Community Chat

[Anonymous032819]

Every financial advisor worth their salt, would strongly advise against withdrawing money, and causing a run in the banks.

As I said, every account is federally protected up to $250,000 by the FDIC.

And my father was a child of the Depression too.

[JasoninBoston]

I do keep an emergency bag of ducuments that does have a large amount of cash in it ($2500).

Friday the fire alarm in my large downtown Boston apartment complex went off and I grabbed the bag, my computer and put on my face mask and made my way down the lobby.  I kept thinking if I had to go to a hotel (if one was even open that I could get into) I really had many essentials.

I did have a relative that passed away several years ago that kept a large amount of gold bars under her bed!  While I thought that was a bit extreme then, I reminded that to my mom recently as something to consider!!

I don't want to freak out but I do think it's wise to have an emergency stash with all our essential documents--that we can access quickly!! Especially if my apt building caught on fire and I couldn't return!!

Thankfully the alarm I had in my place Friday was a false one---so I just put the bag back in its special hiding place!!

[Carmie]

@Anonymous032819   The money is insured, but if there is a problem with the banking grid, you will not be able to use electronic money.

That means no ATM's, credit or debit cards..no Apple Pay, no PayPal.

Think it couldn't happen..well, think again.  Who would have thought we would be in the situation we are in now with COVID 19.

Just think how happy those of us are who bought TP in bulk are.  We didn't have to hoard or Pay high prices..we were prepared for years.

Just something to think about.

[Mz iMac]

I keep "house money" in a safe in my home.

[I am still oxox]

Nope no never I do not need another thing to worry about, in this case history will not repeat itself 

[Moonlady]

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.

[Anonymous032819]

Yes, a strong so!ar flare could wipe out the grid.

Can't use credit/debit cards

Can't pump gas for your car (so I guess we had better have a personal stockpile of gasoline, just in case)

Air traffic control towers wouldn't be able to keep track of planes, and there would be mid-air collisions.

People wouldn't be able to use their cell phones.

And (gasp!) we wouldn't be able to post here!

Causing a panic run on the banks is NEVER a good idea.

Oh, an an asteroid could crash in to the earth tomorrow too.

[Somertime]

I find it amazing that anyone would mention that they have money in their home or even mentioned the amount on a public forum in this day and age!

[Group 5 minus 1]

My parents were depression people. Always kept money,grocery items on hand. We do not,but as I have said,if one is a good buy,a dozen are a better buy.

Also Daddy kept money in every bank in town.

[Dinaki]

In my safe, both here in US and back home, I have a safe where I have stored legal papers, heavy jewelry and of caurse there's cash in them.

I remember, when we left Addis Abeba (when the communits overthrew the Emperor Haile Selassie) in 1974, my mom had a big safe in the house with papers of various properties she owned and money. We fled at night the country, each of us and one by one to Athens, with just one suitcase each, that's right, 1 suitcase, and I was just 14 years old.