Savings Accounts

[silverflake]

So I have read things here and there about people having trouble withdrawing cash from their savings accounts and each time I read it, it sends chills down my spine.

I subscribe to some newsletters from Stansberry Research. Porter Stansberry releases a lot of doom and gloom videos on the internet but he is usually very close to the truth on some of his past scenarios. Anyhow, one of his co-writers, Steve Sjuggeruud wrote a piece last week that he went into his bank and requested $15,000 in cash as a withdrawal. He was told he could get $2000 that day but would have to request the rest and would get it in 5 days. In other words, he was being denied access to HIS money. Chilling.

Get some $ out now and have it handy. His second point was that this was on a day where there was no financial crises going on, just a typical day in America. What the hell gang?

Keep stacking! For God's sake, KEEP STACKING!!!!!!!!!!!!!!!!

[Rodebaugh]

Banks will not give you a large amount of cash (even if you have it in your account). You need to let them know in advance....or regularly drawl 3-5K / week. Its a access to paper funds thing for them. They have to order it. Not counting deposits, I would guess that the average branch has less than 100K on hand at anytime. And truth be known Probably a lot closer to 50K. So, one person with a healthy account could wipe out a banks ability to give you money that day.

[TXBullion]

If someone before you orders 600 pepperoni pizzas, chances are you may have to wait until they get the next shipment of pepperoni in

[TXBullion]

Also funny that even though is is so "terrible" bet 95% of people here have at least 1 bank account too

[theo]

Welcome to fractional reserve banking. Banks usually only have enough reserves to cover 10 to 15% of their deposits. When it comes to physical cash that number is much lower. This system has been in place in one form or another for about 500 years. For Sjuggeruud to represent this as a "chilling" new development sounds disingenuous.

[Z00]

If someone before you orders 600 pepperoni pizzas, chances are you may have to wait until they get the next shipment of pepperoni in

That is why I stock pepperoni, sauce, cheese and crusts BY THE CASE!

[silverflake]

As usual, you guys present good points. I get it. The pepperoni pizza scenario gives me some perspective. But, I still say, if I have a safety account with $25,000 in it and I feel the need to pull $20,000 out (for ANY reason) I want it NOW. Not in 5 days. Every time I think I know all there is to know about 'the system', I end up learning more, and it's never good.

So, if some one orders 600 pizzas before me, so be it. But if some one pulls $15,000 before me, I have to sound a little naïve here, but I want mine NOW too! It ain't the banks money, it's mine. Only reason it is in there is for insurance against theft and fire. Perhaps you all will laugh at me (poor silver flake, he doesn't get it) but if the banks don't have enough money on hand, that's their problem. OK, I guess it's my problem.....

And yes, I do realize that those stocks I 'own' in my brokerage account aren't mine either.

What the heck do we own?

Buy land and keep stacking!

[beauanderos]

As usual, you guys present good points. I get it. The pepperoni pizza scenario gives me some perspective. But, I still say, if I have a safety account with $25,000 in it and I feel the need to pull $20,000 out (for ANY reason) I want it NOW. Not in 5 days. Every time I think I know all there is to know about 'the system', I end up learning more, and it's never good.

So, if some one orders 600 pizzas before me, so be it. But if some one pulls $15,000 before me, I have to sound a little naïve here, but I want mine NOW too! It ain't the banks money, it's mine. Only reason it is in there is for insurance against theft and fire. Perhaps you all will laugh at me (poor silver flake, he doesn't get it) but if the banks don't have enough money on hand, that's their problem. OK, I guess it's my problem.....

And yes, I do realize that those stocks I 'own' in my brokerage account aren't mine either.

What the heck do we own?

Buy land and keep stacking!

I'll go you one better. It's your money. You can't withdraw it in large amounts. Even if they do let you (I had to draw $16,000 one day) they make you fill out info that they include on their SAR (suspicious activity report) they are required to follow... no longer $10,000... now down to $3,000 according to Jim Willie.

