Think just a little... if you had to liquidate all your brokerage accounts like Schwab, Vanguard etc... if you look carefully, they are not held in CASH but in a Treasury fund that has $1 equivalents. So if you're thinking the jig is up and you liquidate your funds, your stocks and even your "gold shares" and now have cash.... what to do with it. Well you move it into as liquid a position as you can. That would be insured cash checking accounts... and now he's given us a big hint that he thinks THAT isn't even going to be liquid because of what? Why take money out of a bank unless you thought the bank would somehow NOT have your money or not give you access to your money.
I wouldn't question his placement of the cash but I would question THE WITHDRAWAL of his cash.
That's what I'm doing in weekly withdrawals to build up a little cushion. I'd advise others to just maybe get 1 or 2 months of cash and maybe find a nice little niche for it, just in case we have a bank holiday. Remember that safety deposit boxes are also not your property, the contents can be held till the bank decides to open its doors.
when I saw the HSBC limits in china and London I thought the same
If you’ve got a $millon that you want to keep liquid, split it among 5 banks.
And while they don’t keep up with inflation, BofA does offer a checking account that pays at least a nominal interest.
Finally, if you think all the major banks are going to melt down at once, you shouldn’t keep all of your money in $$. Get some Euros, some metal, some guns, and a pile of MREs.
I’ll admit I didn’t read the story completely.
My sense was he had layed up an idiotic pile of cash and had placed it someone else’s steel cage.
That’s Rachel Jeteel Retar Ed.
If it’s how you surmise I’ll go with that.
I think having that much money in my grubby hands makes way more sense if it’s not invested in some vehicle that appreciates or might
I’d rather throw the dice than let the bank use my loot to serve their mathematical surety.
Not to mention that the FDIC will belly laugh at those who believe their money is safely insured.
>>> I wouldn’t question his placement of the cash but I would question THE WITHDRAWAL of his cash.
>>> That’s what I’m doing in weekly withdrawals to build up a little cushion. I’d advise others to just maybe get 1 or 2 months of cash and maybe find a nice little niche for it, just in case we have a bank holiday. Remember that safety deposit boxes are also not your property, the contents can be held till the bank decides to open its doors.
I’ll second (or third, or fourth) that. Banks - credit unions too - seem to come up with ever more creative excuses to avoid distributing cash to the very depositors who earned it and own it. Even an acknowledged “bank error” is likely to entangle one’s assets indefinitely until it all gets sorted out. Meanwhile, how do you the poor shlep even gas up the car at the pump to respond to perhaps an unforeseen family crisis without the cooperation of the dubiously “safe” institutional computer clutching at your electronic money? Cut the middleman out for having outlived his usefulness.
In my most desperate situations of the past 5 years, financial institutions requiring that I explain how I spent (or earned!) my own money have only served as stress enhancers. Fie on all of them! I’m freeing my moeny from the buzzards as soon as I am able.