment history from Oct 18 thru Sept 19.
I stepped away from the restaurant biz and had been working with my brother to start his business and after a year or so when he got rolling he bought me out and I wanted to get back into a kitchen. So Aug '19 I started my (current?/former?) position and from the end of Aug '19 when I started thru the end of Sept I was JUST a hair under the 4200 threshold lol unbelievable. What about Oct 19 thru Mar 20, why doesnt any of that count? Oh well. But I'm just glad my wife has had a good job for a long time so my denial wasn't as harsh for me as it will be for so many others.

IIRC it doesn't count yet because the end of the current fiscal quarter isn't up until the 5th. After that those days will be included because they advance the quarters they look at.

I may be wrong, and if I am someone please correct me. That's just the way I understood it when I looked into it a couple days ago. I'm in a similar boat when it comes to time on job. Got divorced last year, we owned a farm and I worked on that. I moved and started at Honda toward the end of July. I don't have a ton of 'time on actual job' for them to look at. My plan was to wait until after the 5th, assuming I can even file. They are paying us for a random day here and there, not sure if that will prevent me from filing or not.

 

[Route 45]

I don't think there will be a total collapse, no need to assume the extreme. However, if all of a sudden folks are cashing checks instead of depositing them, or pulling out monthly benefits, the available cash will be drained. If the systems stay up and running then no problem, use your Credit/Debit cards. But as we've seen with toilet paper, the NICS system, and other things, the architecture is not designed for this kind of demand surge and it may get inconvenient.

So all I am saying is like has happened numerous times after storms, etc., stores may be cash only and if you don't have any you go home.

I agree and I was not recommending closing accounts or such. For most folks a couple thousand is a substantial amount of cash. I just polled the three other people in my office and together they had less than $150 on them.

Ok, I misunderstood. I've seen at least one person posting a warning to pull most/all of your cash out of the bank for fear of collapse. It's not a bad idea to have some cash in the safe, but emptying your accounts is silly.

I generally don't carry cash ON me, so not surprised by your poll.

 

[d.kaufman]

I pay cash for everything. Keep just enough cash in the bank for monthly bills and to keep the account fees at zero. No reason to keep it all in the bank and let them make money off my money and give me nothing in return.

 

[bwframe]

Cummins reducing executive, employee pay, citing coronavirus

 

[DoggyDaddy]

I don't think there will be a total collapse, no need to assume the extreme. However, if all of a sudden folks are cashing checks instead of depositing them, or pulling out monthly benefits, the available cash will be drained. If the systems stay up and running then no problem, use your Credit/Debit cards. But as we've seen with toilet paper, the NICS system, and other things, the architecture is not designed for this kind of demand surge and it may get inconvenient.

So all I am saying is like has happened numerous times after storms, etc., stores may be cash only and if you don't have any you go home.



I agree and I was not recommending closing accounts or such. For most folks a couple thousand is a substantial amount of cash. I just polled the three other people in my office and together they had less than $150 on them.

Actually, I've been seeing just the opposite happening lately. Stores were going "Card Only" on their self-checkout lanes, and some have eliminated their cash back options if you use a debit card.

 

[Phase2]

Actually, I've been seeing just the opposite happening lately. Stores were going "Card Only" on their self-checkout lanes, and some have eliminated their cash back options if you use a debit card.

Agreed. Although I would agree with snorko that many disasters, particularly financial ones may have a cash-only or cash-emphasized period, this pandemic actually makes physical cash suspect.

 

[DoggyDaddy]

I pay cash for everything. Keep just enough cash in the bank for monthly bills and to keep the account fees at zero. No reason to keep it all in the bank and let them make money off my money and give me nothing in return.

I get interest on both my checking and savings at my credit union. Granted, it's not much, but I was actually surprised about the checking account.

 

[DoggyDaddy]

Agreed. Although I would agree with snorko that many disasters, particularly financial ones may have a cash-only or cash-emphasized period, this pandemic actually makes physical cash suspect.

