Has anyone done a bank run, if not, are you considering it?

I am not. I bank with Chase (thanks J. P. Morgan, for helping to cause the 1st Depression). To be honest, that's why I went with them. I figure if they go down, it doesn't matter whether my money is there, or in my mattress, because if things are that bad the little slips of green paper won't be worth more than kindling anyway.

I'm sure you all know this by now, but Chase bought WaMu last night.

I think that home burglars are going to have nice times since all the people gets their money out of banks.. well, if that money is worth of anything that is.

Well, I am glad I don't have any money, I have nothing to worry about!

-v

reply to post by dragonridr


Yeah, no, the FDIC can insure anything they want, if there is a bank run across the board, and banks start to fail. there's no way they can repay everyone.

Remember, one of the reason WAMU failed is that they had over $16.7 billion in withdrawals over the last few days.

(WAMU) ... customers withdrew $16.7 billion in cash from the thrift in the past nine days, a huge outflow that led to the largest bank failure in U.S. history, the institution's regulator said Friday

marketwatch




[edit on 9/26/2008 by schrodingers dog]

reply to post by schrodingers dog


Its like the 30's AND the 70's all over again. Gas shortages, bank runs, financial collapse.

What a brave new world we shall soon be living in.

reply to post by schrodingers dog

A bank run would be pointless; our currency is about to collapse. In countries where this has happened before, people with stock piles of the old worthless currency recieve a less favorable exchange rate than people with money in the bank. Unless you need new wall paper , do not attempt a bankrun. I think this is happening to force Americans to accept the Amero which ,according to rumour, will be backed by silver.

THIS IS A BAD IDEA AND IS ONLY ADDING FUEL TO THE FIRE.

banks work because they have money to loan to people. if we all take our money out then BAM the banks have no money meaning they shut down.

your money is insured. I though us here at ATS were above running around like chickens with our heads cut off.

HISTORY LESSON. this exact plan you propose was the hair on the camels back that broke into the great depression. did anyone here take history? obviously not.

"Run on the bank" is a jargon used by upper-middle class bank robbers. They select a bank that is in financial distress due to questionable money operations, show up disguised as Feds and seize the asset.

Just a thought. When we put money in the bank are we not allowing the banks to use our money for loans and what not? I thought that was how the banks made there money? Now if every person ran out and took there money out of the banks for fear of a crash wouldn't this in turn cause the crash that the people are afraid of? Kind of a double edged sword if my logic is correct. As for now my money is staying in the bank. If it goes under and the FDIC can't back up my money then I will no longer be a Rebel with out a cause .

Don't have much money, only about $75 at Chase. A small bit more at home. My family lives paycheck to paycheck for the most part, and saves in a regional bank. I've been thinking about closing that account for a while, just to deny them some capital.

We have our checks automatically deposited into our banks.
We pay our bills electronically.

What comes in goes out almost immediately.

We're talking about keeping a little more cash around but if you have a box of money under your bed, aren't you setting yourself up to be robbed?

I'm thinking about opening a savings account with the bank that has my mortgage and setting up an automatic payment from that account.

So, even if I can't get in the front door it should still get paid.

Here's a question:

If you sign a contract with a bank to open an account, and then that bank is declared insolvent and bought-out by a larger predatory competitor, does that technically mean that the contract you signed with your original bank is now invalid and repayments are no loonger owed to the new bank-owners?

...or is it just as simplistic as a creditor selling a debt for half the face-value of the amount owed to a 3rd party debt collection agency?

there HAS to be a contractual-law loophole that can be exploited that would enable U.S. mortgage/debt holders to stick two fat-ones to the establishment and refuse to repay any and all debts to the new 'account holders' as the original contract between customer and bank would now be technically invalid and would have to be re-negotiated by both parties before any liability could be assumed for either party, whether customer, or bank

Talked to a Member representative today and said 'if I come in how big a check could I write for withdrawal'.

She said as much as you have in checking. Hmm. Well at least they're not putting limits on.

Of course talk is cheap. I'm sure if people went in there with a shopping bag and tried to cash checks for 20K they'd have to wait and talk to the manager.

