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Started By
Message
Should I take my money out of the bank
Posted on 10/5/22 at 4:59 pm
Posted on 10/5/22 at 4:59 pm
Based on what happened in Canada, uncertainty in the current economic environment, and the FBI raiding lockboxes. I do not trust the current administration. We keep enough money in our accounts to cover 12+ months of expenses. We also have rental properties with monthly deposits. I'm considering removing everything but 1 month of expenses.
Am I just being overly paranoid/tinfoil hat? My concern is that there will be some "event" and won't be able to get my money. Any chance of the major banks here having a bail in?
Am I just being overly paranoid/tinfoil hat? My concern is that there will be some "event" and won't be able to get my money. Any chance of the major banks here having a bail in?
14
Posted on 10/5/22 at 5:04 pm to prestigeworldwide
Do you really think if we had a crises, where you couldn’t get your money, that your money would truly matter? My vote is for tinfoil. Also, different strokes, but 12 months is a large amount. Likely leaving future earnings on the table
This post was edited on 10/5/22 at 5:42 pm
Posted on 10/5/22 at 5:33 pm to prestigeworldwide
El gaucho, where are you, my boy? We got a live one for you. 
Posted on 10/5/22 at 6:05 pm to prestigeworldwide
Take it all out and buy alcohol, cigarettes, and ammunition.
That would at least make more sense than pulling it out and keeping it cash.
That would at least make more sense than pulling it out and keeping it cash.
Posted on 10/5/22 at 6:14 pm to prestigeworldwide
Yes
You know who owns the bank right?
You know who owns the bank right?
Posted on 10/5/22 at 6:18 pm to el Gaucho
Who?
Posted on 10/5/22 at 6:30 pm to slackster
quote:
Who?
Based on the poli board must be the people who are controlling the world economy by distributing vaccines that control people's minds.
I'm sure that has been discussed by now.
Posted on 10/5/22 at 6:33 pm to Jag_Warrior
quote:
El gaucho, where are you, my boy? We got a live one for you
El Gaucho do you have a spot at the fema camp for the OP ?
This post was edited on 10/5/22 at 6:34 pm
Posted on 10/5/22 at 6:55 pm to FLObserver
You don't need to take your money out of the bank, but you should understand that some banks and credit unions are much safer than some of the big, highly-overleveraged banks that tend to take on greater levels of unsecured risk ......
This post was edited on 10/6/22 at 7:10 am
Posted on 10/5/22 at 7:02 pm to cadillacattack
You think the large US banks are going to fail soon? Guess you think the Dodd-Frank stress tests are all just for show
Posted on 10/6/22 at 6:20 am to prestigeworldwide
No, just bank at a local community bank. Not sure why you wouldn’t to begin with.
Big banks offer very little, if anything compared to years past over a community bank. It used to be a glaring difference in technology. Not anymore though. That gap closed years ago, about the time a good smart TV started going for a few hundred dollars.
Big banks offer very little, if anything compared to years past over a community bank. It used to be a glaring difference in technology. Not anymore though. That gap closed years ago, about the time a good smart TV started going for a few hundred dollars.
This post was edited on 10/6/22 at 6:23 am
Posted on 10/6/22 at 7:58 am to Kreg Jennings
If your bank is one of the owners of the Federal Reserve then you’re fine for obvious reasons (JP Morgan, Citibank, etc)
However as others have said privacy and surveillance/ control is your bigger concern here
However as others have said privacy and surveillance/ control is your bigger concern here
Posted on 10/6/22 at 11:33 am to Shankopotomus
quote:
If your bank is one of the owners of the Federal Reserve then you’re fine for obvious reasons (JP Morgan, Citibank, etc)
However as others have said privacy and surveillance/ control is your bigger concern here
We're at Chase. 50% of my conern (not knowing the banking laws) was the government's ability to freeze bank accounts for some wild arse reason and 50% of my concern was privacy and surveillance.
Posted on 10/6/22 at 11:53 am to prestigeworldwide
quote:
My concern is that there will be some "event" and won't be able to get my money.
What macro "event" specifically would cause frozen assets?
quote:
Am I just being overly paranoid/tinfoil hat?
Yes.
Posted on 10/6/22 at 12:11 pm to prestigeworldwide
I’ll be the first one to admit, I am not as financially smart as most of the people on this board. That being said a older man gave me this bit advice not to long ago…..
IF YOU AREN’T HOLDING IT, YOU DON’T CONTROL IT.
IF YOU AREN’T HOLDING IT, YOU DON’T CONTROL IT.
Posted on 10/6/22 at 1:33 pm to prestigeworldwide
quote:
50% of my conern (not knowing the banking laws) was the government's ability to freeze bank accounts for some wild arse reason and 50% of my concern was privacy and surveillance
warranted (to a sdegree)
I would definitely say that if it keeps you up at night there is no harm in having at least an alternative bank with some funds in there just in case something like this happens
Unfortunately some really underestimate the actual threat of authoritarian nightmares when it comes to online money these days considering Canada, J6th "conspirators", etc. etc.
Your bank can and will freeze you out and at minimum you're fricked until you lawyer up and take them to court. The risk is not 0
ETA: I talked to our CFO about this recently just in terms of how he handles the finances and he mentioned diversifying accounts for a thousand different reasons if the treasury is large enough
This post was edited on 10/6/22 at 1:34 pm
Posted on 10/6/22 at 1:50 pm to prestigeworldwide
CASH OUT AND BUY ALL BITCOIN THEN USE CELSIUS!
GOOD LUCK!
GOOD LUCK!
Posted on 10/6/22 at 3:25 pm to prestigeworldwide
Xanax dosage audit
Kidding
Geezum
Not kidding
Kidding
Geezum
Not kidding
Posted on 10/6/22 at 4:36 pm to Fat Bastard
Posted on 10/6/22 at 4:39 pm to Turf Taint
for all you pussies who keep downvoting me ... state your case is to why this CANNOT happen
debate the other side
Because I'll be honest if I had more than the 250k FDIC limit in a bank I'd be concerned about that excess in one institution quite frankly
failure happens gradually .. then suddenly
debate the other side
Because I'll be honest if I had more than the 250k FDIC limit in a bank I'd be concerned about that excess in one institution quite frankly
failure happens gradually .. then suddenly
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