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Bank Withdrawals...Is It Worth It?...What's Your Story?

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posted on Sep, 25 2008 @ 02:14 AM
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I just wanted to share this week's bank experience with you, as I attempted to withdraw a portion of my cash from a few banks. Although I have kept each account below the maximum insurable amount by the FDIC, the current financial picture tells me the FDIC may not cover anyway. And even if it covered all, you would get your money back, BUT LATER. Later? Imagine not being able to have access to your cash until later. What is later?

First, if you want to be looked upon as a criminal, try going to your bank and presenting a withdrawal slip with a large amount written on it. It’s funny just seeing the teller’s face, as if the gates of hell had just opened or the prophecies, all of a sudden, became a reality. At two of the banks, the initial reaction from the tellers was one of extreme surprise. The first bank (a large one) coincidentally had the branch manager as a teller that day (I wonder why?). Her first question after seeing my withdrawal slip was: "Would you like a cashier’s check for that?" To which I replied: "No, I would like cash". To which she replied: "I don't know that we have that much". I then told her that I was withdrawing 50% of my funds, but I would consider withdrawing all of it if I didn't get my money today, being that it was a large bank.

The second bank was a smaller regional bank. This one really scared the teller. She said the branch didn't have that much on hand and she even brought a newspaper advertisement detailing how solid the bank was. I then responded: "If you are so solid, how come I can't get 50% of my cash?". That made her even more nervous. Again, I was only taking 50% out. I could only withdraw a smaller portion and she promised to have the rest by Friday. Being that this one was a smaller bank, I decided not to escalate her physical appearance from seizure to stroke. I will be back on Friday, then.

The third bank was another major bank. I called this branch before getting there and spoke directly to the manager. Surprisingly, the manager was very understanding and would accommodate my request without a problem – no questions asked. She said a lot of people were doing the same. I expected more B.S, but surprisingly her candor impressed me. The MSM has this very quiet, don’t you think? It did cross my mind the fact that the interest I get is .025% per year while they're using my money to lend it 10 times at 18%+. What a deal for them, right? It did feel good to "stick it to the big guy" a bit.

I would prefer people didn't do this, since bank runs would be the worst that could happen to the financial industry. It would be the proverbial "straw that will break the camel's back." I know, this may be meaningless, since the dollar may be on its way to a downward spiral, so whether inside a mattress or a bank vault, it’s all the same. The issue to me was AVAILABILITY OF FUNDS. I know, it sounds rather hypocritical of me to say I would rather you didn’t take money out. However, when you have a family and children, lucidity and a collected demeanor turns into a bit of healthy paranoia these days.

I don't trust the current administration and I have been warning my family that something would happen before the election and postponement would occur. This, after voting for Bush twice and awakening in 2005. It's funny how you apply the saying "First they laugh at you; then they listen; then you laugh." My family and friends, for the first time, are now approaching me to have conversations about the upcoming government plans when, until recently they labeled me as a conspiracy theorist. Yes, a MBA graduate with plenty of financial experience on his back; businesses, a family, etc. Not the typical new age looking person spewing nonsense.

Yes, I'm the typical small business owner who has always paid on time and has the traditional family. I've always had a positive outlook. However, I now fear for my child and my wife and we have even postponed having a second child until the overall picture improves. I feel selfish by preventing my child from having a little companion, but what’s worse? Am I being selfish by not wanting to bring a child to this NEW WORLD (NWO, you get my drift). I fear for my child, and I also feel for yours. I fear that come October 5, we will wake up in the morning and realize our country as we know it is no longer. The elections will be postponed. Look, McCain proposed postponing his campaign. It's getting clearer and clearer. I have a source who tells me Biden will step down and Clinton will fill the VP spot. Keep filling the blanks. Reagan almost assassinated by the son of one of G.W. Bush's best friends. Obama next? I don't even want to think about this but can't block the sun with my hand.

