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Esteemed Contributor
Posts: 6,596
Registered: ‎03-10-2010

Re: Anyone withdrawling cash "just in case"?


@shoekitty wrote:

YES,,,  and I think I becoming my Mom.  Lol  when she died we found 36,000 stuffed in a duvet on the floor!,   I mean that duvet was there for years  we had caretakers, cleaners etc...there it sat  she told me she had cash for an emergency and her funeral.  


@shoekitty 

Whew! Good thing you didn't give that duvet to Goodwill.

"Breathe in, breathe out, move on." Jimmy Buffett
Trusted Contributor
Posts: 1,038
Registered: ‎06-03-2018

Re: Anyone withdrawling cash "just in case"?

I always keep a little "just in case" cash at home, not much but enough if I need it for something quick. But all our money will be staying in the bank. I think we are all safe in keeping it there. 

Respected Contributor
Posts: 3,984
Registered: ‎03-19-2010

Re: Anyone withdrawling cash "just in case"?

@SeaMaiden 

He was talking to my husband.  He didn't specify an amount, only that he was planning on having more cash available at home than usual.  DH and I are considering about $2000.

Valued Contributor
Posts: 937
Registered: ‎08-26-2013

Re: Anyone withdrawling cash "just in case"?

I don't rely on the NYT for anything. 

Esteemed Contributor
Posts: 5,510
Registered: ‎03-09-2010

Re: Anyone withdrawling cash "just in case"?

CapOne was experiencing uh, "liquidity issues" about 2 weeks ago. This will spread. Look at Buffet's investments. BH is public about their investments. WellsFargo and Goldman Sachs very hard hit.

 

In 2008 when some banks shuttered, yes it's true that they closed for a day and FDIC comes in to write checks to depositors.

 

The problem was banks would not accept a check from the defaulted bank even tho issued and guaranteed. If you don't keep cash on hand you're caught short.

 

And right now there's enough kwap to worry about.

Honored Contributor
Posts: 18,604
Registered: ‎10-25-2010

Re: Anyone withdrawling cash "just in case"?

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Honored Contributor
Posts: 20,019
Registered: ‎08-08-2010

Re: Anyone withdrawling cash "just in case"?


@software wrote:

That's the last thing we need to do, another panic, like the toilet paper.

 

Just stop it.

 

For as long as I've been an adult, I've kept a sizable stash of all kinds of money, paper & coin.   Just because.   I'm not going to change my  habits now.


 

Really?

 

Telling other people to 'stop' something you already do? 

 

Geeze.

Honored Contributor
Posts: 20,019
Registered: ‎08-08-2010

Re: Anyone withdrawling cash "just in case"?

[ Edited ]

@SharkE wrote:

@Anonymous032819 wrote:

People are behaving as if we are living in an apocalypse, like in Mad Max.

 

 

 

 


Yep, everyday another horror is gonna hit us. Corona,  run on toliet paper, wild wasps, meat shortage , chicken shortage,  now, banks will be closed.  Ain't life grand .


 

 

Actually, it's mocking replies here like these that are out of line.

 

People asking questions about what others are doing, people sharing what is actually going on (like various shortages in certain locations), people suggesting how they are handling things, or what other's have advised them to do, what media is reporting, is not inciting any panic or riots, not creating shortages. 

 

The media 'might' be causing some of it, but I'd rather know when hundreds of food workers are sick and plants are closing. I'd rather be informed that certain things are becoming hard to find all over. I can then make an informed decision about what I might need or want to do. 

 

And lets not forget, the government at the very beginning of this, was telling people to get out and get what they might need for a minimum of several weeks (and they routinely have been telling people for years now that they need to be prepared to care for themselves in times of natural disasters, and over time have increased the variety and amount of things they suggest). Add that to the fact that more and more Americans have lived through some really bad natural disasters in the last decade or more, and have learned what it is like to live without basic needs for periods of time, and I really don't know what people  expect at a time of crisis or uncertainty, but for people to increase purchases of things they either assume will be short, or that are already that way.

Honored Contributor
Posts: 20,019
Registered: ‎08-08-2010

Re: Anyone withdrawling cash "just in case"?


@Anonymous032819 wrote:

@Moonlady wrote:

It's incorrect that "each account" is insured for up to $250,000. Many people have multiple accounts at one bank, and they're not each insured for $250,000. All accounts, in aggregate, at one institution (i.e., checking, savings, money market, CDs--anything "on the bank's books") are insured for up to that maximum amount of $250K. 

 

That said, it's true that depositors need not worry about their FDIC-insured money. The last big shore-up to the FDIC was for a $500 billion U.S. Treasury credit.

 

The FDIC will not be running out of money.


 

 

 

 

 

 

 

 

 

 

This bears repeating, for those who fear of worry about the FDIC going broke.

 

 

 

 

 

 

The FDIC  is insured for $500 BILLION DOLLARS.

 

 

THAT IS HALF A TRILLION DOLLARS.


 

In today's world, that is nothing. Can anyone site the actual amount of money on deposit in FDIC insured accounts? At one time several years ago, I read they didn't have enough to cover even half the deposits. Can't recall where I read that, but I know they can't begin to cover all the deposits.

QVC Customer Care
Posts: 1,676
Registered: ‎06-14-2015

Re: Anyone withdrawling cash "just in case"?