Posted on 03/15/2020 11:13:28 AM PDT by dennisw
Manhattan bank temporarily runs out of $100 bills as wealthy customers frantically try to withdraw up to $50,000 amid Wall Street's coronavirus crash
A Bank of America branch on Park Avenue experienced a run of wealthy customers seeking to stockpile cash on Thursday
The rush came amid dramatic drops on the stock market, and caused the bank to run out of $100 bills The banks says smaller bills were available as normal, and $100 bills were replenished the following day
The Federal Reserve says it has not seen a dramatic spike in the demand for cash despite the coronavirus crisis (This might be a lie)
A Manhattan bank temporarily ran out of $100 bills on Thursday as wealthy customers sought to withdraw large sums of cash as Wall Street suffered its biggest drop in more than 30 years.
Frantic clientele at a Bank of America branch on ritzy Park Avenue requested to retrieve tens of thousands of dollars to stockpile, which accounted for the shortage.
Two people who witnessed the rush told The New York Times that several people withdrew as much as $50,000.
On Thursday, the S&P 500 dropped more than nine percent - the largest percentage drop since the 'Black Monday' crash of 1987.
The fall was attributed to the worsening coronavirus crisis, however the markets largely bounced back on Friday after the Trump Administration announced new measures to fight the pandemic.
(Excerpt) Read more at dailymail.co.uk ...
I, too, ran out of $100 bills on Friday.
I looked under the bed, the sofa, easy chair, couldn’t find the damn thing anywhere!
I guess they want a few mil to hide under their mattress. Might be comforting as the stock market dives. But the best therapy is a vault of cash deep enough to swim in a la Scrooge McDuck.
The idiots should have stashed some cash before. They must be stupid because they live in one of the worst places for SHTF to happen. Hundred dollar bills wouldn’t do them much good.
corrupt liberal media is scum....trying to induce panic.
Ugh. That’s the last thing we need, a run on the banks. But I’m betting the FED expected this so has probably been shipping pallets of cash to regional banks. I know that the last time there was an “issue” the FED was not just stockpiling cash. Friend of mine in a fairly high position there at the time said they were even storing bullets and of course food.
Did the leftist cause the Great Depression in order to get FDR elected?
TRYING? They have done it.
Now we get to see how they react in the population centers.
And look for magazine and news opinions stories touting the uncleanness of currency, and credit and debit cards, how beneficial it would be to use an in or on body system form of cashless....
Love of money is the root of all evil and I’ll be the love of money is at the root of all of this mess.
$100 bills are Yuppie food stamps.
As if paper money would do you any good in a SHTF scenario.
Paying electronically is best.
Wipe the card with an alcohol pad after use.
A bill given as change may come with coronavirus.
Hey, when you can’t get toilet paper...
Wouldn’t they be better off with 1, 5 and 10 dollar bills? What if you need a loaf of bread and all you have is a 100? The same principle applies to people who stockpile gold in case of a crash. A one ounce bar looks nice until you need to trade it for a can of Spam.
Har Har Har!
I work in the Credit Union Business. Our Main Branch went through $97,000 in six hours on Friday.
A story about one branch of a bank.
Ok....
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