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Originally posted by BlueAjah
This is just common sense - but whatever you do - if you are keeping large amounts of cash, tell NO ONE.
A woman and her daughter who lived near me were murdered last year. It was common knowledge in town that she walked around with large quantities of cash and had more at home. I believe the murderer was some guy who came to do some maintenance work in their home.
I'm very sure this is not the only story like that - but just a harsh reminder to hide it, lock it up, and tell NO ONE.
The banks warning that she could be mugged on the way home was not probably not for no reason. Perhaps they did get sued at one time, if someone saw a person receive the money in the bank and followed them home. Perhaps the person then blamed the bank for not keeping it secret enough. People are very litigious these days. And there are people who are so desperate for money that they could have very well followed your wife from the bank.
Originally posted by DarthMuerte
I have said it before, I will say it again. They will give everybody with cash in the banking system a "haircut". How much is up for debate, not that we get a vote, but it is going to happen. Get out of the system while you still can.
Originally posted by BlueAjah
I wonder if this is why almost any deposit account requires a large minimum balance these days.
Maybe that creates some kind of "reserve" that the government has access to in an emergency?
I realize there are other reasons - that the bank needs to make money off of your account, to keep their business going.
But considering they are paying hardly any interest, it seems like a waste to let them hold onto a large minimum balance.
edit on 3/23/13 by BlueAjah because: (no reason given)
Originally posted by seeker1963
reply to post by Iwinder
Not sure if you are aware of this, but in the US it is the same way and has been for awhile. Try to take out 10k or more and paperwork, questions the whole deal. I wanted to withdraw 3k and was told I had to wait three days, because "they had to order it!"...
Not to mention, try flying OUT of the States and have to "claim" you have 10k!!!! Better yet, if the police pull you over and you have 10k or more on your person................
I am sure a celebrity, wouldn't have much of a problem with this kind of tyranny, but good luck to a measly Serf, who might have his/her life savings in their pockets!!
I am sure the banks are nervous, but just letting you know that this kind of behavior is and has been quite common in the past here in the states.
Originally posted by crankyoldman
I think the OP is confused about what is going on here. The "money" he claims is "his" is not in fact his.
"In most legal systems, . . . the funds deposited are no longer the property of the customer. The funds become the property of the bank, and the customer in turn receives an asset called a deposit account (a checking or savings account). That deposit account is a LIABILITY of the bank on the bank’s books and on its balance sheet. Because the bank is authorized by law to make loans up to a multiple of its reserves, the bank’s reserves on hand to satisfy payment of deposit liabilities amounts to only a fraction of the total which the bank is obligated to pay in satisfaction of its demand deposits."
If you take out the money, there are less reserves, which, means less investor confidence in the bank. The bank is concerned with its shareholders, not the depositors.
Now with direct deposit, we never even see our cash. It is kind of an illusion that the "money" even exists, if you think about it. It goes directly into the bank, and from there directly to our debtors. And maybe we get a little cash allowance out of it from an ATM machine once in a while. The "cash" does not really exist.
Originally posted by Catalyst317
reply to post by Iwinder
This makes me think that the article I read today was happening, not in response to Cyprus, but everywhere else in the world.
Bank Manager Verifies Cash Withdrawal Limits & Reduced Hours Coming To US Banks Within 60 Days
To me, this may be a good or bad step... Good that the government sees certain institutions that are "to big to fail" as a liability, but bad because... well, that is putting my trust in the government and seeing what they allowed to happen unfold.
Amount of withdrawal will be held to $500-2000 per day per customer account--not customer.
Originally posted by Wifibrains
I really don't think they can back all the money they "owe" to the people. Especially the rich.
Think about all the money people believe banks are keeping safe for them. Then think about how big the vaults would need to be to hold all this cash.
I'm 99% sure what people think they have in cash in the bank is an illusion. Just digits on a system, with no value whatsoever. As long as we are good citizens, we may take it out in dribs n drabs as long as it is deposited in drips n drabs.
I'm skint, but feel for those who stand to lose hard earned savings put by for a rainy day. Those hoarding actual "wealth" are causing the problems and stand too lose more than those that are not.