US banks shaken by biggest deposit withdrawals since 9/11

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posted on Jan, 26 2013 @ 04:55 PM
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Originally posted by mblahnikluver
I recently had to withdraw $6000 for a car and they tried to tell me they didn't have the funds!!

I looked at her and said you will give me $6k in cash or we will have some serious problems. I told her you are a bank and you HAVE money. I was amazed at how they tried to keep me from getting my own darn money! They wanted me to invest and open up multiple accounts. I told her I knew her game and wanted no part of it and I wanted my cash..

After about 20mins they gave it to me. I looked at her and said "was that so hard."

I had that cash for about 15mins then it went to the dealership where I bought my car!

Since when does a bank have the right to tell me I can't have my own money and that they don't have that much cash on hand. I mean please! i use to work for First Union, I know they have plenty of cash on hand!



I know a few other people who recently withdrew high dollar amounts and were told similar stories of "we don't have that much cash." It's like they don't want you to have CASH. They want everything electronic.


I prefer to have cash but then again if the dollar crashes the dollar won't be worth crap...

Sucks either way.


I've been taking my money out slowly over the past year. One day, there will be a bank holiday...

I recently took out another $3,000. The teller had to get approval from the bank manager! She looked at me and said "what are you trying to do, break us? Then she said "that's OK... it's Saturday and we'll get some more money in Monday morning".

My moms sis used to be a bank VP. You'd be shocked if you knew how little cash a branch bank has on hand.

Remember... if you can't stand in front of it and defend it... it's not really yours.




posted on Jan, 26 2013 @ 05:42 PM
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Property taxes are due Jan. 31st. Next week I will be withdrawing over $2000 to pay my property tax bill. I would guess a lot of other people are also doing that.

Sal



posted on Jan, 26 2013 @ 06:35 PM
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This along with Switzerland and Germany getting their cash out of the US and receiving it in gold truly frightens me.
My dad manages over $10 billion in international equities.
I consider him somewhat credible with financial advice; I'll come back here after I talk to him.



posted on Jan, 26 2013 @ 07:57 PM
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Originally posted by tide88
No offense people, but if the dollar collapses, which it won't, gold would be worthless too.

If gold is priced at $1600 an ounce, and each of those dollars are worth nothing, gold would basically be worth nothing too, right?

I personally believe the dollar is by far the strongest currency I the world. After all, a countries economy is really based on it natural resources. The USA will be the largest producer of oil and natural gas by 2020. There will be no economic collapse here, it will actually be exactly the opposite.

We are yet to see the best and most prosperous year in the USA. IMO, they are right around the corner.


For your first question, exactly the opposite, since the value of USD has been going DOWN, golds value in comparison to the USD has been going up, so it takes more of the worthless USD to buy gold. This is also the same for USD buying Australian or New Zealand dollars.

The strongest currency is not based on personal belief, America's economy is mostly service based now. America manufactures not a lot now.

I ask you, how is Iraq/Iran and South Africa going which are some of the largest producers of oil/gold/minerals of the world?



posted on Jan, 26 2013 @ 09:04 PM
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I've also been made uncomfortable at bank of america when trying to take out cash.

I feel like saying: "Hey Yo - BofA / Merryl Lynch - Countrywide - barely tolerable crooks - Geez, aren't you the golden toilet guys? How dare you not immediately give me my own money no questions asked! It's not like you're being generous with the interest. So I pay you fees to hold on to my money so I don't get robbed. And you give it back when I ask. dose are da rules. OK Got it? Sheesh."

But as long as I'm playing into the system, it's hard to judge. It's a free country, I could just remove all my money, and always use cash, but I'm lazy and that's just too unusual not to use credit cards these days.

This is what they're hoping. Compliancy keeps the world go round.



posted on Jan, 26 2013 @ 09:09 PM
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Originally posted by exportgoldman

Originally posted by tide88
No offense people, but if the dollar collapses, which it won't, gold would be worthless too.

If gold is priced at $1600 an ounce, and each of those dollars are worth nothing, gold would basically be worth nothing too, right?

I personally believe the dollar is by far the strongest currency I the world. After all, a countries economy is really based on it natural resources. The USA will be the largest producer of oil and natural gas by 2020. There will be no economic collapse here, it will actually be exactly the opposite.

We are yet to see the best and most prosperous year in the USA. IMO, they are right around the corner.


For your first question, exactly the opposite, since the value of USD has been going DOWN, golds value in comparison to the USD has been going up, so it takes more of the worthless USD to buy gold. This is also the same for USD buying Australian or New Zealand dollars.

