Worried about a run on banks?

[Sytes]

We've all been there and done that. Internet forums for the... boggled moments.

 

[matt0550]

We've all been there and done that. Internet forums for the... boggled moments.

I'm still chuckling...funniest thing that happened all day in my world

 

[AvidIndoorsman]

We've all been there and done that. Internet forums for the... boggled moments.

“Oh look wllm hasn’t had his coffee yet” -The forum on a weekly basis

 

[matt0550]

“Oh look wllm hasn’t had his coffee yet” -The forum on a weekly basis

Regardless, you're gentlemen for letting me off my own hook

 

[noharleyyet]

Don't ever argue with Buzz about conservation or with wllm about....well, anything.

 

[Sytes]

Wllm is the matrix on caffeine... Haha!

 

[Blacktailbc]

Cashiers check? Venmo, Zelle.

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

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.

Ned, the rancher selling said 4Runner has never heard of Venmo.
Tough to negotiate with a cashier’s check....

 

[AvidIndoorsman]

Ned, the rancher selling said 4Runner has never heard of Venmo.
Tough to negotiate with a cashier’s check....

Fair... to be honest I’ve never made a big purchase that wasn’t on a credit card, wire transfer, or check.

I know they are a regular part of life, I just don’t have any experience with them.

 

[BigHornRam]

Any of you guy's watch Scott Pelly's 60 Minutes piece tonight? You all should. Buckle up boys. Shits getting ready to hit the fan.

 

[SD_Prairie_Goat]

Any of you guy's watch Scott Pelly's 60 Minutes piece tonight? You all should. Buckle up boys. Shits getting ready to hit the fan.

I don't have cable, what was it on specially?

 

[AvidIndoorsman]

I don't have cable, what was it on specially?

Coronavirus and the economy: Best and worst-case scenarios from Minneapolis Fed president

The former Treasury official who was in charge of the $700 billion government response to the 2008 financial crisis tells 60 Minutes what tools the Federal Reserve can use to combat the economic stress being caused by COVID-19.

www.cbsnews.com

 

[tjones]

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.

Seems legit since it’s first hand info.

 

[Hilljackoutlaw]

Seems legit since it’s first hand info.

That's why I explained that I dont know if it's TRUE or not.

 

[BigHornRam]

Hmmmm. This whole charade is being scripted.

POLITICO Playbook PM: Special Edition: Coronavirus rescue package in limbo

www.politico.com

 

[SAJ-99]

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.

I think you would be shocked by the % of people in this country who are still on a 100% cash basis. The 2017 numbers showed 7% of Americans didn’t have a checking account to even participate in a bank run. I can dig for numbers on people without a credit card, but it is surprisingly high. This is the bifurcation of the economy. To most of us who embraced the 21st century, for better or worse, it seems crazy.

 

[AvidIndoorsman]

I think you would be shocked by the % of people in this country who are still on a 100% cash basis. The 2017 numbers showed 7% of Americans didn’t have a checking account to even participate in a bank run. I can dig for numbers on people without a credit card, but it is surprisingly high. This is the bifurcation of the economy. To most of us who embraced the 21st century, for better or worse, it seems crazy.

Not that shocked. I think credit card rates are something like 60-70%.

I think more point is that 100 years later enough has changed that George Bailey doesn’t have anything to worry about.

 

[Elkmagnet]

Limiting withdrawals in any way is a good way to cause a run on banks.

 

[AvidIndoorsman]

Limiting withdrawals in any way is a good way to cause a run on banks.

Totally agree, but isn’t there already a $500 limit or something like that on ATMs? And you can still take all your money out just not in a duffle bag full of bills...

 

[SD_Prairie_Goat]

Totally agree, but isn’t there already a $500 limit or something like that on ATMs? And you can still take all your money out just not in a duffle bag full of bills...

I think that's more of a theft thing with atm, not as much security as being physically present in front of another person.

I really don't know what my bank is doing, but I'm not afraid so I guess our doesn't affect me right now. If I was going to buy a boat or something then it might prove difficult

 

[Elkmagnet]

Totally agree, but isn’t there already a $500 limit or something like that on ATMs? And you can still take all your money out just not in a duffle bag full of bills...

I guess I should say any new restrictions during this situation.