We’ve been taking small amounts of cash out for weeks(Wachovia) and keeping it in case of an emergency...we’ve left a substantial amount in, also. I’m not worried about eventually getting our cash, I just am not one who would enjoy standing in a queue waiting to make a withdrawal if there should be a run on the bank. We have enough cash squirreled away to tide us over until the panic passed. We have a 20 year old who’s in college and he never has cash always uses his debit card. We advised him to have a little stash for gas/groceries, etc. should his bank fail and he not be able to use his debit card. It’s just like preparing for a hurricane, IMHO, the preparations include having cash on hand, it only makes sense.
One that hits everywhere, almost simultaneously, with a predilection for destroying things financial.
we took 5k cash out of the bank this morning and hit the mattresses. i'm in the southeast with long gas lines/shortages, food prices continually rising - have you checked the cost of toilet paper lately?
if this trickle up/down/sideways continues - i'm ready for the short term at least. but i don't like the way this country feels right now - nothing i've ever experienced before in my 57 years. say a prayer for our side - we are who we need right now - not them.
Wachovia isn’t gonna go “poof” - the FDIC would seize it and resell it immediately like with Wamu.
Is (Wachovia) an FDIC institution, e.g. you have a checking account there?