The strongest currency is not based on personal belief, America's economy is mostly service based now. America manufactures not a lot now.

I ask you, how is Iraq/Iran and South Africa going which are some of the largest producers of oil/gold/minerals of the world?



Cool you think dollar is so strong - very optimistic and I admire that positive outlook.

I tend to agree with the response though - The US needs to manufacture more.

And Gold is universal. as in UNIVERSAL - it is precious, you can't print more. it's value is entirely different from the made up dollar or yen or anything else - all of which can go to gold (thus it's importance - like silver, diamonds...)



posted on Jan, 26 2013 @ 09:10 PM
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Originally posted by trusername

I've also been made uncomfortable at bank of america when trying to take out cash.

I feel like saying: "Hey Yo - BofA / Merryl Lynch - Countrywide - barely tolerable crooks - Geez, aren't you the golden toilet guys? How dare you not immediately give me my own money no questions asked! It's not like you're being generous with the interest. So I pay you fees to hold on to my money so I don't get robbed. And you give it back when I ask. dose are da rules. OK Got it? Sheesh."

But as long as I'm playing into the system, it's hard to judge. It's a free country, I could just remove all my money, and always use cash, but I'm lazy and that's just too unusual not to use credit cards these days.

This is what they're hoping. Compliancy keeps the world go round.


I'm headed to BOA tomorrow to get my money out actually. It's interesting that you say this - I hope it's flawless, but if not I'll tell them.
"I have shown you proper documentation and I am in fact ___. The money in my account is my own, there is no withdrawal restrictions on my account, I owe you no money and none of my money is pending. As simply a holder of my money, you have no ownership over the cash in there."

and then I'll get it and be like
"You know....I really hope you banks can survive this year...but at the same time I don't"



posted on Jan, 26 2013 @ 09:20 PM
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LOL, So now we really know how many guns and how much ammo the People purchased the first week of January.

I caught wind of this a day before the dateline on the source's OP. I'll link it in a moment because there is an important omission from the RT article.

From Washington Times


The program’s end was expected to bring more withdrawals — but the smaller banks only lost .9 percent of their deposits.


I think the end of TAG is probably the most parsimonious answer, but I find it extremely interesting that smaller banks had withdrawals half the amount of the bigger banks. Also, the stock markets have been on a hell of a tear since the first of the year as well so I'm sure some of it went there as well.



posted on Jan, 26 2013 @ 09:41 PM
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Originally posted by ajay59
Everyone is getting out from under the FRN to avoid being crushed. Now is the time to buy precious metals before they sky-rocket and before the dollar goes up in smoke!
edit on 25-1-2013 by ajay59 because: (no reason given)


Christ. I'm so sick of hearing this. I've heard it for the past five years, and guess what? It's all BS.



posted on Jan, 26 2013 @ 09:53 PM
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Originally posted by XalienagendaX

Originally posted by ajay59
Everyone is getting out from under the FRN to avoid being crushed. Now is the time to buy precious metals before they sky-rocket and before the dollar goes up in smoke!
edit on 25-1-2013 by ajay59 because: (no reason given)


Christ. I'm so sick of hearing this. I've heard it for the past five years, and guess what? It's all BS.


Russian Central Bank To Keep Buying Gold

Silver Bars Being Secured By HSBC – Buys $876 Million Worth From Poland

Hedge Funds Converting Assets To Physical Gold



posted on Jan, 26 2013 @ 10:58 PM
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Anybody know a way to track anomalous or unusually high-volume put options? Seems like now would be the time to watch out for that.



posted on Jan, 26 2013 @ 11:33 PM
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reply to post by nerdyclutzyblonde
 


Saying the biggest withdrawls by amount could be misleading. There is so much more money in circulation since 2008 that a billion is almost entertainment money. The biggest withdrawls by percentage would be a genuinely biggest number.

The last line of the article says


Another set of data from the US Federal Reserve shows some deposits may have moved within the banking system from one type of account to another.


Sounds like the money masters are beginning to reduce the amount of money in circulation.

Either

A) so they can print more money with the appearence of maintaining the same amount

B) to decrease collateral and make loans more expensive, that is, harder to get.

Maybe the withdrawls have to do with Hurricane Sandy and the bad economy.



posted on Jan, 26 2013 @ 11:39 PM
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reply to post by tide88
 


Gold will never be worthless. It's traded in every currency on the planet. If the USD crashes it will have to be replaced by something else. What ever is created to take it's place will be tradable in gold.

