It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Withdrawing your money from banks

page: 1
1

log in

join
share:

posted on Mar, 12 2009 @ 08:44 PM
link   
For those of you who withdrew your money from your bank, how did you go about doing it? Did you ask for cash for the total amount, or did you take out a few thousand at a time? I would transfer the whole lot to my local bank and then start the the withdrawal process.

I'm not sure I want to carry the whole kit and kaboodle on me, even going from the bank to my home.





[edit on 12-3-2009 by virraszto]




posted on Mar, 12 2009 @ 08:50 PM
link   
Your best bet is to put your money into locally owned credit union or bank and not have it all sitting at major corporate banks.

It is the huge corporate conglomorate banks that fail, the locally owned banks and credit unions tend to know how to do business and never have to ask for bailouts and always manage to keep people's money quite safe.

Besides, its better to keep your money close by than to have it located in some vault some distance from you in some out of town or out of state corporate owned bank system, which obviously now, everyone knows they cannot hold up their own without being bailed out.

Cheers!!!!

[edit on 12-3-2009 by RFBurns]



posted on Mar, 12 2009 @ 08:55 PM
link   
reply to post by virraszto
 


I pulled it all out at once, but I had my Glock concealed, so I didn't sweat it. Depending on how much you pull out, you may want to have a friend outside for protection.



posted on Mar, 12 2009 @ 09:42 PM
link   
I don't have a ton of savings but I am actually doing it by paying early on rent and bills for the future. This way you still just use checks safely but you get that money out of the bank and into something other than money that you will end up spending anyway on said bills and payments/rent. And having some cash set aside in possession, but nothing huge. In other words, right now there is no point in keeping money in the bank versus paying ahead on future obligations. Now for those with lots of wealth and cash savings, I am not sure.



posted on Mar, 12 2009 @ 09:49 PM
link   
Since I'm making less than 2% interest now, taking it out of the bank would not hurt me much in that regard. Leaving it in and risking losing it is a great fear. My ggrandfather lost everything he had in the bank in 1929, so it's been drilled into my head not to trust banks. I'll feel better once the deed is done.



posted on Mar, 12 2009 @ 10:09 PM
link   
Take it out. Buy some gold coins and put that in a credit union that also has safety deposit box.

In 1860 an ounce of gold would buy a fine suit!
In 1913 anounce of gold bought the same suit!
In 1950 anounce of gold bought the same!

Gold never looses value. Its always worth what an ounce is worth. Not like paper that is never worth more than you payed for it!

Zindo



posted on Mar, 12 2009 @ 10:28 PM
link   
Funny you should ask this. I just sent an email to friends advising them to diversify their savings among several banks. Sort of spreading the risk.

Additionally, it would not hurt if you had a fair sum in cash at your home or nearby safe deposit box. $10K in assorted denominations: say $500 in fives, $500 in tens, $4k in twenties, and the rest in fifties would be ideal, and useful for exchanges. Plus you can take up to $10K out at one time, without having to fill out the IRS form, if you are worried about that.

Ultimately, converting some of your money into gold and silver is another prudent thing to do. Get yourself about $500 face value in old dimes or quarters, and whatever amount you feel comfortable with in gold coins. I recommend an assortment of sizes, one ounce down to one-tenth ounce.



posted on Mar, 12 2009 @ 10:28 PM
link   
Funny you should ask this. I just sent an email to friends advising them to diversify their savings among several banks. Sort of spreading the risk.

Additionally, it would not hurt if you had a fair sum in cash at your home or nearby safe deposit box. $10K in assorted denominations: say $500 in fives, $500 in tens, $4k in twenties, and the rest in fifties would be ideal, and useful for exchanges. Plus you can take up to $10K out at one time, without having to fill out the IRS form, if you are worried about that.

Ultimately, converting some of your money into gold and silver is another prudent thing to do. Get yourself about $500 face value in old dimes or quarters, and whatever amount you feel comfortable with in gold coins. I recommend an assortment of sizes, one ounce down to one-tenth ounce.



posted on Mar, 12 2009 @ 10:55 PM
link   

Originally posted by Sashromi
Funny you should ask this. I just sent an email to friends advising them to diversify their savings among several banks. Sort of spreading the risk.

Additionally, it would not hurt if you had a fair sum in cash at your home or nearby safe deposit box. $10K in assorted denominations: say $500 in fives, $500 in tens, $4k in twenties, and the rest in fifties would be ideal, and useful for exchanges. Plus you can take up to $10K out at one time, without having to fill out the IRS form, if you are worried about that.

Ultimately, converting some of your money into gold and silver is another prudent thing to do. Get yourself about $500 face value in old dimes or quarters, and whatever amount you feel comfortable with in gold coins. I recommend an assortment of sizes, one ounce down to one-tenth ounce.


That's a good idea but I'd go even further by maybe adding ones and a few rolls of quarters and half-dollars plus having maybe a hundred or two in other curriences.

