“Do you really have enough cash out of the bank and under the sofa to pay all your bills - mortgage/rent, gas, food, etc. even for one month? It’s not just highly inconvenient, it’s a huge security risk.”
What do you think will happen to the economy when consumer spending is forcibly cut in half - paying bills, buying groceries, borrowing money for vehicles, paying a mortgage? Do you think businesses and banks will cheer that?
Now that part would definitely be a “who blinks first” scenario, the ‘frozen’ or the economy at large. But a hundred thousand people suddenly getting a text and their entire bank assets shut off would make for some serious fear among people wondering if they’re next because they’re seeing Facebook posts and getting calls from someone who was reduced from 1st World status to 3rd World in minutes. And the vast majority of the ‘frozen’ would need to pay the rent and grocery bill and gas for their cars immediately.