bank ran out of cash

Discussion in 'Homesteading Questions' started by Sparticle, Sep 21, 2005.

  1. Sparticle

    Sparticle Well-Known Member Supporter

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    Did I tell y'all that my bank ran out of cash today? I got the last of the money except the guy behind me got $10. I felt very lucky, but I felt sorry for the people behind me. Never been through that before. Just finished getting ready outside and have done all I can do to get ready for this hurricane. I'll proably be up all night finishing up in here.
     
  2. BCR

    BCR Well-Known Member

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    Thats odd. Did ATMs have cash still? Was it a small branch bank office or a main branch?
     

  3. deb

    deb Well-Known Member

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    Not that odd. The credit union I worked at only kept a "normal" amount on hand, but they got deliveries from the Fed a couple of times week to replenish what was cash given out.

    Folks in the probable Hurricane area's have been told to take lots cash with them when evacuating so more people are making withdrawals and they a probably withdrawing an abnormally large amount of cash too.

    In this kind of situation the branch management have to decided whether to order an unusually high amount of money in order to be "prepared" or order the usual amount. I'm guessing most branch managers would not order an exceptionally large amount of cash if the branch was in the path of the hurricane and likely to be damaged.


    deb
    in wi
     
  4. Momo

    Momo Well-Known Member

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    I want to be quntmphscs's best friend! Anyone who has enough money to empty out a bank is my kind of pal!
     
  5. Sparticle

    Sparticle Well-Known Member Supporter

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    haha! yeah but it wasn't that much. The manager was there and I heard them talking when they were trying to get the cash together for me. The ATM had about $1,000 left and the inside bank was out. This is Washinton mutual, a major branch bank.

    It wasn't quite as bad as the run on the bank scene in it's a wonderful life, but I was nervous. Anyway, I'm so tired from working outside and should be doing stuff around here but I just don't want to. Trying to refresh a little. But, I"m going to keep my computer up till about 5am and then pulling the plug.

    We can't make any calls to family to see what's going on because all circuits are busy. But I haven't lost my internet connection yet.

    Well, guess I'd better get back to it. Going to try to work till about 2am or so, get about 3-4 hours sleep and then head out.
     
  6. coalroadcabin

    coalroadcabin Well-Known Member

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    Back in December 1999, our branch ran out of everything except ones, fives and coin. We got more from another branch, but folks were pulling cash out faster than Brinks could deliver it. And of course, they put the same money back in their accounts come January 2000. :rolleyes: It's not unheard of for a bank to run out of cash... you just want to make sure they don't run out of assets!!

    Sounds like you're getting prepared. Stay safe.
     
  7. Explorer

    Explorer Well-Known Member Supporter

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    I live about 150 miles from a major city and my bank only gets cash from the Fed once a week on Thursday.
     
  8. FUNKY PIONEER

    FUNKY PIONEER No I don't smell Funky

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  9. wildwestwoman

    wildwestwoman Well-Known Member

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    I'm in AZ too. I'm about 65 miles west of Flagstaff on I40. My daughter lives in Idaho Falls.

    Suzi
     
  10. sisterpine

    sisterpine Goshen Farm Supporter

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    Funky and wildwestwoman I grew up in Tucson and moved up here to Montana when I was 45! Both places have their own type of beauty, but I sure am glad to be out of that big city!
     
  11. Shepherd

    Shepherd Well-Known Member

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    I highly recommend ALWAYS keeping a fair amount of cash on hand.... and a decent amount on your person at all times. You never know what might happen when you need "cash only".

    Be safe, Qtm!
     
  12. lonewolf

    lonewolf Well-Known Member

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    I only deposit enough each week in my bank account to cover what bill or bills I am paying that week. The rest of my paycheck I keep in cash on hand at home. I pay cash for whatever I need, but I might keep just a bit more in my checking account to use my debit card to get fuel now and again if I am a good distance from the homestead and it is a holiday, late night or weekend.

    I see no reason to bank the money I earn as what I purchase is my investment in my future. The tools, supplies and material I purchase is much better for my future than the mockery of the stock market or interest from a savings account.

    Really, if you invest long life durable goods that you can use for years, even decades, what more could you need in the golden times of life? If you have what you need to survive and thrive what more can you ask for?

    The gods and goddesses forbid that our banks get broken by runs. *sarcasm* :rolleyes: How ever would our local economies work without the federal reserve promise papers? :eek:
     
  13. crystalniche

    crystalniche Well-Known Member

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    That happens here once in awhile too. Sometimes the "money truck" doesn't show up on time or they have a run going on and they run out of cash. Not too funny if the only thing left for you to do is drive over 10 miles to their other branch in another town. I try to keep enough cash for a few days with me at all times to help prevent the problems this would cause.
     
  14. Oilpatch197

    Oilpatch197 Well-Known Member

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    Hey, on average how much money does a Financial institution carry?

    Like if I want to withdrawl $25k for a new trailer, can I get it? :shrug:
     
  15. amyd

    amyd Well-Known Member

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    It depends on what they typically give out, what they keep on hand. They usually prefer to invest their assets instead of tying them up with cash on hand. Where I worked, it was a weekly thing to be running low on one denomination or another. We could usually come up with something from another of our branches or another bank in town.
     
  16. WanderingOak

    WanderingOak Well-Known Member

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    EGAD! Those guys have my mortgage. I hope this is just a local problem.....
     
  17. Hummingbird

    Hummingbird Well-Known Member

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    :D :D Did I mention that I'm available for adoption??
     
  18. Explorer

    Explorer Well-Known Member Supporter

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    You always need new tools. One can't have too many, good quality, tools. :)

    If you take over a certain amount in cash out of the bank at one time, I think it's about 5-10K, you have to register the withdrawal with the FEDS. I have no idea what they do. A lot of business will not take large amounts of cash. (Stolen, counterfeit, subject to seizure upon deposit, whatever) If a business would not take my check for a large purchase, I would find a reputable dealer.

    I live a little northeast of Showlow. Like most Arizonaians, I am a transplant - from North Dakota. Been here over 40 years and New Mexico before that for 10.
     
  19. coalroadcabin

    coalroadcabin Well-Known Member

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    If you withdraw or deposit (basically any cash transaction) in excess of $10,000 in one day the bank has to report. Been that way since I started in banking in '92 & probably been that way for longer than that. Seems that crooks like drug dealers run a cash-heavy business (imagine that!!) and will deposit large sums of cash to 'clean' it. That's the reason for the reporting.

    Again, don't worry about your bank going under because they ran out of cash.

    Keeping a large sum of cash at home isn't always a good idea because if it's stolen or if it's destroyed in a fire, it's gone and you can't get it back. But everyone should have some cash on hand for an emergency and (even though it's sort of frowned on) you should have a couple of weeks worth of cash in a safe deposit box at your bank. That way your money is safer than at home and if your branch runs out of cash, you can hit the safe deposit box if you need to.
     
  20. caberjim

    caberjim Stableboy III

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    I worked for a bank for a while. Cash on hand is not representative of their total deposits and assets. No bank stores all their deposits in a local vault. We bundled up excess cash twice a week and sent it out (to the Fed I believe). Depending on the cash on hand on Wednesday nite, we would order more money to be delivered on Thursday to have on hand for Friday paychecks that were being paid out. A bank can have hundreds of millions of dollars in deposits, but only $100,000 cash in the vault. Why risk losing it in a robery or fire or other natural disaster?

    If you wanted a large withdrawl, you needed to give notice so that the cash could be factored into the amount on hand, so that the branch would not run out. Also, for 25K, there is probably a lot of paperwork involved now before you can walk out with that much money.