From yesterday:
The Millbury Savings Bank is still in business operating from the same location.
If you can’t get cash out, why don’t folks simply write out a check or make a large credit card purchase for something of value, real estate, PMs etc?
It is rather strange that the bank is promoting an image of potential instability and weakness by going after those that just want a few thousand in cash. This behavior would only encourage widespread suspicion and lead customers to start broad based withdrawals and transfers, and discourage potential depositors and investors.
A bank’s image s everything. Once it’s seen as corrupt, it will fail. Now that the government is seen as corrupt, and banks are seen as extensions of the government, look for bank runs to accelerate on any bit of bad news or difficulty.
Legally, once you deposit funds in a bank, it is NO LONGER your money. It is the bank’s, and you just have a lien on it, similar to the mortgage they hold, on the home you own.