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Post by shevy on Mar 18, 2020 17:58:35 GMT
I have accounts at 3 banks for differing things and each money I move cash to a bill pay account by hand. This is just the best system for DH and I. It's a pain, but it keeps us on track.
US Bank, TCFBank (a Midwest company) and a local small credit union.
The credit union closed it's lobby earlier this week and then upped the maximum weekly amount through the drive thru to $3000.
TCF has limited withdrawals to $10,000 without prior approval, but you have to get to the bank early in the morning as by 11am they were out of $100/$50/$20. One lady was taking it all in $10s.
USBank was out of $100s.
Are they forecasting that electronic systems will fail and we won't be able to pay by card? |
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peabay
Prolific Pea
Posts: 9,676
Jun 25, 2014 19:50:41 GMT
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Post by peabay on Mar 18, 2020 17:59:45 GMT
What's weird is I've seen stores saying they won't touch cash and you can only pay by credit card.
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Post by tentoes on Mar 18, 2020 18:00:42 GMT
I guess I'm going to be evicted and without water because I have no cash.
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Post by tentoes on Mar 18, 2020 18:01:28 GMT
What's weird is I've seen stores saying they won't touch cash and you can only pay by credit card. Yes, the cash may have germs on it! |
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Post by auntkelly on Mar 18, 2020 18:02:31 GMT
There are no cash shortages around here, as far as I know.
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Post by shevy on Mar 18, 2020 18:03:24 GMT
What's weird is I've seen stores saying they won't touch cash and you can only pay by credit card. I sanitizered up in the car each time and came back to work and scrubbed my hands to my elbows...
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katybee
Drama Llama
Posts: 5,400 
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Post by katybee on Mar 18, 2020 18:07:35 GMT
What’s cash?
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scorpeao
Pearl Clutcher
Posts: 4,521
Location: NorCal USA
Jun 25, 2014 21:04:54 GMT
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Post by scorpeao on Mar 18, 2020 18:12:57 GMT
and this is how I die in the apocalypse...I thought it would be when my house was looted. Nope, I die because I don't have cash
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Post by smalltowngirlie on Mar 18, 2020 18:23:37 GMT
DH and I were just talking about this. I pulled out a large amount of cash last week and had the thought that if just one person mentions large withdrawals and it gets spread around that people are pulling out cash, the banks would have a crisis on their hands. People would panic that they would lose all their money and pull out all they can.
We use our cards almost entirely so even if there is no cash in the bank, there are still finds in out accounts.
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Post by mayceesgranny on Mar 18, 2020 18:30:41 GMT
I personally have not withdrawn cash, just using debit and credit. But I've been waiting to hear this. Goes back to the Great Depression mentality - people want cash on hand in case they need it quickly and they don't trust the banks. Remember all the cash your grandma used to have hidden around the house?
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iowgirl
Pearl Clutcher
Posts: 4,177
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Post by iowgirl on Mar 18, 2020 18:34:13 GMT
I don't know of a run on cash.
Do watch your FDIC insured limits on your accounts. If a bank goes down, you are only insured to $250K per account. $500K if you have a joint account. I know that sounds crazy, but if you have a large money market account (with zero interest now - pfft) or have deposited a large amount due to a real estate sale or inheritance - keep that in mind.
Weird shit is happening.
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Post by pierkiss on Mar 18, 2020 18:53:03 GMT
Not that I’m aware of. I hope people do not do this. The financial hit is already going to be bad enough. Let’s not add a run on banks to the shit show.
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Post by katniss on Mar 18, 2020 19:04:07 GMT
Ironically when I went to the credit union on Monday to get some cash the teller couldn’t give me the full amount I was asking for. She said they were running low and trying to ration it. So I just went to my other bank and got what I needed. We NEVER carry cash but thought maybe in these crazy times we should have some just in case.
ETA: I mostly got cash in case others needed it. All 3 of my adult children are out of work right now.
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Post by jcm28 on Mar 18, 2020 19:10:54 GMT
I went to the bank this morning, planning to get some cash. I was down to a wallet full of ones. There was only one other person in the bank! No problems here.
Janet
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Post by catmom on Mar 18, 2020 19:13:48 GMT
Ironically when I went to the credit union on Monday to get some cash the teller couldn’t give me the full amount I was asking for. She said they were running low and trying to ration it. So I just went to my other bank and got what I needed. We NEVER carry cash but thought maybe in these crazy times we should have some just in case. I'm not judging or anything, but in case of what? I genuinely can't think of anything that could require having cash on hand. In fact it requires contact which at this point all companies and individuals are avoiding. Am I missing something? |
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Post by slowrunner70 on Mar 18, 2020 19:16:48 GMT
The Aldi store by my house had signs up everywhere that due to the unusually high demand, they currently are not giving any cash back
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Post by Sparki on Mar 18, 2020 19:18:40 GMT
No. Like others, I've seen that a lot of places won't accept cash because of the germ factor. In fact, I'm refusing to handle cash for the same reason.
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ModChick
Drama Llama
True North Strong and Free
Posts: 5,069
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Post by ModChick on Mar 18, 2020 19:21:22 GMT
I work at a bank, am in charge of cash holdings and we saw a tiny increase in withdrawals yesterday but nothing insane yet... And we advised clients there isn’t a need to stockpile cash, shouldn’t be out buying things at the moment anyway. However we do have a high population of seniors and they got a bit extra incase they need to send a neighbor to shop for them. People were smart and not panicking for the most part.
