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Old 02-25-2011, 02:29 PM
Anne In TN's Avatar
Anne In TN Anne In TN is offline
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Default When should I take my money out of the bank?

After hearing about China and India dropping the dollar from their trading, I got to thinking, "What does that mean for the stability of my money in the bank?" Then I realized that for now, all that will happen is that the dollar will be losing more value faster. Then I wonder, "How much faster? Then I am wondering, just "what will trigger a run on the banks and will we folks who stay joined at the hip to our doomer forums, like this one, know to run and get our money out before everyone else or, will the banks just quietly and secretivly close for a 'bank holiday' with no warning to the semi insiders like us?"

I put some money in there recently to pay for a large ticket item with a check. I'd rather pay by check but am nervous about having the cash sitting in such a vulnerable spot. If I pay by cash, I feel like I won't have as good a receipt.
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Old 02-25-2011, 02:52 PM
dmatic dmatic is offline
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Just know that it can happen in an hour, so don't keep any more in there than you can afford to lose.

There is coming a new currency that will replace the federal reserve note, soon, and the exchanges from the old to the new will happen then.

You are right about the purchasing power of the "dollar". It will soon drop like crazy.

So, get out of the crooked banking system as much as you can now and just try to get what you need. When the runs on the banks begin, it may be too late. The game will be exposed. Your money is not there and the taxpayers who are on the hook to gaurentee payment will be broke too, as is the FDIC and the Federal Government. Unless you have full faith and credit in the United States Government Corporation....of course. Then, you can disregard this advice and continue on doing things as you've always done them.

peace, dmatic
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Old 02-25-2011, 02:53 PM
goatlady goatlady is offline
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A cancelled check is not more "good" than a signed, dated written receipt for legal purposes plus the "banking" circle will have no knowledge of the big ticket item you bought = no paper trail, Anne. No paper trails are GOOD!
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Old 02-25-2011, 02:55 PM
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Cyclonemom Cyclonemom is offline
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The answer is probably different for everybody. I would say that until you write that check, keep that cash on hand in a safe location.

Any extra cash you have in the bank should come out NOW.

You never know when a run may start. You might be at work and can't get away. A line might form outside the bank overnight and by the time you get up, it's already too late. Maybe you're stuck in traffic, or it happens to be on a day when you have limited transportation. Etc.

Like another TTOL'er's sig line says,

PANIC EARLY, BEAT THE RUSH!

YMMV
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Old 02-25-2011, 02:57 PM
My Adonai My Adonai is offline
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Quote:
Originally Posted by dmatic View Post
You are right about the purchasing power of the "dollar". It will soon drop like crazy.
Whether money is under your mattress, or in the bank, it is dropping in value due to inflation. The only value to having this 'devalued' money in your hand is, if there is a 'Bank Holiday', it may take a day or 2 for banks to reopen, and for you to retrieve your money. We keep some cash on hand just in case.
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Old 02-25-2011, 03:04 PM
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PyratePrincess PyratePrincess is online now
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By the time most folks are "convinced" it's the right time-it will be far too late. Some banks already post in fine print that they reserve the right of 14 business days to complete a withdrawal.

My in laws have personally experienced this in Tx...(relatively small amount too) and I believe CitiBank is one that made a similar announcement last year.

A receipt is a receipt, regardless of the method of payment. You may not have as convenient a record-but it's still a receipt. If you're concerned about having to dispute a charge, make sure you're dealing with as reputable, honest firm as possible and you won't have so much a concern.
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Old 02-25-2011, 03:05 PM
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jazzy jazzy is offline
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i also believe in only keeping what i need in the bank to pay an immediate bill. however, i usually do not like keeping funds in to write a check and wait a week or 2 for the check to come in and clear.

i do alot of my purchasing with my credit card. the next day the charge shows up online and i pay it off right then, otherwise i just use cash.

so i know exactly what i have to put in the bank and when it will be pulled out to pay a bill, i try to leave about $100 in to cover a just in case thing.

as the dollar declines our only option is to use it as fast as possible to buy items we need or pay bills--even pay them in advance when we can.


i think when the banks collapse, it will be overnight in a flash and most people will not be able to do anything or have anything. its scary to think of.
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Old 02-25-2011, 03:26 PM
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Anne In TN Anne In TN is offline
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Quote:
Originally Posted by Limner View Post
If you're feeling uncomfortable about it, then it just might be your spiritual radar going off and trying to tell you something. Our Pastor always tells us to listen to your radar.
Oh, I know what you mean!
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Old 02-25-2011, 03:35 PM
BigJim31-8 BigJim31-8 is offline
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It depends on how much $$ you have in the bank.
If it's under 10K you shouldn't have too much problem,if a substantial amount,smaller withdrawls over time would probably be better.
DON"T tell anyone who doesn't need to know your decision.
My.02.

GOD BLESS OUR TROOPS!!!
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Old 02-25-2011, 03:48 PM
Summerthyme Summerthyme is offline
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If I understand your post, you only put enough in the bank to cover a check for a specific purchase? So, are you making that purchase within a few days? Write the check and don't worry about it.

The odds of something happening in the 24 hour (or whatever) period between when you write the check and when it goes through your account is pretty tiny... and I can't see the bank refusing to honor the check. And if they do, because the entire banking system has collapsed- you've already gotten your purchase in hand, so what are they going to do? Sue you for writing a "hot" check? Doubtful... the courts would have five million cases, and that's not going to fly.

I'm not saying that at some point it's not likely that the dollar will collapse and bank accounts will close. It probably will happen... but in the meantime, most of us have to do business as usual, and worrying about a temporary deposit or worrying constantly (which we'd have to do, as our accounts are always in use for the basic farm cash flow) seems silly.

Summerthyme
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