If I were any of you I wouldn't be waiting much longer. What good is your money really doing sitting in a bank anyway? It's making THEM lots of money,
that's for sure.
Of course, the 0.05% rate of return on your savings is pretty awesome... (*cough)
A number of years ago, when i first learned about fractional reserve lending/how banking (really) works, I decided to head down to my credit union and
see if I could actually pull all my money out and close my account.
It was an experiment. After all, I'd just learned that banks do not really store every members money in some huge vault under the building (don't
laugh, many people really think this is the case)... anyway I did have a few dollars at that point due to a settlement from a car accident.
When I told the teller I was there to withdraw and close, she excused herself to go speak to a supervisor.
For some reason that took over 15 minutes.... then the supervisor came forward and said to me "I'm sorry sir but I'm not sure we're able to process
your request at this time"
"WE AREN'T CERTAIN WE HAVE THE FUNDS AVAILABLE HERE AT THIS TIME"
Well wherever my money is, you had better find it because I'm not leaving here without it.
I sat there reading People magazine for 40 minutes while they were doing God knows what trying to assemble my funds.
You should have seen the look on her face. It was like she knew death was just around the corner. I've often wondered how that affected operations
there the rest of that day (I dropped by around lunch) .... but point being:
The banks are not simply just "holding onto" your money. It doesn't even physically exist. Sure they have a "float" just like any other "business"
just to handle the expected day to day transactions... but go in there and try to pull out a large sum and watch them get very nervous very
Now imagine ALL of the members going in there one day and asking for what's theirs!
At that point the whole game is up and chaos ensues.
Don't get caught on the outside looking in. It'll be too late.
edit on 5-10-2011 by HIWATT because: edit for spelling because my keyboard is a POS