CRISIS - Is Anyone Withdrawing from The Banks? (2024)

I don't have much in there, but it's being removed. Normally I ride it out but not this time since I bank at BofA. I like banking with them because I can do everything online.

They are saying not to worry because they have plenty to keep them going. This concerns me even more. I suspect they're trying to stop bank runs.

Actually, we too are taking what little we have out this afternoon. And we too bank with BoA.

Angel Lady

Yes- we spend it all.

dd

My personal opinion is that keeping any money in the bank is as risky as keeping it in the stock market.

Of course it's completely possible that the cash you take out may suddenly dissolve right in your hand.

LeafyForest said:

Think it would be a good idea to pull some out and have some extra put aside - just in case as it doesn't look good. But......my question is where do you put it with all the break-ins, stealings, etc. as I would like to take some of ours out also. Be my luck the house would burn down if I kept any there???? Any ideas except burying it in the back yard?

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Buy a fire safe. You can get them at Loews or Home Depot.

I am considering it from BOA.

and no disrespect to the above poster, but better to dissolve in MY hands than theirs.

sparkky said:

I am considering it from BOA.

and no disrespect to the above poster, but better to dissolve in MY hands than theirs.

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That was kinda my point.

Recommendation?

Anyone know of a bank that allows online banking, ATM/Credit, and isn't a failing bank?

Yep - took it out Tuesday.

Rex, are there any small, independant banks near you? If you are looking for another bank, that's where I'd suggest you start. Some of them have been around a very long time, and a check on Bankrate will let you know what their status is. Ask your friends where they bank, how they like the service, charges and fees, etc.

Now, if there's a bank holiday and all banks are consolidated into some all-encompassing national banking conglomeration, all bets are off.

Only you can decide what a good level of exposure is for your situation.

If you want to bank in Iowa, I've got a really solid bank to refer you to, and it allows online banking/ATM/debit cards, etc.

Oh, and for those who wonder, the bank I took the money out of is NOT the one I'd refer. I bank at US bank, and don't want to have money in ANY bank right now.

Credit Unions are pretty solid -- which is why the Federal Reserve is trying to find a way to grab their cash.

We bank only in LOCALLY OWNED financial institutions -- and no, we don't keep very much in there.

Rex... definitely look into a small, locally owned bank. There are several in my neck of the woods ... our bank now has 8 branches (IIRC), up from two in 1985... we've banked with them for almost 30 years. They have good ratings from the various rating agencies, and they NEVER sell a loan.

They took no money from the various government handouts, and explained why in a letter on their website (essentially, they don't need the cash, and want nothing to do with government largesse).

I know of at least two other locally owned banks in Western NY state which are independent and rated well. There must be one where you live.

Summerthyme

Dex said:

Buy a fire safe. You can get them at Loews or Home Depot.

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We have a fire safe that we bought years ago...thank goodness.

Anyway, while at the bank this afternoon to withdraw money, the manager was standing in the lobby talking to everyone that came in asking them what they were doing today....making a deposit or withdrawal. That's never happened before.

Today was payday for us and we are not wealthy....we pretty much need everything to take care of bills and buy groceries so we can't afford for anything to happen to any of it. So, I figured it was better to be safe than sorry.

Angel Lady

OddOne said:

Loads of people are now banking with the First National Bank of Sealy. A few are moving deposits into Tempur-Pedic Savings and Loan, and waterbed fans have other solutions to the problem as well.

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One way to make sure your assets are liquid.

We do not bank with BofA, but with a regional bank that is supposed to be in good shape. Notwithstanding that fact, we have begun taking cash when cashing a payroll check, and not adding to savings except in the bank of Sealy. We are gradually reducing the amount of dollars at risk to the banking system.

The other issue is the buying power of the retained cash. The solutions there are to be found in scale. You'll need big bucks to purchase producing assets (operating businesses that make or repair things), precious metals (The actual metal, not paper). An inventory of food doesn't cost so much now, but that will change. Everything else is wishful thinking.

IMO,

Woolly

OddOne said:

Loads of people are now banking with the First National Bank of Sealy. A few are moving deposits into Tempur-Pedic Savings and Loan, and waterbed fans have other solutions to the problem as well.

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With a stay at home mom and a five year old to support, I don't have alot of extra cash.

But rest assured, what is not absolutely necessary to pay bills is currently deposited in the Upstairs Attic Credit Union, in the Firesafe Department

My money was turned into preps as fast as I received it. I figure the dollars may become worthless, but those beans will feed me for a very long time. I'll have to buy them sooner or later, so why wait until later when they'll cost more.

I think I still have $2.12 in my local bank, I've never used any of the "to big to fail" banks.

Rex Jackson said:

Recommendation?

Anyone know of a bank that allows online banking, ATM/Credit, and isn't a failing bank?

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Mine, it's a small local bank. If I had my money in one of the large National Banks - I would be outta there immediately.

But it's not. I have enough in a fireproof, waterproof safe to last 3 months worth of bills and the rest is in
a very very thriving local bank.

summerthyme said:

Rex... definitely look into a small, locally owned bank.

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The folks in New Orleans who banked with small local banks ran into big problems when they evacuated & tried to cash checks or retrieve funds. I think small banks are almost as big a risk as national banks.

You mileage may vary...

iontop

Diversify..

I have been working part time for a while now, so I don't have much money anywhere. But What I do have, I'm trying to use to cover as many bases as possible: small amount in savings and checking, so I can use an ATM if I'm out of town and need some cash, enough cash in the fire safe to get us through a short term emergency, and all I could afford went into precious metals- brass, copper, and lead. As has been pointed out elsewhere, standard capacity magazines have been a better investment than the stock market or banks for about 6 months now.

If I lived where I could hide a 200 gallon oil drum, I'd fill up on fuel while cheap as well.