Yes, but it's two separate issues. If there is an actual cash shortage from people drawing out all their money from banks, then that's one thing. If there's an infrastructure issue (the computer systems crash for whatever reason), that's when I would expect to see cash become more important to keep on hand.

 

[rosejm]

"Don't worry! All of these bills were withdrawn _before_ the Wuhan Flu. These have been sealed up and isolated for at least 2yrs."

 

[Route 45]

Actually, I've been seeing just the opposite happening lately. Stores were going "Card Only" on their self-checkout lanes, and some have eliminated their cash back options if you use a debit card.

I have started to get ticked-off if the stores I shop at (looking at you, Kroger) don't have a proximity reader so I can just tap my card, or better yet, tap my iPhone to pay. I prefer absolute minimal contact with things that a thousand other people have already touched. Let me choose when I need to stick something in a slot.

And cash? Cash is filthy. Nobody is laughing at Canada's plastic money now.

 

[DoggyDaddy]

I have started to get ticked-off if the stores I shop at (looking at you, Kroger) don't have a proximity reader so I can just tap my card, or better yet, tap my iPhone to pay. I prefer absolute minimal contact with things that a thousand other people have already touched. Let me choose when I need to stick something in a slot.

And cash? Cash is filthy. Nobody is laughing at Canada's plastic money now.

Australia had that too. I'm surprised Greta Thunberg hasn't complained that it's not biodegradable.

 

[Trigger Time]

So let me get this straight.

1. You can quit a job and draw unemployment

2. You get 600 more bones a week in your check on top of your normal unemployment check

Ol John that picks up cigarette butts and sweeps the parking lot for $10 bucks a hour can make more money sitting in his trailer drinking PBR and watching Sanford and son reruns?

So generally lower income people tend to waste money when they have any income beyond necessary stuff like Cigarettes and PBR. So I guess we will be able to get some great buys on big screen TV’s and such soon.

Yeah the Republicans in the Senate (lindsay Graham) wanted to fix this before passing it, but everyone wanted to rush and pass it. They never fixed it before it passed the house. So now yep you have people able to draw more sitting on their asses than they were making working. I'm sure that was planned by the democRATS

 

[Trigger Time]

There is a bank branch I drive past on my commute to work. I have driven by it at least 2-3 times a week for the past 29+ years. I have NEVER seen anything like I saw today. See photo below. The drive-thru was packed with all lanes full and cars backed up into the street. This is in a lower economic area so lots of SS, disability, welfare, snap, etc recipients. I would assume most of these folks are account holders who would have ATM cards but maybe not. Did a slew of tax return or stimulus payments go out?

I know this, if you do not have a substantial cash reserve at home you should.

Government check day

 

[ghuns]

Government check day

No kidding. Every single bank I passed today was backed up around the building. And the parking lot at the huge Chalet party shop in Elkhart was FULL.


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[IndyBeerman]

Government check day

Don't know when that happens now, back in the day when I was delivering beer to inner city Indianapolis (500 Liquors now Community and others like it) The 1st Monday of every month was hopping crazy because everyone had just got their checks and was getting " their drink on"

It was commonly refereed to as "Mother's Day" because of the people running around buying liquor and beer muttering "I got to pay this mutha off, gotta to pay that mutha off."

But since it's a normal Friday, I'm leaning towards payday, lot of places still issue checks.

 

[IndyBeerman]

No kidding. Every single bank I passed today was backed up around the building. And the parking lot at the huge Chalet party shop in Elkhart was FULL.


Sent from my HTC U11 life using Tapatalk

Ah, Been there before, delivering Import beers and Gallo wine products back in the day. I think I've delivered to every county in Indiana, lots of nooks and crannies every where.

 

[Dead Duck]

Ah, Been there before, delivering Import beers and Gallo wine products back in the day. I think I've delivered to every county in Indiana, lots of nooks and crannies every where.

Thunderbird was what I saw most in alleys back in the 70s and 80s.

 

[Route 45]

Australia had that too. I'm surprised Greta Thunberg hasn't complained that it's not biodegradable.