Are you prepared for bank bail-ins

originally posted by: litterbaux
a reply to: 38181

Try to go into the bank and withdraw 5k in cash.

I'll bet they will tell you they don't have it on hand and need to order it, come back in 3 days. This happened to me, I was buying a used car and the guy said cash only. Luckily he was cool and held it for me for the 3 days. Not only that, the bank was trying to get me to use a cashiers check and I told them the guy wanted cash only. They seemed ticked off like I was taking the money out of their pocket.

What if you come back in 3 days and they tell you it's going to be another 3 days, then another 3 days ect ect. Then you go back one day and the bank is closed.

Banks don't keep a ton of cash on hand so they have limits on cash withdrawals without prior notice.

a reply to: network dude

My technique works good too, since I do not have nearly two hundred and fifty grand, I don't have to worry about it.

When the SHTF and there is a run on the banks, or, better yet, you are cut off from your accounts for some reason, the bail in isn't going to mean much. Render unto Caesar, but you will want to have cash on hand to use before it becomes obsolete, so stuff your mattress with a fair amount of moolah. I'd guess, depending on how fast it goes down, you'd have a week or so to dump your mattress money while most everyone else is screwed because the system is down. After that, you'd better be good at something

originally posted by: litterbaux

originally posted by: AndyFromMichigan
I wouldn't worry about the $250k limit too much. (Although if you have that much money, you're a fool if you keep it all in one bank.)

If they really are planning for bail-ins, they'll probably replace your savings with treasury bonds that won't mature for 30 years. Or something similarly evil that gives those responsible plenty of time to walk away from the wreckage they create.

Actually I heard a rumor the plan is to issue bank shares. If they are taking your money to keep them above water who the heck would want shares in that bank.

This is why I can see them doing it.

...even better. Then if the bank goes under anyway, your shares become worthless and get cancelled. The best you could hope for would be to recoup a fraction of your savings by selling the shares before this happens. Even then, the price of the shares will inevitably plummet, both from other people trying to recoup their own savings, and from the simple fact that the bank needed to be rescued.

originally posted by: 38181
a reply to: panoz77

Wouldn’t this cause people to get scared pulling cash out and hiding it under their beds?

People with an excess of 250k should know how to move it around, after all they didn’t make that type of money being stupid. And the government knows that so what’s their next move?

Yes, the meeting that the FDIC had they discussed a run on the banks as a result.

with a known missing $80trillion which i can't help but think as the tip of the corrupt iceberg no amount of bail-ins will fill the hole they are in..

I'm not even sure the west as a whole will make it to the point its even feasible to try a massive hair cut..

I got a letter from my bank before I saw any of this news.



I really don't care. My strategy is to spend every dollar like it is worthless. Because it is worthless. And pulling all your money out of the bank is a pointless move. The paper they hand you, in the unlikely event they have enough, isn't worth the gas spent to go pick it up.

Caled. Slayer of ATS threads.

I think most people are looking at grocery prices and comparing it to the ratio of their non existent paycheck after paying bills.

Frightening times.

Hang on tight. I'm afraid we're in for a wild ride.