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Post by katniss on Mar 18, 2020 19:35:29 GMT
Ironically when I went to the credit union on Monday to get some cash the teller couldn’t give me the full amount I was asking for. She said they were running low and trying to ration it. So I just went to my other bank and got what I needed. We NEVER carry cash but thought maybe in these crazy times we should have some just in case. I'm not judging or anything, but in case of what? I genuinely can't think of anything that could require having cash on hand. In fact it requires contact which at this point all companies and individuals are avoiding. Am I missing something? I edited my post above. I know my one son lives paycheck to paycheck and If he needed some cash to buy groceries I’d have it available. |
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Post by mikklynn on Mar 18, 2020 19:38:55 GMT
No, I haven't seen or heard that.
I did get $300 from the ATM when I was out last, but that is what I usually keep in the house in case of emergency. And by emergency, it might mean friends called last minute to do something fun or Girl Scout cookies are here.
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leeny
Pearl Clutcher
Posts: 4,664
Location: Northern California
Site Supporter
Jun 27, 2014 1:55:53 GMT
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Post by leeny on Mar 18, 2020 19:59:06 GMT
I have my regular cash on hand. My mom asked me to get her some cash and when I questioned her she said it was for delivery people. That makes sense to me!
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Post by bianca42 on Mar 18, 2020 20:14:50 GMT
When I was at the bank Monday, the guy in front of me asked to withdraw $20,000. They told him they need a week's notice. He said he's concerned about not being able to pay his drivers.
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Post by workingclassdog on Mar 18, 2020 20:18:07 GMT
I only carry my debit/credit cards. Guess I'll be one of those crazy people living life on the edge. Yikes.
I have not heard anything around my town about cash problems.
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used2scrap
Drama Llama
Posts: 6,037
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Post by used2scrap on Mar 18, 2020 20:30:25 GMT
Ironically when I went to the credit union on Monday to get some cash the teller couldn’t give me the full amount I was asking for. She said they were running low and trying to ration it. So I just went to my other bank and got what I needed. We NEVER carry cash but thought maybe in these crazy times we should have some just in case. I'm not judging or anything, but in case of what? I genuinely can't think of anything that could require having cash on hand. In fact it requires contact which at this point all companies and individuals are avoiding. Am I missing something? It’s suggested in most any preparedness kit. In case of power outages generally, stores that can be open selling goods can’t process credit cards. Power not likely to be out, but there are still tornadoes and earthquakes and other things happening now too. Being prepared is always a good idea, but hopefully people don’t lose their minds like the TP situation. |
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iowgirl
Pearl Clutcher
Posts: 4,177
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Post by iowgirl on Mar 18, 2020 20:58:45 GMT
I genuinely can't think of anything that could require having cash on hand. Bank failure. |
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Post by catmom on Mar 18, 2020 21:48:25 GMT
I genuinely can't think of anything that could require having cash on hand. Bank failure. I'm Canadian and our banking system is quite different from yours, so forgive what may be a stupid question - is that a thing? Here there are only a few incredibly wealthy, well-funded and well-insured, ultra-conservative banks. A bank failure, especially over a health issue (albeit massive and with severe economic consequences) would be unthinkable outside of our actual economy actually failing. And if the economy fails, my cash would be virtually worthless anyways. Am I being thick about something? |
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Post by busy on Mar 18, 2020 21:54:57 GMT
I don't know of a run on cash. Do watch your FDIC insured limits on your accounts. If a bank goes down, you are only insured to $250K per account. $500K if you have a joint account. I know that sounds crazy, but if you have a large money market account (with zero interest now - pfft) or have deposited a large amount due to a real estate sale or inheritance - keep that in mind. Weird shit is happening. Not per account, per institution. |
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Post by hop2 on Mar 18, 2020 21:55:13 GMT
I haven’t noticed that but I have tried either.
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Post by busy on Mar 18, 2020 22:07:19 GMT
I'm Canadian and our banking system is quite different from yours, so forgive what may be a stupid question - is that a thing? Here there are only a few incredibly wealthy, well-funded and well-insured, ultra-conservative banks. A bank failure, especially over a health issue (albeit massive and with severe economic consequences) would be unthinkable outside of our actual economy actually failing. And if the economy fails, my cash would be virtually worthless anyways. Am I being thick about something? Quite a lot of banks failed in the 2008 financial crisis - but were acquired by other banks, so IIRC FDIC insurance was never triggered. |
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Post by catmom on Mar 18, 2020 22:11:46 GMT
I'm Canadian and our banking system is quite different from yours, so forgive what may be a stupid question - is that a thing? Here there are only a few incredibly wealthy, well-funded and well-insured, ultra-conservative banks. A bank failure, especially over a health issue (albeit massive and with severe economic consequences) would be unthinkable outside of our actual economy actually failing. And if the economy fails, my cash would be virtually worthless anyways. Am I being thick about something? Quite a lot of banks failed in the 2008 financial crisis - but were acquired by other banks, so IIRC FDIC insurance was never triggered. Thanks. That explains the difference - different banking systems. |
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