Should we be pulling our cash?

[Anonymous]

If they kill FDIC I won’t be surprised if there are bank runs. It will be an excuse to switch to crypto. Crypto uses secure blockchain that can be validated by everyone! Trust us bro!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My neighbor works at our local Wells Fargo branch. She texted me that they've been swamped all day with people pulling their cash. So much so that they hit their daily limit of cash on hand (didn't know this was a thing, btw). Several customers made requests so large that the money had to be ordered for withdrawal tomorrow.

Anyone else here work at a bank or have a relative who does? I'm trying to gauge what kind of response I need. This neighbor is very much an anxious, 'sky is falling' type of person. Like, when they call for snow, she STOCKS up and preps like we're getting 2 feet of snow because her motto for everything is "hope for the best, prepare for the worst."

So, if she's not exaggerating too much, what will this cause? Won't people pulling their cash cause a crash? And should I pull out some cash? Both my spouse and I are people who never have cash on them. I just had to swipe my card at my son's game this past weekend to get my kid a $0.75 bag of chips and paid a $2 cc fee in doing so

at what point do you people look in the mirror and say to yourself that it’s time to get help for your mental health?

You can talk down to them, but whether you think they are wrong to be anxious or whatever, Trump injecting such anxiety into the market that we get a run on banks is going to be bad for you too.

I don’t think they are wrong or anxious, i think they are full blown mentally ill and in desperate need of professional help.

[Anonymous]

Anonymous wrote:Your friend sounds like she has a mental illness.

Because she told OP what’s happening at her bank? Based on your comment, it sounds like you are stupid.

[Anonymous]

Your neighbor lies.


You DO understand this, correct?


Unless you're the only one making this all up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My neighbor works at our local Wells Fargo branch. She texted me that they've been swamped all day with people pulling their cash. So much so that they hit their daily limit of cash on hand (didn't know this was a thing, btw). Several customers made requests so large that the money had to be ordered for withdrawal tomorrow.

Anyone else here work at a bank or have a relative who does? I'm trying to gauge what kind of response I need. This neighbor is very much an anxious, 'sky is falling' type of person. Like, when they call for snow, she STOCKS up and preps like we're getting 2 feet of snow because her motto for everything is "hope for the best, prepare for the worst."

So, if she's not exaggerating too much, what will this cause? Won't people pulling their cash cause a crash? And should I pull out some cash? Both my spouse and I are people who never have cash on them. I just had to swipe my card at my son's game this past weekend to get my kid a $0.75 bag of chips and paid a $2 cc fee in doing so

at what point do you people look in the mirror and say to yourself that it’s time to get help for your mental health?

You can talk down to them, but whether you think they are wrong to be anxious or whatever, Trump injecting such anxiety into the market that we get a run on banks is going to be bad for you too.

I don’t think they are wrong or anxious, i think they are full blown mentally ill and in desperate need of professional help.

This comment just makes you look uneducated. People who don’t understand economics and have various backgrounds (grew up in an unstable foreign country, distrust the government, were negatively affected by the pandemic, are financially illiterate… the list goes on and on) are scared. That doesn’t make them mentally ill. Just like vaccine deniers aren’t mentally ill. They maybe stupid, but they aren’t mentally ill. Your post says everything about you and your critical thinking and nothing about OP’s neighbor.

[Anonymous]

Anonymous wrote:yeah good idea keep a lot cash in your house. im sure based on your political beliefs you are a strong 2A supporter and are able to protect all that cash.

I don't know why Republicans think the left doesn't have guns. Plenty of us have guns and like shooting. I grew up shooting and hunting with my dad. I was on a competitive shooting team as a kid & tween. I still have my guns plus more. I also have my CCW in VA. My kids have shot guns and taken all the gun safety courses (they do not have their own guns or access to any). I still love a day spent at the shooting range doing target practice. I don't get to go as much as I used to, but yeah, I still love it. You can own guns and like guns AND still want sensible gun regulations. There are millions of us.

[Anonymous]

I have less money in market with Morgan. Dividends are reinvested. Some cash in Morgan IRA MMA dropped from 5% to whatever, haven’t checked. Refinanced a small Heloc on a high value home (hold 91% equity) Got a good cash out deal from direct lender. 1/2 to pay off Heloc. Two pre owned cars paid off. No cc debt. Last college tuition payment yaay. Put cash in HYSA. Opened 3 accounts 4% interest plus 1,500.00 for each new account when held for 90 days = 6k. Plus approved on the spot for an 18 month zero interest with new bank and very high credit limit. Local brick and mortar bank. I’m good for now. Don’t want to deal with moving money around or CDs, treasuries. Selling house within the year, hopefully.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My neighbor works at our local Wells Fargo branch. She texted me that they've been swamped all day with people pulling their cash. So much so that they hit their daily limit of cash on hand (didn't know this was a thing, btw). Several customers made requests so large that the money had to be ordered for withdrawal tomorrow.

