US banks shaken by biggest deposit withdrawals since 9/11

Originally posted by Newagekid2012
Our economy is set to collapse sometime in march. When the citizens go rampant due to food needs martial law will be instated.

how do you know by march the collapse will occur?

reply to post by nerdyclutzyblonde


What cqan they expect? It was just a few days ago that they reported to expect a cyber attack on US bank accounts. A lot of people are concerned about their money will come up missing and will have no cash in hand. The warning issued said that the ATM and credit cards would not be working as well. Fear mongering must be working ?

reply to post by nerdyclutzyblonde
Another possibility is that it's getting closer to tax time. With the Bush tax cuts "timing out" and other tax hikes being added maybe folks are afraid. If the IRS decides you owe them more than you want to pay them they can "freeze" your bank accounts if you don't pay them on time- then you can't even access your own money to be able to pay them. It's a vicious cycle!

Could anybody with smarts on ats give an educated guess as to the time period over which any crash may occur?

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.

reply to post by greatfriendbadfoe


The only answer I can give is that Gerald Celente and Max Kaiser both known as economy professionals say that it is expected to occur before April 2013. They will both say that it isn't set in stone but that is around the time period they personally expect it. No one can set a date there are so many contributing factors however it might be wise to start thinking about what you can do to somewhat protect yourself and your finances.

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!!

...

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

...

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!

...

Sadly, and to many surprisingly, they have access to an infrequently used policy... any bank CAN limit withdrawals of your own money. In fact, they can deny you access to your funds altogether... of course they can be legally compelled to explain why in court... but how many of us have the time and inclination to go to court when - after a bit of hesitation they do give you your money....

But consider this... how many people simply say "OK" to the seemingly authoritative 'bank' official and go away and make plans to withdraw their money slowly in stages? Bank wins.

Also, as I stated earlier.. the cartel is in the middle of choking off the money supply to engender a new crisis which will allow them to make investments for pennies on the dollar... it's how they amass wealth for the owners... all 10 of them.

Originally posted by VeritasAequitas
reply to post by nerdyclutzyblonde

 

I think that somebody knows their money isn't safe in the banks...

edit on 25-1-2013 by VeritasAequitas because: (no reason given)

..but if the dollar collapses, what good is paper money?

Are domestic gold purchases up as well? Not on paper but real purchases.

The money drawn from these simple deposit accounts has to go somewhere, right?
Probably being electronically transferred into brokerage accounts by people who believe in the dollar and want more.

If you thought the dollar was worthless you would not want cash. Maybe if some people are taking out cash they are buying gold. That would make sense to a person who was afraid of a dollar issue, but the cash that they pay for the gold is then in turn going to be deposited into the gold sellers account so the original withdrawal becomes a new deposit and you are back at square one.

So the money withdrawn is going into other accounts that are not part of this particular money supply component. Again, probably simple demand deposits going into investment.

What is all the commotion.
Is there no way we humans can survive without the foolish money system?
I don't know why we keep greasing the machine that enslaves us.
I look around and all i see are people running after the damn money.
We are like dogs bagging for a snack at the dinner table.

Is this what we call having a life?

...according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government.

Read the last half paragraph and you'll see the reason why. It's not not doom and gloom. It was written in the OP.

reply to post by redrose123


Thanks for the reply redrose. We live on a "large" (900+ acres) bush block where we can grow our own stuff and have a couple of hundred silver dollars (so about 200 to 250 ounces of silver) but that's all we've got. Bloody cc debt of 35K built up whilt putting up the house is a bumma so hopefully we will sell our 130 acres next to us sooner rather than later then I'll wipe out the cc debt, finish the house (a bloody long 50m walk to the dunny right now) and get a tractor (man/boy dream toy)

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.

Every few months I go into Wells Fargo and withdraw $5000 to by silver with, and the bank acts like they don't have the money. They go crazy... calling managers, talking on the phone, etc... It's amazing to watch them panic over a small amount, well small relative to the deposits held at the bank.

Sorry but I'm ignorant when it comes to major financing...
What happens to IRA's? Much Thanks!

Cheers
Ektar

Originally posted by RP2SticksOfDynamite
This only about 2%. Surely no impact until it starts to hit 20%.
Also its normal for folk to spend more in Jan.

No, that's not how banking works. It's a shame people don't understand.

Banks loan out your money as soon as you deposit it. That's how they make their money. They are required at the max to keep 10% of their deposits on hand. So 10% withdraw would cause them to run out of cash.

But it's even worse than that - they have developed sneaky ways to get around even the 10% reserve requirement. For example, they move large deposits into savings accounts overnight and then move them to checking the next day.

They are down to less than 3% in reserves and this is usually the amount of cash they keep in ATMs.

So even an extra 1% will cause cash shortages. Read this article if you want more info
www.marketskeptics.com...

Someone mentioned rumors of bank crashes. I remember a thread about a year ago when a European bank suddenly had computer problems right after large withdrawals. They aren't going to say they ran out of money - it will just make more people want cash.

Look for more computer crashes if reserves drop even more.

Considering how much the markets have gone up recently, I'd guess folks have been taking their money out of hibernation and investing.

I was thinking of doing the same, but I'm probably too late now

Its called a "Bank Holiday" no not Christmas or Easter - what happens is if the economy crashes/market tanks like in 2008 they will shut down the banks for a week or two & you have no access to your money like FDR did in 1933. I dunno could you go 2 weeks without an ATM, Credit Card or writing a check?

Doubt it - would suggest if you have extra money go buy some 1 ounce Silver Bars or Rounds maybe $500 bucks worth cause you can't eat the paper money but you sure as hell can buy groceries with some silver.

God knows the Central Banks are buying these precious metals up like there is no tomorrow. Just keep in mind don't go buying a 100 ounce bar of silver cause how are you going to barter that for a bag of grocery's?

Imo - don't buy coins at a premium - just buy 1 ounce silver rounds or bars like $1.50 over the spot price. There are plenty of youtube videos on how to buy silver so won't go into it.

But be prepared - especially if you have family.

reply to post by BABYBULL24



There will be no official bank holiday. There will be instead computer crashes, investigations, and security problems.

www.abovetopsecret.com...

Go ATS. This is real news.

Originally posted by nerdyclutzyblonde


I really don't know what to think about this other it's not a good sign
Beyond that, I'm clueless. I'm posting with hopes to understand what this article says. Really says.

Is this significant?
Is this not a big deal?

Please note: I did a search for this article and got no results. I'm surprised this hasn't been posted yet. Maybe not a big deal???

rt.com
(visit the link for the full news article)

I haven't really searched, just read your link. I would be willing to bet the fact that the unlimited federal guarantee on non-interest bearing accounts fell off at the beginning of the year is the answer. Just as the article said, businesses were sitting on all their profits, instead of investing, because they had that emergency federal guarantee that was put on in 2008. Now that its gone (except for the standard $250,000), they moved the money around to accounts that are riskier, but have bigger gains, or maybe even took some out to invest. Makes no sense to me, though, that nobody would have any idea where all the money went. I think accounting at banks, regarding withdrawals, needs to be pretty accurate. One would think the Federal Reserve could get some kind of report generated to see what types of accounts the money is coming out of, to get an idea of why its coming out.