If the USD crashes and it costs 10k to buy a loaf of bread, people will start making their own bread. The currency issue will resolve itself eventually. The dollar may balance out or some new form of currency will be used. Silver is extremely cheap right now, it too is sold in every unit of currency. In my opinion, we are living in the dollar bubble right now. Gas, PM's and food are cheap right now. This will have to change, it's not sustainable.



posted on Jan, 27 2013 @ 12:12 AM
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get out of banks and into credit unions.



posted on Jan, 27 2013 @ 01:44 AM
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I am no banker, but this 2% spike in withdrawals does not surprise me that much. This is a lousy economy and with the banks being a great deal more stingy about lending money, and the credit card companies being tight about giving good rates to new customers, (even credit worthy people), and screwing their existing customers.....

People are tapping their reserves in financial situations they were once able to fund using simple credit. It's another bubble that will go our way soon, it just has to, because these institutions are hurting and will be forced to lighten up, or go out of business.



posted on Jan, 27 2013 @ 01:59 AM
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I havent read all the comments so I dont know if anyone mentioned it. But gold prices decreased during that time. Any relation between this? Could gold value drop due to the rich buying this beautiful natural resource?



posted on Jan, 27 2013 @ 07:21 AM
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Maybe German needs to tap into its gold reserves because they are also feeling the pinch and prefer to do so using offshore stock.

Better times are further away then peole think and indicators like this are sign of that!

Too much debt and not enough cash circulating.

A few surprises still to come maybe.



posted on Jan, 27 2013 @ 08:19 AM
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reply to post by charlyv
 


It wasn't a 2% spike in withdrawals it was the withdrawal of 2% of their total deposits. That is substantial, especially when you consider the effects of leverage.



posted on Jan, 27 2013 @ 08:41 AM
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where is all this money going though, the people taking the money out cannot surly be spending it otherwise it would of shown up in the takings of retailers ?

could they be just putting the money/cash under the bed ? that wouldn't do much as there is nothing to back the paper up !



posted on Jan, 27 2013 @ 09:07 AM
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Originally posted by Maxmars
Actually, this "TAG" program was known to be ending...


The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a final rule to implement section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 343 provides temporary unlimited coverage for noninterest-bearing transaction accounts. This separate coverage will become effective on December 31, 2010, and will end on December 31, 2012.

The final rule revises the FDIC’s deposit insurance regulations to include noninterest-bearing transaction accounts as a new temporary deposit insurance account category. All funds held in such accounts are fully insured, without limit, and this coverage is separate from, and in addition to, the coverage provided to depositors for other accounts at an insured depository institution.

Noninterest-bearing accounts, as defined in the Dodd-Frank Act, include only traditional, noninterest-bearing demand deposit (or checking) accounts that allow for an unlimited number of transfers and withdrawals at any time, whether held by a business, individual or other type of depositor.


Many argue that there is no more liquidity crisis to merit the continuation of the program, thus much of this wealth is simply being shuffled around to different account types - depending on the entity doing the shuffling.

The Fed seems to still be squeezing the money supply down (creating more power for them to wield with the politicians) ... as a result - money being scarcer - the poor will remain poor, the middle class will remain under their yolk, and the upper class will continue to play into the gimmick which takes the form of making money without producing anything ... It's the Fed's show ... it's called monetary policy and they rule us with it... thank you Democrat and Republican prostitutes.



 




the article i read yesterday about the TAG, told me that expiring program was all about the smaller banks being insured

the article further stated that the majority of the money withdrawn was from the 20 or so TBTF Banks, market makers/, prime movers & shakers not the general banking system


so there is a lot of money moving around suddenly, unexpectedly.... huummmmmm


people, legal entities downdrawing the wealth in front of the required oobamacare law requiring policies that may be linked to available wealth/assets ??
i have had to drain accounts before... to show very little money available in savings for the prior 3 months to be acceptable for consideratrion


If the TBTF banks are getting tapped by a sudden 2% of funds, it might signal that corporations are withdrawing some of their slush fund accounts.... or theres a big play among the money laundering factions of the unethical part of the 'dark' economy...perhaps

IMHO the sudden surge of monies withdrawn from deposits is not nothing to do with 'Main Street' economics.... unless it was spent on all those Silver Eagles the US Mint ran out-of...& or food stasches...or all those AR rifles bought before the expected Ban.... millions of 1oz silver eagles & millions of guns flew off the shelves in late DEC
edit on 27-1-2013 by St Udio because: (no reason given)





 
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