BANK RUNS

[Joe]

Over the last week I’ve been withdrawing apx £300 every other day and moving it to a safe location. Interestingly my card has showed read errors a few times but this might be a technical fault with the card. It is weird as I only get issues when I go to withdraw cash.

[Straight Shooter]

Yes I’ve been doing the same joe , but daily …….and now Deutsche bank down 11% ………they hold a very large derivative book ….if they go …..it’s curtains for all of us , they might even freeze all accounts or have a bank holiday ? Credit cards will also be restricted .

[Mortblanc]

What is with all the trips? Do you think the bank is not going to notice your removals.

I do not know how your system works but when I make several card withdrawals closely spaced the system flags me and the bank sends me an alert, wondering if my card has been stolen.

In contrast I can walk in, write a check for my entire balance if I desire, put it in my pocket and walk out and not a word is said.

If you don't want your money in the bank go in and get it out!

[CharlesHarris]

+1 on what MB said. I routinely cash a check at the branch local bank each month for normal household expenses. Not a large amount. Normally this was about $100 per week. Over the last year have doubled it to compensate for inflation, and o enable accumulating a bit of extra cash below levels which would actuate govt triggers. I want l to have cash at home to cover several months of ordinary expenses, gas, groceries, cash payments for routine car and home repairs, etc.

About $5000 in the home safe is a comfort level. I accumulated this over a year.

[Straight Shooter]

It may appear my actions are strange to you MB and hard to understand my reasoning but I remember Cyprus and the trial bail in ! I also remember the hair cuts. To accounts along with the credit card restrictions ….plus when you hand your money to a bank You become an unsecured creditor ! …where do you think your position will be in the payout stakes ,,,,including so called government guarantees ?

Paper and ink will only be good for the shortest of time anyway but I would rather it be in my pocket than the banks ……trust in any bank is fast ebbing away …..when they tell you there’s nothing to worry about , all is secure and fine …..the opposite is closer to the truth …..besides why all the emergency meetings ? . You do what you like , just as I will …..who is right or wrong , I don’t even care , all I will do is deposit the money back if I feel comfortable …..it’s not as if they are paying good interest is it , not even keeping up with inflation , it’s a no brainier for me .

[Straight Shooter]

The reason for all the trips MB , the account is a current account ….day to day stuff and general living expenses
As CH said he draws down amounts and that leaves him a access come year end and probably the same happens in the a/c from where he draws down , all I am doing is leaving in the bear minimum the rest I remove in the way of ATM ……saving account was transferred years ago ….and safe ! ….over here MB you can’t just walk in and remove YOUR money just presenting a cheque ! There are questions asked as for the reason why you want to remove your money and there are limits to how much you can remove in one hit ….even if it’s say £5000.00 they may have to ( order the cash ) and you will have to go back to collect ..".it’s their way of controlling money supply and the slowing down of any future bank runs , BAIL IN legislation is now law in the USA as it is here and Europe ………..You must ask yourself WHY ? This was done within months of Cyprus taking place ? It’s just sitting there waiting for them to use …….you will excuse me , for showing no trust at all for these bastards now or past history ! .

[Mortblanc]

I thought there might be some difference in the way our systems were set up, and there is.

I also draw expense money out a few times each month but I tend to spend much less than I have available so I wind up with a surplus that needs to be moved to a safe place. That amount gets withdrawn in a lump sum. No questions asked.

One nosey clerk did ask me why I was drawing a good sum out once. I told here I was paying cash for a mule, which I was. It was a Kawasaki Mule but I let her imagination work and never said differently. She never asked me anything again.

As for trust in the institution itself, no I have none and consider each penny I place in their care at risk, and I always have. I have suffered at the hands of the banking industry on several occasions. Anything they come up with is not a shock to me.

[Joe]

I withdraw £300 at a time because that’s the limit on the cashline machine. I could go into the bank but I don’t need to as I’m only going to be holding a few thousand in cash.
We don’t have many restrictions on withdrawals but if you’re over a few thousand the bank likes to be informed prior. ( they also like to ask why but just ignore this request and tell them it’s nothing to do with them).
It’s worth pointing out that moving over 2k every month is flagged to Inland Revenue and apx 15-20k gets flagged to the Police. I’ve probably been flagged for both several times but you never hear a thing, I suspect someone will be having an eyeball at your bank account without your permission.

[bigpaul]

the limit on my card cash withdrawals is £200 per day, ATM's are few and far between in the countryside, 10miles to the nearest one and 20 miles to the next but we do get a weekly bank van but that could be withdrawn at any time if not enough people use it, only one bank branch and thats 10 miles away, used to be three but the other two were closed.

[iaaems]

Where I live, in Norfolk, the local population has to rely on the Post Office for cash in/out. Up to now this has worked well - but will it last? Only time will tell.
Bank and Building Society branch offices have been closed down over the last few years - 'technology' has been the reason. Maybe the same will happen at the Post Offices and money will morph in to the waved plastic card transaction of electronic credits and debits. Hopefully the 'new' system will be as resilient as the one it is replacing. Initially I have my doubts. Time will tell. Will money/cash disappear totally? It seems as though we are heading that way.