I have about $100 USD worth of each of the following, Euro, Yuan, Yen, Rouble, Rupee, Canadian Dollar, Mexican Peso, Riyal, Kuwaiti dinar, Egyptian Pound, Turkish Lira, Indonesian Rupiah, Brunei Dollar and the Nigerian Naira just incase a few fail I have backups.


Plus I also have a few old currencies such as the French Franc, Italian Lire, Greek Drachma, German Mark, Argentine Austral



posted on Mar, 13 2009 @ 01:42 AM
link   
Some credit unions have an unscheduled withdrawal limit of $1,000 per day. You can stretch this by also using the ATM which adds $500 per day.

Big banks have higher limits on cash withdrawals, typically $5,000 per day unscheduled. However they do quietly track and report withdrawals at around $4,500 these days (was $10,000).

For banks which are sized from $10.3 to 44.4M, their depository reserve requirement is 3%, which means every $3,000 you withdraw reduces their size by $100,000. A bank of $10.3M at minimum deposits can be made insolvent by withdrawing $309,000. A bank of $44.4M can be made insolvent by withdrawing $1.3M. Many banks are at minimum deposit reserve these days. You can inconvenience your neighbor by withdrawing your money and making him wait for the FDIC check.


Some of the bigger banks (>$44.4M) have a 10% depository reserve requirement which means they need to keep at least $4.4M in deposits. This also means they are more sensitive to leveraged losses, they need to keep that 10% reserve to be viable.

Ref: www.federalreserve.gov...
Type of liability Requirement
Percentage of liabilities --- Effective date
Net transaction accounts*
$0 to $10.3 million2 --- 0 --- 1-01-09
More than $10.3 million to $44.4 million --- 3 --- 1-01-09
More than $44.4 million --- 10 --- 1-01-09

* Total transaction accounts consists of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible bankers acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. For a more detailed description of these deposit types, see Form FR 2900 at www.federalreserve.gov...



posted on Mar, 13 2009 @ 01:54 AM
link   
I had very little left in my bank after paying the regular bills. I left just enough in the account to cover a couple of auto-withdrawl accounts (while I switched the paying account to my credit union).


Odd thing, I recently recieved a notice from my (former) bank (WaMu)advising me that my account was "overdrawn" by $1 due to a service charge.

I went into the bank today to pay the fee and close out the account.

The bank manager instead offered to waive the fee and upgrade my account to a free checking account if I would leave the account open.


No skin off my nose, so why not?


Is WaMu(Chase) so desparate for depositors that they now don't care if your balance is $0, so long as you don't close the account?


Hhmmm...



posted on Mar, 13 2009 @ 03:10 AM
link   
reply to post by virraszto
 

really the answer to your question is what do you feel comfortable with. I personal keep enough money in the bank to pay my bills and the rest I'll never tell where its at
But when i did withdraw the money out of both my personal and business accounts i did it in chunks. 3k here 4K there until i got to my current level in my personal account.


reply to post by RFBurns
 


Sorry its just not "the huge corporate conglomorate banks" that are failing.

so far in 2009 13 banks have Failed and have been taken over by the FDIC.


Pinnacle Bank of Oregon - Beaverton, OR February 13, 2009
Corn Belt Bank and Trust Company - Pittsfield, IL February 13, 2009
Riverside Bank of the Gulf Coast - Cape Coral, FL February 13, 2009
Sherman County Bank - Loup City, NE February 13, 2009
County Bank - Merced, CA February 6, 2009
Alliance Bank - Culver City, CA February 6, 2009
FirstBank Financial Services - McDonough, GA February 6, 2009
Ocala National Bank - Ocala, FL January 30, 2009
Suburban Federal Savings Bank - Crofton, MD January 30, 2009
MagnetBank - Salt Lake City, UT January 30, 2009
1st Centennial Bank January 23, 2009
Bank of Clark County January 16, 2009
National Bank of Commerce January 16, 2009

visit source to see banks that have failed since 2000


source


most of the locally owned banks have made wiser decisions than JP Morgan and the likes but not all. But finding out if your bank is in trouble or not is damn near impossible to find out. The FDIC does not publish publicly a "watch list" of troubled banks For fear it will cause runs on the banks.



posted on Mar, 13 2009 @ 03:14 AM
link   
reply to post by Bhadhidar
 


I can't believe that Chase will let you keep the account open with a $0 balance. my bank if you have less than $1 in the account for 30 days or more they close the account.



posted on Mar, 13 2009 @ 10:27 AM
link   
reply to post by virraszto
 


I"m a big fan of credit unions. I've belonged to one credit union since '86 and another since 2003. I have had a small WaMu account
since 2004, but have barely touched it.

As one previous poster mentioned, open a credit union account or two. They are normally more stringent on their loans, so the "bad paper" has been less of an issue with them than with regular banks.




top topics



 
1

log in

join