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

Originally posted by MCoG1980
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.

Northern Rock was a minor bank. It offered preferred stock to those who kept savings account and mortgages there. The bank was tied to the sub-prime mortgages and got into deep trouble. Banks like that can be hurt by massive personal accounts withdrawal, especially overseas.

Originally posted by drsmooth23
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.

Right, but the point is this. The FDIC will go bankrupt, it does not have enough funds to cover all of the banks that are in trouble. Therefore, if they don't want the pitchforks to come out, they'll print money and bail them out. Just like all of the banks. This will increase, the already high rate of inflation, making the purchasing power of your dollar bills weaker.

I went to a WAMU branch today and cashed a check.......I asked them if folks were taking out their money and they said some people did.......
They said its just another day at WAMU whose mother company is now Chase...no biggy same chit different day.

They had no probs cashing my check.........

[edit on 26-9-2008 by theRiverGoddess]

Why on earth would anyone do a "bank run"? Unless you have over $100,000-$200,000 in the bank, its a waste of time and is overreacting to the extreme.

If you have over the FDIC limit, then now would be a good time to make sure your portfolio is diversified - but running on banks when you don't even have any money over the limit is completely unreasonable.

Its only a bunch of paper. The only real asset you have is yourself and your skills.

i think were missing the bigger picture here, a lot of the banks are going to go bankrupt FACT, these will be taken over by bigger banks so our savings will be secure. we need to look at what the end result of all this is going to be. what i see is the establishment of two or three super banks that will control the flow of money worldwide, and these banks will be controlled by those who are already in control of the governments ,media, oil ect, which which will mean that these select few will be in complete control of our daily lives.

It is not correct that there are cash withdrawal limits.
If you call your bank in advance so that they have the cash available, you can even withdraw a million dollars if you have it.
The banks have to report all personal transactions over $10000, but other than that, you can do as you choose with your deposited money.

I have always wondered why people needlessly line up and panic and demand all their funds in cash. Not only are you asking to get robbed when you leave the bank, but you could avoid the lines and the public display of panic by simply calling the bank and having them wire it to another - outgoing wires are free nowadays in many banks.

Panic is a tool to disempower the populace.

Guess how many people here never even knew the word "bailout" before the media prescribed it to them as a topic to think of 24/7.

I have done a bank run and went and put a good amount of my paper into silver. If my house burns down I will still have a pile of silver rather than ashes!! Also, the demand is high for metal and is still being restricted by the government (production). IF you are looking to buy silver and gold go to Apmex.com. You can order online and you see their inventory on-line, my experience was good.

The other reason to do a bank run is that even if your bank doesn't have problems they might limit your withdrawls. They have a plan to keep all our money, you can bet on it. Good luck to all!

Originally posted by cosmicpixie
If I was in America (I'm in the UK) then I would be looking to empty my accounts for sure if there was anything more than a few hundred quid in them. With the current economic problems and the risk of a complete meltdown still possible, overnight massive changes can occur and when you wake up, it's too late to do much. I heard somewhere else that your money is only really protected if it's placed in something like government bonds. My own savings are all put into government premium bonds now and I will never keep much in the bank, coz if it went bust, I'd likely never recoup the money.

Here is the USA, your money in the bank or in money markets is insured by the US Government up to $100,000. No one has lost any money since the FDIC was created in the 1930's and your money is available within 3 days if a bank is closed. Now, the govenment may have to get the FDIC some more working capital, but that's not usually a problem. When WaMu closed the other day, your money was immediately available, that's why they close the banks over the weekend so by monday the transactions can continue. Taking your cash out of the banks is the worst thing you can do since banks only keep a small percetage of their money in cash, the rest is invested earning money so that they can pay you interest and keep some of it for themselves.

No need to run to a bank if you know that its going under. Just open another account at a different bank and tell them to transfer your account to them. .

what if people horde precious metals, will that destroy their value? one love to your neighbor, say hello. stop being a male genitalia to everyone you dont know. were are all on this rock together.

Originally posted by drsmooth23
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.

Hum, not for nothing, but your position would be a little more credible if it wasn't for what it says on your Avatar!

I for one, WILL follow your avatar's advice and cash out most of my deposits for a couple of months.

I for one, WILL follow your avatar's advice and cash out most of my deposits for a couple of months.




I assure it stands only for my love of both Johnny Cash and The Wu-Tang Clan for their musical contributions to society.

www.youtube.com...

I do not LOVE Wu-Fams message all the time but they are a part of poetry in itself.

Money makes the system go around. but if it is not in circulation what good does it do anybody?

[edit on 26-9-2008 by drsmooth23]

[edit on 26-9-2008 by drsmooth23]

reply to post by drsmooth23


Hey, I hear you buddy.
But chances are I'll blow my cash a lot quicker if it's in my pocket that if it's in the bank.
So in a way, a bank run is the best thing I can do for the economy.
Now, where the nearest casino?
I can't wait to be patriotic!

I've thought about pulling all my money out, but so far I feel pretty confiident that CHACE will do okay taking over WaMu. I was completely shocked that my bank failed and was bought out, but after talking to them, I feel a little bit better...at least for now.


Marilyn~

reply to post by schrodingers dog


haha word up. i feel you. im the same way. in a sense i wish i had money i could worry about but i live pay check to pay check, but i am an independent tax filer with no kids. i feel like a hack trying to throw my 2 cents in the mix, but i after hearing your take on the situation it sounds alot less crazy than i initially thought.

vegas might be a stretch but personally, after working the NAB convention there in '06 i say Good Luck!

You know, one of the most interesting things coming out of this thread, is that most people are now banking with Chase.

It seems that they are taking over.

I used to bank with them when I lived in NYC, and dropped them the moment I left. I thought they were too big back then, imagine now.