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 Post subject: Try to withdrawal 10k from your local bank
PostPosted: 29 Jun 2008, 20:15 
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Joined: 23 Mar 2008, 14:10
Posts: 577
I wanted to tell you a personal experience I just had at the bank that scares me to death. If you think a bank can last a few days during a bank run, then you will be very surprised by my story.

I wanted to withdraw $10,000 from a JP Morgan Chase Bank branch in a local Houston [, Texas] suburb. Chase is the second largest bank in the US and Houston is the fourth largest city in the US. I went in and said: “Can I please have my money?” The teller disappeared for 10 minutes and then came back, and told me to my surprise that “We don’t carry that much cash on hand”. I was shocked. I said: “Are you kidding me?” She went on to explain that, even though this was a payday weekend at the end of the month (which means they have more cash on hand than usual), if I took that amount from them, they would be completely out of cash in a few hours. They suggested that I travel seven miles to a larger local Chase branch and ask them.

So, I drove over to the larger Chase branch. When I got there, they had only one teller working (now think about the implications of one teller working during a bank run with hundreds of people in line). After waiting in line for 10 minutes, I walked up to the teller and asked her for the amount. She then told me that she would have to go into the vault to see if they had enough money there! Now this is getting scary because I was starting to think that I might not get my cash – and this isn’t even a bank run! She came back with the cash and gave it to me, but then told me that I need to call ahead next time for that amount. Hmmm… $10,000 just isn’t that great an amount and now I need to call ahead?

I wanted to tell you this story because the implications are very scary: the second largest bank in the USA in the fourth largest metropolitan area only has enough cash on hand to allow one depositor to empty his/her account. A bank run in the USA would only last five minutes because only a handful of people will be able to get their money out [in cash].

This is story taken from survival blog. Anyway. Its a kind of scary thing to think you can't get your own hard earned cash out when you want/need it. ... _bank.html

 Post subject: Re: Try to withdrawal 10k from your local bank
PostPosted: 29 Jun 2008, 20:25 
Buster Himen
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Joined: 16 Apr 2008, 13:22
Posts: 1363
Location: Las Vegas, NV
0_0: USA
Its is scary and sad. I actually waited tables for 2 years for a company here in south alabama. This is a huge company that has roots in 4 businesses in the importing/harbor control/stevadoring (tugboats). Not too mention they sit on the board of 3 large banks in alabama and have two buildings named after them at University of Alabama.

Anyways, most restaurants allow their waiters/waitresses to take all their tips (credit card/cash) home every night. They screwed themselves 2 years in a row with wrong bookkeeping for taxes so they started keeping every servers credit card tips and paying them out bi weekly on a check. basically padding their checking account and earning interest off our money and forcing us to be taxed on money we may not have fully claimed to cover their own tails.

This is kind of off topic from the OP but still shows that when our money leaves paper and goes digital we lose total control of it.

"I replaced the headlights in my car with strobe lights, so it looks like I'm the only one moving."

"I went to a general store. They wouldn't let me buy anything specifically."

-Steven Wright

 Post subject: Re: Try to withdrawal 10k from your local bank
PostPosted: 31 Oct 2008, 15:35 

Joined: 31 Oct 2008, 15:08
Posts: 10
Can't really say I see the point of withdrawing lots of cash; is it out of fear that the banking system might collapse and electronic transactions will no longer work? Anyway, it's never a problem if you call your bank in advance, in most banks I've been in I've noticed signs reading "for security reasons, we require that you call us 2 or 3 days in advance if you plan to withdraw more than X dollars", with X typically being a couple thousand.

Physical money is pretty much on the way out. Don't recall the number, but only a fraction of all money in the US actually exists as physical currency in vaults or in circulation. If everyone were to attempt to withdraw all their savings, there wouldn't be nearly enough bills to allow it. Not that this is a problem, of course, because people could still spend their savings if they so wished.

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