Might want to handle banking sooner rather than later ...

[nehalemguy]

I wanted to pull out $1000 from my U.S. Bank account yesterday but I was limited to $500 at the teller window.

-E-

 

[BPOR11]

Just do what I do...stay broke. Then the banks can just go ____ themselves

 

[pdempsey1097]

I wanted to pull out $1000 from my U.S. Bank account yesterday but I was limited to $500 at the teller window.

-E-

I thought I would get the same story at my credit union on Thursday, but they handed over $1,000 cash with a smile. I LOVE credit unions

That being said, I completely agree with the OP's advice.

 

[The Heretic]

Yes, but with a debit card, you can only get $300/day, at least with my account.

I get about five or six hundred a day.

I always have more than that on hand in case something comes up after hours or on a weekend.

My CU (Advantis) has video tellers at one branch (maybe others) that is on my way home from work. I can walk in there and get as many hundred dollar bills as there are in the machine (usually thousands). Not sure what the limit is, but I have pulled more than a thousand out. You walk up to the machine, put your ID and/or debit card in, and you get a teller on video that will give you pretty much what you want. Very small hole in the wall branch. I can also get bank checks (same as cashier checks) - got one once for $14K.

Not too worried about cash. I only have cash for guns or other things that cost a thousand or two. Other stuff - like a car, they will have to take a check or come with me to a bank. Right now, not going shopping for guns or cars or whatever.

All my bills are paid automatically online and I have enough cash in checking to pay 9-10 months of bills - if the banking system goes down, then worse things will happen than not being able to get cash.

 

[The Heretic]

I thought I would get the same story at my credit union on Thursday, but they handed over $1,000 cash with a smile. I LOVE credit unions

That being said, I completely agree with the OP's advice.

Many CUs won't give you more than $2K in cash though - I once had to take their bank check to a real bank to get that much cash.

 

[Jcon268]

Make sure to Lysol that moolah!

 

[Cavedweller]

I was told years ago that ANY of your money that is in some bank, (doesn't really matter which one) is NOT YOUR MONEY. It is the banks money. Savings. Checking. Even cash stashed in your paid for RENTED safe deposit box inside the vault is not really your own money. Remember who has it.

That only applies to balances over $250,000. Still, if your bank fails, you could be waiting months or years for reimbursement by the FDIC.

"With a bank bail-in, the bank uses the money of its unsecured creditors, including depositors and bondholders, to restructure their capital so it can stay afloat. In effect, the bank is allowed to convert its debt into equity for the purpose of increasing its capital requirements. A bank can undergo a bail-in quickly through a resolution proceeding, which provides immediate relief to the bank. The obvious risk to bank depositors is the possibility of losing a portion of their deposits. However, depositors have the protection of the Federal Deposit Insurance Corporation (FDIC), insuring each bank account for up to $250,000. Banks are required to use only those deposits in excess of the $250,000 protection."

Why Bank Bail-Ins Are the New Bailouts

Public outcry over rescuing banks with taxpayer money in 2008 forced a switch in governmental tactics, making bail-ins the new bank bailouts.

www.investopedia.com

This legislation was passed in 2010 thanks to Chris Dodd (D, CT) and Barney Frank (D, MA).

 

[bzltyr]

A lot of places will just do credit cards. No need for panicking for cash or food, etc. Just try to be normal. No need for a frenzy, we wouldn't have empty shelves. Watch the show, Hoarders. That's a definition of panic buying.

 

[edzz]

So... I stop at my bank today to cash a check, guess who has signs announcing no in person banking. Hate depositing in ATM's .

 

[The Heretic]

So... I stop at my bank today to cash a check, guess who has signs announcing no in person banking. Hate depositing in ATM's .

Many institutions now have apps you can use on your phone to take a pic of a check to deposit it.

I've done that a few times. I rarely get checks from anybody. If I do I deposit it - there is no real difference unless you live paycheck to paycheck and have a need for cash - except for in 2018 when I got several checks for a lot more than I had in my account, which was fun watching my balance rocket up. I eventually spent it all though.

 

[Camelfilter]

A lot of places will just do credit cards. No need for panicking for cash or food, etc. Just try to be normal. No need for a frenzy, we wouldn't have empty shelves. Watch the show, Hoarders. That's a definition of panic buying.

