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 FDIC asks people to keep their money in the bank 
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scrid2000 wrote:
Banks don't actually keep enough cash on hand to pay out all the account balances.

Word. Last year i was closing out some business dealings and got a cashiers check for 40K. Went to the bank it was issued by and wanted to cash it and i was told that the most i could get is 10k and a cashiers check for the rest of it.
I took that, went to another branch next day and was only able to get 5k in cash and a check for 25.
So I'd say most branches have no more than 20k in cash on hand on a good day... they will run out of it in 1 hour or less if they do get ran up on.


Thu Mar 26, 2020 6:45 am
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movingviolation wrote:
Pablo wrote:
and let's just say people from other countries who have seen shit collapse, did indeed panic.


Standing in line for bread sucks.
Standing in another line for soap sucks again.
Standing in line to get some of your cash sucks.
Repeating it multiple times a week multiple-sucks.

If you've never done it you may not understand :wink05:


I understand, just trying to keep the calm. This gal was from Vietnam.

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Thu Mar 26, 2020 8:58 am
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movingviolation wrote:
Pablo wrote:
and let's just say people from other countries who have see shit collapse, did indeed panic.


Standing in line for bread sucks.
Standing in another line for soap sucks again.
Standing in line to get some of your cash sucks.
Repeating it multiple times a week multiple-sucks.

If you've never done it you may not understand :wink05:

Yep. Both - myself and my wife, - have beeng there, have done that.

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Thu Mar 26, 2020 9:26 am
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Its not an issue.

Most people only have a $5.96 in the bank to withdraw anyways!!


Thu Mar 26, 2020 9:31 am
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movingviolation wrote:

Standing in line for bread sucks.
Standing in another line for soap sucks again.
Standing in line to get some of your cash sucks.
Repeating it multiple times a week multiple-sucks.

If you've never done it you may not understand :wink05:


Sounds like you are describing Navy life on a ship. *anchors aweigh plays*

People already standing in line for Bud Hut and Bass pro shop. Seems like only a matter of time before they start limiting the number of people in a grocery store at one time. Or just unloading it from the back of a truck directly to people in line. Or the 3 million newly unemployed getting their gov't subsidies.

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Thu Mar 26, 2020 9:37 am
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jackass wrote:
IIRC, as of the TARP bailout, depositors like us are unsecured creditors, and in case of a calamity, may not have first claim to our money.

I'm looking for a better article that explains this.

https://www.financialsense.com/contribu ... u-own-gold

Most investors worldwide are of the belief that when you deposit your money in a bank, it simply has safe-keeping of that money. The realization that you have lent the bank your money and are an “Unsecured Creditor” of the bank is an unpleasant revelation.



so then what is the FDIC?

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Thu Mar 26, 2020 10:02 am
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PW45 wrote:
Or just unloading it from the back of a truck directly to people in line.




Thu Mar 26, 2020 10:09 am
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TINCANBANDIT wrote:
so then what is the FDIC?


what WAS the FDIC? An organization set up after the Depression to give people the confidence to put their money back into banks. It provided insurance up to a certain amount. Problem is, does the FDIC insurance have enough money to back up its obligations in a crisis. That is, for normal people.

The unsecured creditor designation that was recently applied it appears may not secure our money, as many have warned people.

My 104 year old grandmother hated banks, as did many of her peers. After the Depression, wonder why.


Thu Mar 26, 2020 10:10 am
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The .08% interest rate they give me doesn't begin to keep up with cost of living. I calculate I'm losing money every year I let it sit there. I still haven't forgot to thank them for their role in the 08 recession either.

Made more money in one day in the stock market then savings would give me in 30 years.


Fri Mar 27, 2020 6:07 am
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Flowbee wrote:
The .08% interest rate they give me doesn't begin to keep up with cost of living. I calculate I'm losing money every year I let it sit there. I still haven't forgot to thank them for their role in the 08 recession either.

Made more money in one day in the stock market then savings would give me in 30 years.


You just need to shop around....

I have an account with First National Bank of Omaha (FNBO Direct) that is still paying 1% today. A month or 2 ago it was paying 2-2.5%. I keep money there that I know I will need for taxes or whatever. Www.fnbodirect.com

I've had that account for probably 12 years. It's a legit bank but online access only.

I use BECU for my checking and they are paying around 2% on the first $500 in checking and 4% on the first $500 in savings. They used to pay something like .25 above that but it has fallen now as rates drop. I always keep at minimum $500 in each acct to maximize my earnings there.

I don't understand why people pay all of these crazy fees to banks for the privilege of giving them your money to hold. It makes no sense to me.

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Fri Mar 27, 2020 7:07 am
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From TOS:

Fed abolishes bank reserve requirement completely.
https://www.glocktalk.com/threads/fed-a ... y.1818846/

“The "reserve requirement" is the amount of depositors' money (either in actual hard cash, or on the bank's balance sheet thus available for electronic transfer) that a bank is required to have on hand at all times.
For most banks (those with total deposits over $122 million), until yesterday the reserve requirement was 10%.
In other words, if XYZ Bank has $1 billion in deposits from customers, XYZ Bank is required to keep at least $100 million in cash (or available for electronic transfer) at all times.
This is to make sure that banks have enough money available, if customers would like to withdraw money that they deposited in their bank accounts.
That all changed yesterday, when the Fed dropped the reserve requirement to zero percent.
Yes, you read that right. Zero percent.
So as of yesterday, XYZ Bank is no longer required to keep any cash on hand (or as money on their balance sheet).
I think this is a pretty disturbing sign.
I'm not saying that you should necessarily run out to the ATM right now and empty your accounts and put the cash in your safe.
Just be aware that banks are no longer required to keep ANY cash (or electronically transferrable funds) on hand anymore.
Here's the announcement on the Fed website:

https://www.federalreserve.gov/monetary ... rvereq.htm

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Sat Mar 28, 2020 4:25 pm
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