Should we be pulling our cash?

[Anonymous]

We are entering Russia of 1990s territory. Look it up and se what happens when federal gov't essentially abdicates and everything goes through privatization/redistribution. It took a couple of years to shake out and was not pleasant. Probably will not be that bad here, but it will not be pleasant. Small gov't radicals are getting what they wished for.

[Anonymous]

People were in line outside like in "It's a Wonderful Life"? Couldn't they just move money out online?

[Anonymous]

Why? High risk of loss or theft from your home.

[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.

So you have like 10,0000cash sitting in your house? Where are you putting it?

[Anonymous]

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

100% agree. People are truly crazy.

[Anonymous]

Anonymous wrote:I'm going to get 1K in cash within the next day or two. I think it's good to have that amount on hand.

Why? For what?

[Anonymous]

You will be fine. Some of Trump's wealthiest supporters love their cash more than you do. I wouldn't worry.

[Anonymous]

Anonymous wrote:You will be fine. Some of Trump's wealthiest supporters love their cash more than you do. I wouldn't worry.

Well they were dumb to support him

[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.

so much prattling on and on with you. you sound like you need to be on a daily dose of SSRIs as well.

[Anonymous]

Yes. You should pull out all of your cash and hide under the mattress!