I highly recommend you find another bank. A credit Union is many places are better than national banks.
I think a reasonable amount of cash to keep on-hand is a month's worth - bills, mortgage, gas, food. I can't afford to just DO that, but I'm going to work up to it as fast as I can.
After that, you may feel relief.
I highly recommend you find another bank. A credit Union is many places are better than national banks.
I would consider 6 months of food so you don't have to worry about using cash ( you may not be able to buy food in some circumstances) and keep your vehicle full of gas. When it hits 3/4 tank, fill it back up and keep at least two empty 5 gallon gas containers available for use if needed.
Don't like what's happening on line??
Don't use it. Write a check..The old way still works and a stamps are cheap.
Get debt free as quickly as you can, it is a blessed freedom event, I am serious. I was broke after my divorce in 1996 and had THOUSANDS of debt. I paid all of it off plus my Mortgage, it was a weight lifted off of me. I actually had to do Tax Planning until my retirement.
Everyone should maintain money accounts in two different institutions. The banks do have computer problems which take their machines offline for several hours at a time.
Furthermore, I keep investment accounts at two different brokers. One whose headquarters is in Boston and the other in San Francisco. In the case that there is a major disaster, at least half of my funds should be available.
Finally, keep some paper backup. If you get all of your account statements via email. Print summaries at least once every few months.
I have set up and tested disaster recovery systems for several European banks and government agencies. During one test we took the bank’s ATM’s in the French Antilles offline unannounced in the middle of their night so we could complete a disaster recovery test.
Don’t keep all your cash in one place in your house.
By the way, it's noted on their account for verification that they have Polish accents. The bank claims Nigerians stole his money. Nigerians have Polish accents?
Your first mistake is to go the online banking route in the first place. My wife and I have both done just fine visiting a branch every now and then if needed.
Use multiple institutions spread across differing sectors such as credit, banking, investments or brokerages, etc.
We now understand why those that lived through the depression kept their money in the mattress
Good idea. Another good idea, dump BofA and find a good local bank or credit union that actually cares about it’s customers. BofA has had the worst customer service of any organization I have ever dealt with for as long as I can remember. About 30 years ago I deposited a money order into my account and was credited for it. When I tried to withdrawal the money, I was told the funds were not available because I didn’t sign it. OK, give it back to me, and I’ll sign it. They told me I could put a request to have the money order returned, which I did. After several weeks of waiting and inquiring about I was told it couldn’t be located, too bad. Needless to say I’ve never done business with BofA since.
Yep - pretend it’s 1999 again... except make sure you have more on hand. We use a local credit union - would NEVER use BOA or any other large bank. Have even refi’d the mtg with a mortgage company - not a bank! At least we know where the safe is.
Part-cash, part commodities would probably be better.
We do the exact oppposite. As soon as checks clear, we withdraw all of it, except enough to pay the currently due bills and leave small amount (~$50) in the account. Use it as check cashing and thats it. Never trust another bank again.
Go all cash, your money is no safer in a bank these days than it is buried in the back yard. The interest is about the same.
Ours was down for two days(credit union) I wondered if they’d been hacked. Your post makes me go hmmmm.
It might be worth having a local bank (preferrably one with multiple branches, if you travel).
I would also have funds in more than one bank, if possible and depending on ones individual situation.
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Several years ago, I tried to use a debit card on a national bank. The store computer system refused it. It tried a local bank debit card, and the store computer accepted it.
I tried that national debit card in another store, just across the state line, and the store there accepted it.
Not all stores, ATMs, etc., accept all cards.
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I agree that one should keep cash on hand. The current economic climate has too much uncertainty.
And, banking system computers do go down sometimes.