I've taken to the practice of just withdrawing $2 or $3,000 per branch, and hitting several, if I need larger amounts. It's getting ridiculous

[TXBullion]

As usual, you guys present good points. I get it. The pepperoni pizza scenario gives me some perspective. But, I still say, if I have a safety account with $25,000 in it and I feel the need to pull $20,000 out (for ANY reason) I want it NOW. Not in 5 days. Every time I think I know all there is to know about 'the system', I end up learning more, and it's never good.

So, if some one orders 600 pizzas before me, so be it. But if some one pulls $15,000 before me, I have to sound a little naïve here, but I want mine NOW too! It ain't the banks money, it's mine. Only reason it is in there is for insurance against theft and fire. Perhaps you all will laugh at me (poor silver flake, he doesn't get it) but if the banks don't have enough money on hand, that's their problem. OK, I guess it's my problem.....

And yes, I do realize that those stocks I 'own' in my brokerage account aren't mine either.

What the heck do we own?

Buy land and keep stacking!

There will be a handful of banks that could probably meet your demand. Look at the flip side too. If there was demand for someone pulling out 15k a day, i would think they would most likely stock it because then it becomes an inconvenience to special order every day. Just like the pizza store can stock an average amount of pepperoni for 600 pizzas but only 30 are getting ordered and the rest spoils, it doesnt make sense. Just inventory management and cash so happens to be one of the items.

Lastly, most bank agreements have this in writing as well. If you look back to the great depression, they withheld money to people. If you run into THAT situation, tough luck. Have what you need to be prepared. The every day withdrawals and deposits work great....... until they dont...

[IdahoCopper]

...... if I have a safety account with $25,000 in it and I feel the need to pull $20,000 out (for ANY reason) I want it NOW. Not in 5 days. ........ Only reason it is in there is for insurance against theft and fire.

Slowly withdraw it and put it in a safety deposit box. Problem solved!

My mother recently opened a local bank account. The interest paid on the account is: 0.05%, that's right, 1/20th of 1%. If your putative safety account earns an enormous 2%, that is a whopping $500 per year on $25k. Choose what is more important to you, ready and instant availability of your secured property, or a pittance in interest in exchange for the actual ownership of YOUR money.

[JerrySpringer]

My mother recently opened a local bank account. The interest paid on the account is: 0.05%, that's right, 1/20th of 1%. If your putative safety account earns an enormous 2%, that is a whopping $500 per year on $25k. Choose what is more important to you, ready and instant availability of your secured property, or a pittance in interest in exchange for the actual ownership of YOUR money.

This is why I have no problem using banks for coin dumping and coin ordering. They sit on plenty of OPM and pay out nothing really. Heck, they make it out like you should feel like they are doing you a favor holding your money for you. Credit unions are an alternative to bank strangleholds.

[ScrapMetal]

How banks work.

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[barrytrot]

As usual, you guys present good points. I get it. The pepperoni pizza scenario gives me some perspective. But, I still say, if I have a safety account with $25,000 in it and I feel the need to pull $20,000 out (for ANY reason) I want it NOW. Not in 5 days. Every time I think I know all there is to know about 'the system', I end up learning more, and it's never good.

If you have account history of withdrawing and/or depositing that level of cash you are far more likely to be able to do it without excess hassle.

Doing it once, sure you are going to get hassled, but by the 5th time, zero hassle (assuming the branch has the cash, which $20k shouldn't be that hard unless it's a very small branch).


SO: Deposit the $25k. Wait 10 days or so. Then withdraw $20k. Wait 5 days and re-deposit. Repeat the withdrawal and re-deposit 20 times over the course of a few months.

Now your account will have no issues with withdrawing quickly as they will have history of that.

[Kurr]

Buy land and keep stacking!

Sorry, that won't work either. You don't "own" it. Fail to pay your yearly rent (taxes) and see how long they let you keep it. Plus there is eminant domain. And if they say they need it and you don't want to sell, I have seen them condemn it, then take it.

Know what they don't tax or steal?

Things they don't know about.

[Engineer]

As usual, you guys present good points. I get it. The pepperoni pizza scenario gives me some perspective. But, I still say, if I have a safety account with $25,000 in it and I feel the need to pull $20,000 out (for ANY reason) I want it NOW. Not in 5 days. Every time I think I know all there is to know about 'the system', I end up learning more, and it's never good.

