Pull out money from Bank??

[ruffa]

Originally Posted by schoolboy

See that's exactly what I'm scared of! But seeing that it is YOUR money, is that legal? For them to say they can't give it to you?

Technically they have to give your money if you ask but they can refuse in panic situations.

[schoolboy]

Originally Posted by mountainjogger

Same. My believe is that if the FCIC falls, money would not be worth anything anyways. So, risk of getting robbed by having that much cash is not worth to me.

Stay safe.

Thanks!

[schoolboy]

Originally Posted by Bigblu10

Me too. For when the sh*t hits the fan!

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Dang, what a flex post. During these times, that post is the equivalent of posting a platinum Daytona in front of a Ferrari steering wheel

[schoolboy]

Originally Posted by Star Ferry

Don't have to look that far back. It was the failure of WaMu in 2008 that caused the limit to go from 100k to 250k. And looks like a WV bank failed a few days ago, the first since this started.

Largest Failures
https://en.m.wikipedia.org/wiki/List..._bank_failures

Full failed bank list
https://www.fdic.gov/bank/individual.../banklist.html

deposit insurance FAQ
https://www.fdic.gov/deposit/deposits/faq.html

Dang, thanks for the info.


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[schoolboy]

Originally Posted by ruffa

Technically they have to give your money if you ask but they can refuse in panic situations.

Thanks, I’m just hoping we aren’t nearing a panic situation.

So many mixed news.

Some people say the worst is coming, some say it’s over.

[Jona]

Regardless of the severity of the present, the USA will rebound. We'd be getting better facts were it not an election year. This is a blip on the radar. It may be a big blip, but it will pass.

I keep some cash in my safe but I'm not rushing to the bank. A run on the banks does neither the bank, the country, nor the depositor any good.

[EEpro]

Originally Posted by Bigblu10

Me too. For when the sh*t hits the fan!

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Ultra strong to avoid the dreaded poke-through.

[Solo118]

I would be more concerned with putting all that money back after all is said and done. I am sure Uncle Sam would like to talk to those depositing 10's of thousands in cash

[schoolboy]

Originally Posted by EEpro

Ultra strong to avoid the dreaded poke-through.

[CamSLC]

I wouldn't personally want all my cash in my home. I think that would be an over reaction. This is a terrible disaster, but it will end eventually.

Keeping a little cash on hand for an emergency or more likely an opportunity is completely reasonable. A "Little" is subjective to each of us.

[pickettt]

Originally Posted by Solo118

I would be more concerned with putting all that money back after all is said and done. I am sure Uncle Sam would like to talk to those depositing 10's of thousands in cash

Why? There will be a bank record if exactly when and where it came from.

[c41006]

I'd be far more anxious about potentially losing the cash that I pulled out. I'll be leaving mine in the bank.

[watchmework]

The banks aren’t causing the pandemic, they are in fine shape...the banking institutions aren’t in the same situation as they were back in 2008. Have some money on hand but I wouldn’t worry about shelling it all under your mattress.

[CKizzy]

My local bank needs 3 days notice, to bring cash in, for withdrawals in excess of $10K. It's always been this way as far as I am aware.

[Bigblu10]

Originally Posted by schoolboy

Dang, what a flex post. During these times, that post is the equivalent of posting a platinum Daytona in front of a Ferrari steering wheel

With several women in the household it evaporates faster than water in the desert!

[FTX I]

Originally Posted by Bigblu10

With several women in the household it evaporates faster than water in the desert!

[Brenngun]

Originally Posted by Tools

Let's all pull our money out and stuff it in the mattress. That would almost guarantee a complete collapse of the banking system.

Then we would need to take a bucketful of that cash to buy a cup of coffee.

That's why I've started hoarding coffee.

[benvh]

What the hell are you doing with my money in your house, Fred?

[schoolboy]

Originally Posted by c41006

I'd be far more anxious about potentially losing the cash that I pulled out. I'll be leaving mine in the bank.

Yup that’s another concern. I’ll probably just pull out $1000 or two.

I’m small currency just in case.

[schoolboy]

Originally Posted by watchmework

The banks aren’t causing the pandemic, they are in fine shape...the banking institutions aren’t in the same situation as they were back in 2008. Have some money on hand but I wouldn’t worry about shelling it all under your mattress.

Thanks


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[schoolboy]

Originally Posted by Bigblu10

With several women in the household it evaporates faster than water in the desert!

I bet haha

[piratfisk]

Originally Posted by Star Ferry

each bank account is FDIC insured up to 250k. your homeowners insurance will cover only a small amount of lost/stolen cash. so no it's not a good idea, it's a really bad idea.

This. This is correct. Don't freak out. Just let it ride. I have faith that this, too, shall pass. Anything we need, we have enough in liquid assets to cover. Anything else, use our lines of credit to get cash rewards.

[newu5er]

Originally Posted by Patton250

Exactly.



Have some cash for emergencies always. We’re not going to have a financial crisis. The worst is behind us. You best get ready start working in a couple of weeks. This thing is about done. It should’ve never got this far to begin with but it did and it will reverse itself much sooner than previously thought.

You can't be more wrong about this...."We’re not going to have a financial crisis. The worst is behind us." I'd be willing to bet a Hulk that you will retract these words in the future.

[1st amg]

I think you are over reacting. Everyone of the financial advisors I have spoken with seem to all think that the 2008 debacle was much much worse.

[newu5er]

Originally Posted by 1st amg

I think you are over reacting. Everyone of the financial advisors I have spoken with seem to all think that the 2008 debacle was much much worse.

Hope they aren't advising you...how are they going to have a 20/20 view into the past and no view into the future and you still take their opinions seriously.

[Tha Baron]

Originally Posted by 1st amg

I think you are over reacting. Everyone of the financial advisors I have spoken with seem to all think that the 2008 debacle was much much worse.

[Hard_Six]

Originally Posted by schoolboy

What are you talking about when you say "far superior forms of currency"?

Watches? Jewelry? Favors?

You know... beaver pelts, raccoon hats, snake skins, stuff like that...

Just kidding of course. I’m talking about stuff like bullets, freeze dried foods, MRE’s, fuel canisters, etc... that’s in tradable denominations.

[schoolboy]

Originally Posted by 1st amg

I think you are over reacting. Everyone of the financial advisors I have spoken with seem to all think that the 2008 debacle was much much worse.

I don’t have a financial advisor but will soon!


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[schoolboy]

Originally Posted by Hard_Six

You know... beaver pelts, raccoon hats, snake skins, stuff like that...

Just kidding of course. I’m talking about stuff like bullets, freeze dried foods, MRE’s, fuel canisters, etc... that’s in tradable denominations.

Oh ok ok


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[pickettt]

Originally Posted by 1st amg

I think you are over reacting. Everyone of the financial advisors I have spoken with seem to all think that the 2008 debacle was much much worse.

I don’t know how they can say that until we see the backside of this thing.