Best thing might be to go out and buy non-perishable food stuffs. There's sites on the 'Net which talk about how long various canned and dry goods last.

I live near a river, so there will be water, but we'll have to boil it.

Good idea to have some cash around, a grand or so, I'd guess.

Remember, unlike the 20s it's a global economy. Failing a supervolcano or meteor something big I think we'll survvive. Also it's always those things you -don't- see coming that get you.

2 cents.

After looking at Wachovia's portfolio today I say get your money out now as they will be the next ones to go under.
The rest will just fall like domino's (and yes their pizza is awful) but not that domino's.

Keep your hand on your ha'penny lads. Literally

I've been considering taking out the money I have and investing in gold/silver and a basket of foreign currencies. The FDIC doesn't have the funds for all of the banks. Check this www.bloomberg.com...

FDIC may need $150 bailout? Mmmm maybe that Stimulus package wasn't such a good idea, Eh!?

They'll get their bailout, because if they didn't people would riot, yes riot.

Where will we get the money? Print it by issuing bonds. What will that do? Erode the value of our currency. What will that do? Erode foreign confidence even more. Eventually interest rates will have to rise, and then the music stops. No one will be able to borrow, and since no one has been saving any more than in the range of -2%-4% for the past 10 or so years, people will be hurting.

High unemployment, high inflation.

Good video for thought.
www.youtube.com...

Amounts over $10,000 will not be easily withdrawn. I believe Bush had signed a law that forbids people to withdraw more than that amount, on the grounds that it could be used for illegal activity.

Here in Georgia (this law may also be Federal), if a police officer stops anyone carrying $10,000 or more, they can be arrested on the grounds that the money would be used to purchase drugs.

I wont say how much is in my account, but I tried withdrawing most of it and they wouldn't allow me to carry that much in cash.

Originally posted by DJMessiah
Here in Georgia (this law may also be Federal), if a police officer stops anyone carrying $10,000 or more, they can be arrested on the grounds that the money would be used to purchase drugs.

That's scary! I bought a boat last year and went there with $12,000 cash on me to do it. When I showed them the cash and said, "I wanna buy a boat and I want to buy it today", I found them extremely helpful and gave me generous discounts on a lot of accessories.

Money talks. The buying power you get when the seller actually sees a wad of cash is enormous. They have no right to presume it's for illegal activity.

[edit on 26/9/08 by NuclearPaul]

Originally posted by schrodingers dog
Remember, one of the reason WAMU failed is that they had over $16.7 billion in withdrawals over the last few days.

(WAMU) ... customers withdrew $16.7 billion in cash from the thrift in the past nine days, a huge outflow that led to the largest bank failure in U.S. history, the institution's regulator said Friday

marketwatch

That $16.7 billion was taken out by retailers who kept more than $100,000 there to run their businesses. The money were re-deposited elsewhere. Withdrawing personal accounts, like savings accounts, doesn't kill the bank. Or does anyone save his/her money to buy a car with no credit mentioned during the transaction?

Hell, I R started a bank today. U2U me for deposit.

More secure than USA under George Bush.

People in a panic over troubles with UK bank Northern Rock stirred up by the media led to a bank run even though the government had lent in money to bridge their problems. Due to the lack of confidenece by the general public towards Noerthern rocks stability the public withdrew their life savings, cashed in pensions and insurances - this less to its near collapse and resulted in the Government taking over the Bank and taking on its debt with it.

judging from the general tone of the thread id say that at least half of us dont save. we dont deposit sums in the bank and when we do we take it back out later and go buy some crap we dont need like a ski-do or hovercraft.

I know there are even more of us on here that may be stock piling goods for whatever reason your heart/brain might be telling you.

if you do the math we are essentially paying back the economic stimulus most of us received about two months ago.

BANKS USE MONEY TO MAKE MORE MONEY. YOU GET PAID A DIVIDEND ON HOW MUCH YOUR MONEY MAKES IN A SAVINGS ACCOUNT.

now how the funk do yall expect the system to heal if yall keep killing it?

what they are saying is we dont have much money in our coffers. thats because people stick it under their mattresses and or bums where it has NO federal protection.