Hitting multiple branches can enable you to get all your money out in one day, or you could store $5K in five different banks.

[silverflake]

Good stuff from the R.C. gang. But will you guys at least humor me and tell me that this irks you all too? Yes, I realize my cash is at risk if I choose to put my money in a bank. But still, it's MY money from my labor at 2 jobs (currently, down from 3). That's all. Just pat me on the back and say" "There, there silverflake, It will all be ok..."

OK, maybe you don't have to do that. But I am still irked.

Keep stacking.

Think they will confiscate my pennies some day?

[fasteddy]

With the huge amount of interest being paid on savings why store it at the bank? Maybe a safe deposit box but then they could lock the vault up tight.

I hope I never lose my map to my back yard. Fast cash is only a couple of shovel fulls away.

[Morsecode]

That's what I was going to say...if your concern is primarily fire & theft what's wrong with a small safe deposit box? Cost around $75 year. Take out whatever you want whenever the branch is open. At current interest rates you're not missing much.

I guess you could say it's one of those good problems to have

[John_doe]

Welcome to fractional reserve banking. Banks usually only have enough reserves to cover 10 to 15% of their deposits. When it comes to physical cash that number is much lower. This system has been in place in one form or another for about 500 years. For Sjuggeruud to represent this as a "chilling" new development sounds disingenuous.

very true. the fed has also started to cut money supply statistics (M3 in specific), but I think that is for a much different reason.

[Kurr]

Another thought occured to me. Early in my days of sorting I was ramping up and one day, every bank I stopped at where they said "Do you have an account with us?" I said not yet, sign me up, so I could open my pick up branch oppertunities a bit. All at seperate banks, not branches.

I believe it was the 5th one that thunder struck on. After some clickety clicks on the ole comp-u-tater, I was told I could not open one and would have to wait. ...I had opened too many account in too small a time frame.

Those multiple branch withdrawls would probably get you flagged on a suspicious activity report.

[John_doe]

Another thought occured to me. Early in my days of sorting I was ramping up and one day, every bank I stopped at where they said "Do you have an account with us?" I said not yet, sign me up, so I could open my pick up branch oppertunities a bit. All at seperate banks, not branches.

I believe it was the 5th one that thunder struck on. After some clickety clicks on the ole comp-u-tater, I was told I could not open one and would have to wait. ...I had opened too many account in too small a time frame.

Those multiple branch withdrawls would probably get you flagged on a suspicious activity report.

realcent probably collectivly has a couple of those reports.

[CLINT-THE-GREAT]

Good Read and Info Gents....I haven't thought of several of these scenarios before.... of course I would have to have $25k in the bank to have such "problems" But you are exactly right, I would be irate if I went in and they didn't have the cash I had in my account.... "WHat did you do with it?" I would ask... "I gave it to you, so you must have it somewhere?!!!.... oh you gave it to someone else so now I have to wait... " makes sense

-The Great

[silverflake]

So, who's up for forming our own bank? 'The Bank of RealCent' where a penny made is a penny earned. We could become part of the federal reserve system and have only 10% of our deposits on hand, borrow from the fed and buy PM's as our investment of choice with the narcotic infusions of money from the fed.

Just don't know where we run this thing out of.

Bah, maybe not.

Keep stacking on your own.

[Bluegill]

That's what I was going to say...if your concern is primarily fire & theft what's wrong with a small safe deposit box? Cost around $75 year. Take out whatever you want whenever the branch is open. At current interest rates you're not missing much.

I guess you could say it's one of those good problems to have

"Safe" deposit boxes are not "safe". What is one going to do when the feds have goons from the vast array of armed alphabet agency's locking the place down and force opening the boxes in the name of terrorism, the drug war, the children, public safety, tax evasion, whatever..?

A home safe would be a much better alternative, preferably well hidden.

If one is really concerned about this, old school still works well. Mason jars buried under the frost line in the back yard... Just don't forget where you buried them.

[Z00]

I have posted this before. This is the best "safe-deposit box" made. Under a 24x24 flagstone in the yard, with a bird bath on top. Put 10% of your holdings in it. Measure 25 feet in some direction from it, bury another one with the rest. If cash (FRN's) are involved, seal them in a mylar bag.

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