It’s funny how we hardly know our neighbors but when there’s a disaster, whether the lights went out, hurricane, flood, etc., we all come out and a sense of brotherhood/camaraderie surfaces. Well, I feel that right now toward my fellow Americans.

One last thing and I’ll let you go. I was a financial analyst in my previous career and investigated/audited/rated Fortune 500 firms. Take a look at AIG's subsidiaries and you will find two common denominators. Many of these subsidiaries have the name AIG BAKER or AIG CHELSEA. Baker, as in James Baker, attorney for the Bush family, former Secretary of State. And Chelsea? Do I need to expand?

Sorry for the long rant and thank you for reading this far. I am really curious as to how my fellow Americans are handling this and what you are planning to do when excrement finally hits the fan.

Peace to All!

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SIGNATURE: I would rather have a mind opened by wonder than one closed by belief.



[edit on 25-9-2008 by manticore]




posted on Sep, 25 2008 @ 02:22 AM
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idiots panicking and withdrawing thier cash ESCALATES bank instability - well done



posted on Sep, 25 2008 @ 02:24 AM
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Idiots? Panicking?

Banks aren't charities.

If people want their own money out for whatever reason, they're entitled to do so.

Interesting story, I especially liked the part about the newspaper advertisement!



posted on Sep, 25 2008 @ 02:30 AM
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Originally posted by ignorant_ape
idiots panicking and withdrawing thier cash ESCALATES bank instability - well done


its their money...why should they risk it?



posted on Sep, 25 2008 @ 02:45 AM
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reply to post by manticore
 


Yeah. I was laughed at when I said "I don't have a bank because I don't trust them..." That was 2 years ago - Present. And I graduated with an Accounting Degree this year, can you believe that?

I want to call up everyone I know and see how much trust they have in their bank in about one or two weeks...

As for the FDIC thing, THANK GOD someone understands my point of view. Somewhere I read a while ago (forgotten credible source, I swear) that FDIC still only protects the banks, not the clients. History repeats itself, so we may see another Depression with frozen savings accounts, even if you had 15$.

This is the same reason why we are seeing the RISE OF THE EAST- China. Take a look at those crusty history books and find out that China was the biggest economic power at one point, that is, until Britain got them hooked on Opium. And even got in a war with them to keep them on the dope.

But you are making some great moves and you SHOULD BE! Because the government will want to bailout a select few to keep their great name than give you the average American money to pay of their debts. Laughed at the part where you said said "mattress or in a bank vault" its all the same! My response is, with a secure home, ITS ALL THE SAME! Savings interest was so low at most places... 1% ????

I feel that the Dollar, after this Bailout and when oil rich companies turn to the Euro, will be completely useless. Remember after WWI Germany, they used their money for wall paper! It was so worthless, and then they were empowered and started WWII.



posted on Sep, 25 2008 @ 02:45 AM
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I was more concerned about FUND AVAILABILITY than losing the money. Yes, there are plenty of idiots like me depositing money at the bank for 0.25% annual interest while they lend it at 18%+, 10-30 times more. Yes, people like me are idiots, aren't we?

But when the government declares a bank holiday, accounts are frozen, and it takes a while for the FDIC to pay back, at least I'll have some money to wipe my...face with. Will you? Where do you think the FDIC will get their money from to pay us? It's from the same printing press the Fed uses to bail out the big boys. Who do you think will get paid first? We're in last position, if there's any value left at all to our all-mighty Dollar.


[edit on 25-9-2008 by manticore]



posted on Sep, 25 2008 @ 02:47 AM
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This story seems a little farfetched, indeed intended provoke a reaction.

I’m not sure if the op is just spinning a story to get the board into a big debate on whether America and the world will collapse into financial ruin.

