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Post by crazy4scraps on Mar 18, 2020 22:16:40 GMT
More people than usual have been paying DH in cash. It’s weird.
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Post by buddysmom on Mar 18, 2020 22:30:45 GMT
A couple of days ago at Publix, there was a sign with a maximum of $25 cash back at the register.
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Post by huskermom98 on Mar 18, 2020 22:38:37 GMT
I haven't heard, but that doesn't mean much. I did keep more cash out of my last paycheck deposit than normal and didn't deposit all of the cash from my flower deliveries, but we're talking a couple hundred, not thousands. Why? Don't know, just because, just in case. Of what? don't know, just because, just in case...
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Post by busy on Mar 18, 2020 22:48:26 GMT
In times of uncertainty, it's very common for a lot of people to keep more cash on hand. It makes them feel more secure. Whether it actually makes them more secure is entirely up for debate. Paying your mortgage and other bills with cash is pretty tough these days.
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lizacreates
Pearl Clutcher
Posts: 3,856
Aug 29, 2015 2:39:19 GMT
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Post by lizacreates on Mar 18, 2020 22:57:42 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. Yes, per account if ownership categories differ.
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Post by crimsoncat05 on Mar 18, 2020 23:00:52 GMT
cash to do some under-the-table deals with the street-corner TP dealer?
I know my DH said he wanted to have some cash on hand, too... but I figure, the only places I usually spend cash is in a vending machine or at the QT for a soda, and I'm trying to avoid those places, so no need for any cash.
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Post by chaosisapony on Mar 18, 2020 23:08:42 GMT
I would rather not handle germy cash. I can't imagine why people would think they need to withdraw all of their funds.
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Post by jenjie on Mar 18, 2020 23:12:25 GMT
I did take out not a lot, but some cash to have on hand “just in case”. I don’t know what anyone else is doing.
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Post by freeatlast on Mar 18, 2020 23:14:42 GMT
I just wanted to have some cash on hand for tips and in case someone was picking up a few things from the grocery store for me.
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Post by busy on Mar 18, 2020 23:34:05 GMT
Not per account, per institution. Yes, per account if ownership categories differ. True. But if I have three different individual accounts at the same bank that I own with $250,000 in each, I am only covered for $250,000 total.
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lizacreates
Pearl Clutcher
Posts: 3,856
Aug 29, 2015 2:39:19 GMT
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Post by lizacreates on Mar 18, 2020 23:52:27 GMT
Yes, per account if ownership categories differ. True. But if I have three different individual accounts at the same bank that I own with $250,000 in each, I am only covered for $250,000 total. Not necessarily. It depends on the account, the ownership and the category. For example: (1) Busy's checking account – Single Category (2) Busy's IRA account – Retirement Account Category (3) Busy's money market account owned by the Irrevocable Trust of Busy, Busy as trustee – Irrevocable Trust Category. All three of Busy’s accounts are FDIC insured, each with a coverage limit of $250K.
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Post by busy on Mar 19, 2020 0:20:42 GMT
True. But if I have three different individual accounts at the same bank that I own with $250,000 in each, I am only covered for $250,000 total. Not necessarily. It depends on the account, the ownership and the category. For example: (1) Busy's checking account – Single Category (2) Busy's IRA account – Retirement Account Category (3) Busy's money market account owned by the Irrevocable Trust of Busy, Busy as trustee – Irrevocable Trust Category. All three of Busy’s accounts are FDIC insured, each with a coverage limit of $250K. Yes, I know. I am talking in broad generalities because during my fourteen years in banking, many many many customers thought that as long as they didn't have over $100k (then) in any given account, they were fine. They thought having multiple DDA accounts protected them. It does not. Unless someone carefully structures their accounts to ensure more coverage, they should not assume they are covered for more than $250k.
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Deleted
Posts: 0
Sept 28, 2024 22:31:44 GMT
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Post by Deleted on Mar 19, 2020 9:49:27 GMT
That makes me feel shaky. Most everything I do is online. I am doing online ordering for groceries so I don't feel comfortable using cash on hand and having all those germs going back and fourth. DH & I take a little cash out every week for thrifting. I haven't been thrifting in awhile. I keep wiping down all the cash like it is going to kill me. I wipe down my card using it in the machine. Our system is just not setup for cash on hand. Twenty years ago it was more plausible. I need to pay my mortgage, utilities and other bills electronically. Grocery ordering and online ordering can't be done with cash on hand. I had a lot of thrifting money left last week. I used it at WalMart. I can tell you the self service machines were having a lot of trouble accepting those bills. The machines were getting overloaded from people using cash on hand. I live in low income area so that might be the exception since many in my area do use cash to pay for things and still use money orders to pay bills.
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Kath
Full Member
Posts: 446
Jun 26, 2014 12:15:31 GMT
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Post by Kath on Mar 19, 2020 12:23:21 GMT
Everyone who wanted to appear calm and not look paranoid and like a hoarder two weeks ago on toilet paper now can’t find any. Same thing could happen with cash.
Been some disturbing news articles lately about large corporations and credit lines and cash runs.
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Post by cakediva on Mar 19, 2020 12:43:15 GMT
Just curious - do they not do email money transfers in the US?
I have to banks I work with - our main family account bank, and then a credit union my business account is at. I never get cash from one to deposit in the other. I sign into my online banking, select Interac transfer, and send money to myself through email.
I used to have to write myself a cheque and deposit it at the machine - but the etransfer has been amazing. I even have wedding couples send their deposit that way!
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Post by crazy4scraps on Mar 19, 2020 12:57:32 GMT
I just wanted to have some cash on hand for tips and in case someone was picking up a few things from the grocery store for me. This is my thought too. It’s easier to pay someone back if you have cash, especially if you don’t know how all the person to person services like Venmo, Apple Pay, PayPal etc. work. I can rattle off at least 5-10 people I know who are my age (50’s) and above who don’t know how any of that works.
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Post by ameslou on Mar 19, 2020 12:58:49 GMT
We generally don’t keep cash at home, but last weekend I swung by an ATM and got a couple hundred dollars. I think it’s prudent to have some cash available in times of great uncertainty.
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