As others mention, always a good idea to have cash on hand. How much? Up to the family & what may be considered family NEEDS. Examples in this situation might include having enough on hand to cover buying food, buying gas for a trip to stay elsewhere, staying at a hotel etc etc.

May also want to include extra cash on hand for WANTS as well, if normal course of business has one paying cash on WANTS anyways (hobby stuff, equipment etc).

Never know what ELSE is going to happen. ie "Normal" local/state/regional disruptions of services. Storms, fires, floods etc.

In the current circumstance, should a "Normal" disruption of services occur, it MIGHT take longer than is usual to get services back on line.

Disruptions which may affect the use of cards.

 

[Artilleryman]

Folks...I'm in the banking biz. They're not gonna close. Federal regs & all that good stuff. Sure, lobbies will close & branch hours will be modified, but we certainly realize the necessity of maintaining continuity of operations. DON'T PANIC.
I don't work on the customer service aspects but am in the data center side of things. If you had ANY idea of he lengths we go to In order to keep the wheels turning....Let's just say that it is rather significant. I'd regale you stories of daring-do but it would only weaken your confidence in your own masculinity, so will refrain for the moment.

 

[American123]

Folks...I'm in the banking biz. They're not gonna close. Federal regs & all that good stuff. Sure, lobbies will close & branch hours will be modified, but we certainly realize the necessity of maintaining continuity of operations. DON'T PANIC.
I don't work on the customer service aspects but am in the data center side of things. If you had ANY idea of he lengths we go to In order to keep the wheels turning....Let's just say that it is rather significant. I'd regale you stories of daring-do but it would only weaken your confidence in your own masculinity, so will refrain for the moment.

Used to work at the branch level for a bank already mentioned in this thread. Agreed with everything you said, Federal law prohibits banks from being closed for more than 3 consecutive days,l. The fear of losing access to money is real, and by that I literally mean that people are afraid of that possibility, but at the same time, holy heck! NO ONE, not the banks, or the government want people losing their access to their money. It would create such a poo storm domino affect.

THAT WOULD BE a real shtf scenario, currently, we are experiencing more panic than pandemic.

 

[BSDave]

My credit union just today emailed telling all members they are now closed. They will only have FTF meetings by appointment only.

I seen this coming weeks ago and withdrew some petty cash to have on hand.

I have already seen first hand that cash will not get to far when this crapper gets crappier.

I was in my local Walgreens last Saturday when the power stopped working for about two minutes. While they were trying to get the cash register to work a guy asked if he could just pay with cash. The clerk told him they have no way to accept cash without the register working. The guy just dropped what he was going to purchase on the counter and walked out.

Luckily at this point he just walked away.

I feel some people are going to start to get stupid soon.

My advice to others. Carry every day, Keep calm and be vigilant and hopefully this will pass soon.

 

[OREGON FALER]

Those ATM machines hold anywhere from $20,000 to $80,000 depending on how much the bank has the courier load in it. Those couriers come several times a week, the machines will start to get low sometimes after a long 4 day weekend, usually summertime ( 4 July).

 

[sobo]

...
My advice to others. Carry every day, Keep calm and be vigilant and hopefully this will pass soon.

That's all ya need to know right there...

 

[Makers Mark]

We keep X amount of cash on hand as a matter of habit. However, someone who shall remain nameless spent that cash down a bit on pre 1639 purchases. So I've been to the bank twice now to withdraw cash. Once a straight withdrawl transaction, and once as part of a check deposit. Both using the drive-thru with little wait.

 

[sobo]

We keep X amount of cash on hand as a matter of habit. However, someone who shall remain nameless spent that cash down a bit on pre 1639 purchases.

 

[Tony617]

Yes, but with a debit card, you can only get $300/day, at least with my account.

i have the ability to set the limit for my ATM withdrawals. I put a $500 limit since I went to Costco and I was over the limit for the day one time. Since Costco takes Visa I used my Visa card to pay for the rest.

 

[BSDave]

Found out the reason my credit union closed. Apparently a member went into one of the branch's and withdrew a large sum of cash. Then as they were leaving said. By the way I have the Coronavirus and walked out.

They should be shot!