Worried about a run on banks?

[SD_Prairie_Goat]

Just got an email from one of my banks, are they worried about a run on the banks?

Effective Thursday, March 19, 2020, we will no longer offer coin counting and we are limiting the amount of cash that can be taken out to $2,000.00, until further notice.


Anyone else seeing this or hearing about this?

 

[Hilljackoutlaw]

I heard in oregon some places have capped the amount u can take out. Not sure if it's true or not. I heard from my buddy who heard from brother in law who lives there.

 

[SAJ-99]

I wouldn't worry about it. I wonder if the Fed is holding cash back for a certain amount of time (10-14days is my guess) because it might have the virus? I know they stopped cash coming in from Asia for this reason a month or so ago.

 

[Scarey]

My bank has closed it's lobby and will only do transactions in the drive through or at the ATM. Any loans/financial needs have to be scheduled in advance. I'm not sure about any limitations on amounts you can withdraw except for at the atm.

 

[AvidIndoorsman]

Every transaction I've made in the last year has been digital... I think maybe I tipped someone in cash one time?

Not sure what a "run" would look like now.

 

[NEWHunter]

Last time I saw one of those was at the old Bailey Bros. Building & Loan.

 

[stealthy_bowman]

Every transaction I've made in the last year has been digital... I think maybe I tipped someone in cash one time?

Not sure what a "run" would look like now.

I was thinking the same thing. I just don’t use cash anymore except on rare occasions. So unless the government collapses, in which case USD would be useless, bank accounts are FDIC insured and we should be covered.

 

[SD_Prairie_Goat]

I was thinking the same thing. I just don’t use cash anymore except on rare occasions. So unless the government collapses, in which case USD would be useless, bank accounts are FDIC insured and we should be covered.

Agreed, but I'm still not sure why they are limiting cash withdrawals? Maybe they aren't getting central bank shipments for cash cause the virus?

 

[Werty]

My brother has a rental property, his tenant jut paid him 1 year in rent, in cash. Yes there are people taking money out.

 

[AvidIndoorsman]

Agreed, but I'm still not sure why they are limiting cash withdrawals? Maybe they aren't getting central bank shipments for cash cause the virus?

Cash is pretty dirty, a lot of places around here aren’t accepting it right now.

 

[SD_Prairie_Goat]

Cash is pretty dirty, a lot of places around here aren’t accepting it right now.

I mean I get that 100% but if that was their logic, then $2000 limit should be no cash limit. The only way I see it is they are worried about running out of money in the banks. Maybe I'm wrong, just seems strange!

 

[AvidIndoorsman]

I mean I get that 100% but if that was their logic, then $2000 limit should be no cash limit. The only way I see it is they are worried about running out of money in the banks. Maybe I'm wrong, just seems strange!

Yeah fair, given the situation with TP it may become a thing.

I guess I’m more puzzled by the impulse. Like say every bank within 100 miles is out of physical currency, I will still be able to pay all of my bills, shop, etc. So who gives a rip? If we have massive inflation that will effect my bank account just the same as paper money. If the interwebs go down or FDIC fails... well I’m not sure paper is really gonna help.

 

[mdeerjunkie]

When I went to the bank near me a few days ago I asked the teller if it had been a busy day and she said that a lot of people where coming and taking out money. ( I don’t know if she was supposed to share that). I also heard that a lot of people in the Hampdens where taking out 20-30 thousand at a time so that the small banks had to send out the cash in armored trucks. Funny times we live in now.

 

[Blacktailbc]

Seems inconvenient . Say you want to buy a used 4Runner that’s a couple hours away, on a Sunday.
Cash talks.

 

[matt0550]

Just got an email from one of my banks, are they worried about a run on the banks?

Effective Thursday, March 19, 2020, we will no longer offer coin counting and we are limiting the amount of cash that can be taken out to $2,000.00, until further notice.


Anyone else seeing this or hearing about this?

What bears investigating is whether or not a bank can legally seize your money ie limit its withdrawal. I find it odd that a bank can say to me "you cant have what is yours though I am only storing it for you AND earning interest from it and through fees charging you to allow me to earn interest on it. Please come back later when I've earned even more interest on it and I'll decide then whether or not you can have what you rightfully own." That doesn't sit well with this writer...

 

[AvidIndoorsman]

Seems inconvenient . Say you want to buy a used 4Runner that’s a couple hours away, on a Sunday.
Cash talks.

Cashiers check? Venmo, Zelle.

Meeting for a transaction with 5k in cash just seems like a good way to get robbed.

What bears investigating is whether or not a bank can legally seize your money ie limit its withdrawal. I find it odd that a bank can say to me "you cant have what is yours though I am only storing it for you AND earning interest from it and through fees charging you to allow me to earn interest on it. Please come back later when I've earned even more interest on it and I'll decide then whether or not you can have what you rightfully own." That doesn't sit well with this writer...

I could be wrong but it appears to be a cash hold, you could still wire all your money out.
I mean before the virus if you wanted to say take $500 out in nickels you had to put in a special order.

 

[matt0550]

Cashiers check?

I could be wrong but it appears to be a cash hold, you could still wire all your money out.
I mean before the virus if you wanted to say take $500 out in nickels you had to put in a special order.

Geez...I'm a big dummy and read that completely wrong...disregard my words there. Herein lies the difference between mechanical and emotional response lol

 

[Sytes]

Odd. I would be curious why something of this nature would be a protective action... I've not received anything of the sort from my banks... Yet.

Any bankers?

 

[AvidIndoorsman]

Geez...I'm a big dummy and read that completely wrong...disregard my words there. Herein lies the difference between mechanical and emotional response lol

You raise a great point in that last sentence. I like people’s emotions are getting the best of them right now.

 

[matt0550]

You raise a great point in that last sentence. I like people’s emotions are getting the best of them right now.

You betcha, I've had a long day, saw the title to this thread and without a doubt subconsciously had made up my mind what had taken place or was going on merely so I could commiserate with someone who didnt have the problem I was addressing lol. It actually made me laugh at myself upon dissecting what I'd said