Money OUT of my bank??? URGENT!!!

[Mac_jam]

Will the bailout bill passing, would it be wise to withdraw my funds from the bank?

 

[Dr.3D]

Don't panic!

 

[Mac_jam]

If the banks are going to close, or the dollar drops, would it actually help any to not have the funds?

 

[Dr.3D]

If the banks are going to close, or the dollar drops, would it actually help any to not have the funds?

You should always have at least a weeks worth of currency out of the bank.

 

[Mac_jam]

Sorry. I actually meant would it be any help to have the funds out of the bank of the dollar drops. But you understand.

Is what they are voting on the bill that will print up $700 billion?

 

[JenHarris]

I'd say it's always prudent to keep 2-3 months worth of your expenses on hand as cash. If you've got more than that...I think you'll know it when things are dire enough to clean out the accounts.

Some people here would argue with me tho so I just say go with your gut and if it's telling you to take it all out then do it.

 

[freelance]

My stock broker said at least one month's money at home, preferably two or three. Jim Sinclair said pretty much the same thing.

I'm glad that we cleaned out down to a few dollars weeks ago, because now every time I go to clean out an electronic funds transfer, they always ask, "ALL of it." I take off my glasses, look real close at the check or withdrawal slip, and say, "Uh, yeah, that's what it says on this little slip of paper."

You'd think I was removing the king's ransom or something.

From Jim Sinclair:

Dear CIGAs,

I have no doubt that $1650 will come. My concern is not that it will not happen, but that I am much too conservative in my long-term price objective since 2000.

If major banks can be torn apart how can we have faith in the small local institutions that hold most of your ready cash?

When I said �This is IT,� it is not something that I take lightly. Never in 49 years in finance have I seen a set of circumstances so challenging to the man in the street.

What I am getting at is a simple question. Are you prepared? You have heard us talk repeatedly on removing financial intermediaries between you and your assets, but the time has come for us to recommend going one step further:

Hold enough cash at your household to last you a month or two. It may be largely unnecessary for the majority, but what do you have to lose? If your bank should fail this will save you a lot of grief in the short term. If they do not, you still have all your cash that can easily be deposited back into your account.

Regards,
Jim

 

[fedup100]

When they pass thi, the end of America, every American needs to go to the banks and the to their brokers and cash it all in.

Crash the effin banks and stock markets. Show the global corporations that they do not have as much power as they thought they had. and keep em crashed.

We must open our own banks and ignore the fed banks.

 

[Johnnybags]

yes,yes,and yes

Will the bailout bill passing, would it be wise to withdraw my funds from the bank?

The banks will be closed soon for a few days to a week. Bailout is like viagra, wears off makes you feel shittier than before.

 

[Paul.Bearer.of.Injustice]

there is no reason to keep anymore cash in the bank than is necessary to cover operating expenses, with interest pretty much non-existent

 

[FindLiberty]

FDIC and cONGRESS will print up tons of new fiat money as required to keep the phony "up to$100,000 per name/per bank (up to $250k)" deal going... 'till the wheels come all the way off the state and panic in the streets is standard operating procedure. Then all bets are off.

There is a big question about how fast you can expect this magic FDIC payout of your actual, entire account balance to happen (if your FDIC insured bank crashes). Will it take 20 years, 4 weeks or 4 days to get your cash from your newly re-named bank?

Taking all your cash out now will drive hyperinflation / prices up and it puts you at greater risk of having it all stolen from you (while it's still worth something). Some people are doing this now, many are not.

Make sure you have a couple months of your routine required cash on (in) hand.

Spread your "one and only bank account(s)" into two or three other FDIC insured banks.

Invest some savings "outside US dollars" in case the money itself (regardless of location) becomes hyper inflated or completely worthless. That might be corporate stocks (maybe a utility in the usa or another country) that pays a dividend... even in a depression, get some PM like silver or gold that you hold yourself, open/exchange into another country's bank/currency, or snap up that recent foreclosure sale real estate bargain you found (far far away from a big city where life could become difficult if TSHTF).

"Doomed in 2009, buy canned food NOW"? Maybe. Don't worry, this all will pass.

Question is, will it get better or will we continue to become slaves as government continues to grow and grow taking away our wealth and freedom in the process?

 

[Bossobass]

A provision in this Bill has accelerated a clause in a 2006 Bill to take effect yesterday (Oct 1, 2008) instead of Oct 1, 2011, as originally passed.

It drops the requirement of banks (as well as CUs) to keep 3% cash reserves to 0% cash reserves.

They will now be able to simply say that they have no cash on hand. There will be no FDIC claim because the bank is technically solvent.

B-A-L-L-S.

Bosso

 

[Bossobass]

‘‘Emergency Economic Stabilization Act of 2008’’
SEC. 128. ACCELERATION OF EFFECTIVE DATE.
Section 203 of the Financial Services Regulatory Relief Act of 2006 (12 U.S.C. 461 note) is amended by striking ‘‘October 1, 2011’’ and inserting ‘‘October 1, 2008’’.

this section is amended—
(1) in subsection (b)(2)(A), by striking “the ratio of 3 per centum” and inserting “a ratio of not greater than 3 percent (and which may be zero)” in clause (i) and by striking “and not less than 8 per centum,” and inserting “(and which may be zero),” in clause (ii);

Bosso

 

[dsentell]

there is no reason to keep anymore cash in the bank than is necessary to cover operating expenses, with interest pretty much non-existent

Exactly. I have been operating on this idea for several months . . .

 

[raystone]

Invest some savings "outside US dollars" in case the money itself (regardless of location) becomes hyper inflated or completely worthless. That might be corporate stocks (maybe a utility in the usa or another country) that pays a dividend... even in a depression, get some PM like silver or gold that you hold yourself, open/exchange into another country's bank/currency, or snap up that recent foreclosure sale real estate bargain you found (far far away from a big city where life could become difficult if TSHTF).

excellent advice, I'd say