Anyone else here work at a bank or have a relative who does? I'm trying to gauge what kind of response I need. This neighbor is very much an anxious, 'sky is falling' type of person. Like, when they call for snow, she STOCKS up and preps like we're getting 2 feet of snow because her motto for everything is "hope for the best, prepare for the worst."

So, if she's not exaggerating too much, what will this cause? Won't people pulling their cash cause a crash? And should I pull out some cash? Both my spouse and I are people who never have cash on them. I just had to swipe my card at my son's game this past weekend to get my kid a $0.75 bag of chips and paid a $2 cc fee in doing so

at what point do you people look in the mirror and say to yourself that it’s time to get help for your mental health?

You can talk down to them, but whether you think they are wrong to be anxious or whatever, Trump injecting such anxiety into the market that we get a run on banks is going to be bad for you too.

I don’t think they are wrong or anxious, i think they are full blown mentally ill and in desperate need of professional help.

This comment just makes you look uneducated. People who don’t understand economics and have various backgrounds (grew up in an unstable foreign country, distrust the government, were negatively affected by the pandemic, are financially illiterate… the list goes on and on) are scared. That doesn’t make them mentally ill. Just like vaccine deniers aren’t mentally ill. They maybe stupid, but they aren’t mentally ill. Your post says everything about you and your critical thinking and nothing about OP’s neighbor.

You remain blissfully lost in your insanity.

[Anonymous]

You guys are all crazy.

[Anonymous]

I had to go to my local bank branch this morning to sign a paper in person so my DD in college could remove me from her bank account that was set up when she was a minor. The bank was indeed very busy with people making withdrawals and closing accounts.

This is bad. People are scared. Why is no one doing anything?

[Anonymous]

Anonymous wrote:I had to go to my local bank branch this morning to sign a paper in person so my DD in college could remove me from her bank account that was set up when she was a minor. The bank was indeed very busy with people making withdrawals and closing accounts.

This is bad. People are scared. Why is no one doing anything?

I am keeping more cash out and in hand, at home. But more in case there are temporary system disruptions. Not sure what to do about potentially bigger concerns.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op-where are you located?

In Loudoun. My neighbor works at a Wells Fargo branch in Loudoun.

Just in case the systems go down, we now have enough to cover our mortgage, utilities, and necessities for 2 months. DH decided to take that amount out this morning. We don't bank with Wells Fargo, but DH did report to me that there were lots of people waiting at our bank for it to open this morning at 9.

And do I believe in FDIC? If you'd asked me Jan. 19, I'd have laughed in your face and said, "of course!" But today? Now? It's hard to believe in anything with Federal in the name with him in charge.

Banking "systems are down," so you are contemplating paying cash for your mortgage and utilities? How precisely is that going to work?

Practicalities aside, what is the purpose? Say you don't pay the mortgage for two straight months because "the systems go down" - nothing happens. You pay when you are able. You won't be the only person to whom this happens, and it's likely there won't be a penalty.

I'm not sure which is dumber, worrying about this in the first place, or your proposed "solution."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op-where are you located?

In Loudoun. My neighbor works at a Wells Fargo branch in Loudoun.

Just in case the systems go down, we now have enough to cover our mortgage, utilities, and necessities for 2 months. DH decided to take that amount out this morning. We don't bank with Wells Fargo, but DH did report to me that there were lots of people waiting at our bank for it to open this morning at 9.

And do I believe in FDIC? If you'd asked me Jan. 19, I'd have laughed in your face and said, "of course!" But today? Now? It's hard to believe in anything with Federal in the name with him in charge.

Banking "systems are down," so you are contemplating paying cash for your mortgage and utilities? How precisely is that going to work?

Practicalities aside, what is the purpose? Say you don't pay the mortgage for two straight months because "the systems go down" - nothing happens. You pay when you are able. You won't be the only person to whom this happens, and it's likely there won't be a penalty.

I'm not sure which is dumber, worrying about this in the first place, or your proposed "solution."

I just ordered checks, which I haven't had in 5 years. These are unprecedented times. Who the fk knows what will happen.

[Anonymous]

Anonymous wrote:

Anonymous wrote:yeah good idea keep a lot cash in your house. im sure based on your political beliefs you are a strong 2A supporter and are able to protect all that cash.

I don't know why Republicans think the left doesn't have guns. Plenty of us have guns and like shooting. I grew up shooting and hunting with my dad. I was on a competitive shooting team as a kid & tween. I still have my guns plus more. I also have my CCW in VA. My kids have shot guns and taken all the gun safety courses (they do not have their own guns or access to any). I still love a day spent at the shooting range doing target practice. I don't get to go as much as I used to, but yeah, I still love it. You can own guns and like guns AND still want sensible gun regulations. There are millions of us.

Yeah, my NRA / Reagan loving grandpa made sure that I knew how to shoot and I'm pretty good at it. Liberal as they come.

[Anonymous]

Anonymous wrote:You guys are all crazy.

Or just more tuned in to what's happening at the national level than you?