More scaremongerring I think.



posted on Sep, 25 2008 @ 02:54 AM
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i will take my measily 12,000 greenbaxxx out of my bank tomorrow just to add a tiny spec into the bigger pix...

to the guy who freaked out about withdrawing money, sounds like hes brainwashed and im sorry, if his answer is "everybody keep all your money in the bank or i throw up cuz i think that is what makes a collapse" then i hope u can do some more research and see how funny that is....



posted on Sep, 25 2008 @ 04:40 AM
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I've been thinking about doing this for fund availability as well. I don't have much, but I do want to be able to eat. Fortunately I'm just a single 20-something, so all I have to take care of is myself.

Good luck to you, sir. Glad to hear someone is this concerned about their family.



posted on Sep, 25 2008 @ 05:20 AM
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i've been tapping out my single bank account at a modest $300 every 3 weeks for several months now...

everyone is aware that any large transaction, like a multi-thousand$$ withdrawl from an account, is by law reported to the proper authorities...

so... you have secured some cash reserves before any run on the bank,
but you have also drawn attention to yourself...
perhaps even having a team of contractors' keep an eye on you and see if your having contact with people in a drug cartel.



i'd also suggest that electronic money is always on-hand,
the need for physical notes is old technology thinking...
when/if there is a 'run' on physical Treasury Notes, the banks won't be broke if you have your debit card...
that is if the bank isn't in on the plot to destruct the economy with 'no funds available'



posted on Sep, 25 2008 @ 05:41 AM
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keep your Money in the Bank. It's your money. But don't get angry or disappointed with other people when they take theirs out.

Who knows, "last ones the rotten egg".



posted on Sep, 25 2008 @ 11:48 AM
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reply to post by St Udio
 


Let them investigate. I have nothing to hide. It's my legally hard earned life savings (50%) withdrawn and 50% still left for them to lend at 18%+ and 10-30 times more. Some people are putting money in Euros (also going down) and some in gold (best idea if you can physically get it).

What people seem to forget is that this is not a US inclusive meltdown. It WILL be a global meltdown. The US, whether you like it or not, WAS the engine that kept the world's economy running.

[edit on 25-9-2008 by manticore]



posted on Sep, 25 2008 @ 05:45 PM
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I did the same thing today, but not to such a large extent and with a small modification.

I didn't withdraw money. I bought stuff. Alot of stuff....prep stuff. If the dollar collapses, even if you pulled money out it's not going to be worth much. And if it doesn't collapse and this all blows over like it has in the past?

Ah well. I needed it anyway.



posted on Sep, 25 2008 @ 06:24 PM
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Good thing i dont save money in banks.I keep enough to keep the account active and for rent.Thats it.They make at least twenty bucks a month in fees off of me.I invest my money elsewhere and its not the stock market.I think its hilarious watching these folk on CNN all in a panic about this.I never saw them so worried!LMAO!Russia threatens to nuke poland and people are ho -hum.But threaten someones bank account/stocks well thats a whole different story!LOL!
The worst that will happen to me is job loss.There are far worse things in the world that can happen.



posted on Sep, 25 2008 @ 06:27 PM
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Up until a few days ago, I banked with Washington Mutual.


When the "Melt-down" was first announced a few days ago, I took steps to have my account transfered to my local credit union.

Granted, if the dollar fails (as I fear it might), having ready access to my funds (the CU has an office in my employer's lobby) might be meaningless.


But at least I'm no longer a rat with a wet tail on a rapidly sinking ship.



posted on Sep, 26 2008 @ 12:53 AM
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Originally posted by netwarrior
I did the same thing today, but not to such a large extent and with a small modification.

I didn't withdraw money. I bought stuff. Alot of stuff....prep stuff. If the dollar collapses, even if you pulled money out it's not going to be worth much. And if it doesn't collapse and this all blows over like it has in the past?

Ah well. I needed it anyway.


Actually, that is a very clever if not the most clever thing to do. As along as whatever you bought will help you and won't depreciate, you just bought it as cheap as you would possibly will in a long, long time. Using credit is great when you can manage it.



posted on Oct, 17 2008 @ 02:10 AM
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reply to post by manticore
 




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