Are you ready to wait a week for your bank withdrawal? : LUSENET : TimeBomb 2000 (Y2000) : One Thread

I bank at Norwest. Looked into the rules of withdrawals per their Deposit Account Agreement effective December, 1998. On page five, last sentence (regarding 'Deposits and Withdrawals') it says "The Bank has the right to require 7 days written notice before you withdraw or transfer money from any account on which interest is earned and from any savings account." I called two offices for clarification on this and was told that . . " it means what it says, but that it has never been used and probably wouldn't."

I can see it now. People waiting in line for their money and the bank is handing out Deposit Account Agreements and asking all to leave unless they have submitted their written 7 day notice.

This could be used as a great tactic.

-- Daryl Bittner (, March 26, 1999


Hi Daryl,

I left the banking arena in 1983 ... at that time, our signature card said 30 days, not 7 days (it was a carryover from the depression days). I'll bet some small country banks (if they're still using the old cards) still say 30 days. In reality however, they can also give you money in "like funds" --- meaning cashier's checks for money orders.

It is best that one reads their account agreement that is signed with their respective bank. Let me assure you, banks will do whatever they can to protect themselves (of course all in the name of their customer).


-- tim daniels (, March 26, 1999.

Why does anyone who is a GI need a bank? You can cash your payroll checks at the bank your employer banks with, or there's check cashing stores you can setup an account with and cash them there for a small fee. Here's a statement my mother got from her bank yesterday in the mail from World Savings:

Cash Withdrawl Limitations

We place certain limitations on withdrawals in cash. In general, $100 of a check deposit is available for withdrawal in cash on the first business day after the day of deposit. In addition, a total of $400 of other funds becoming available on a given day is available for withdrawal in cash at or after 5:00 p.m. on that day. Any remaining funds will be available for withdrawal in cash on the following business day.

I don't feel sorry for anyone at this point in time who will be left high and dry. Think cold hard cash, and lot's of water!

-- bardou (, March 26, 1999.

bardou, for those of us who are Federal workers (not always an oxymoron) paychecks are required to be electronically deposited. So, I am planning on at least a month disruption to my cash flow next year, and that's assuming I will still have a job, my account is fully insured, etc. etc. etc.

What - me worry? :-)

-- Margaret (, March 26, 1999.

Margaret: Do you withdrawal all but $10.00 when you can get the funds? That makes a big difference in whether you will be standing in line to get your money or staring at the long line as you drive by the bank. My mother's bank is really pushing automatic deposit as well as my husband's employer. We had that service up until a year ago when I saw the handwriting on the wall. I feel as though I am in control instead of someone else being in control of me.

-- bardou (, March 26, 1999.

bardou: "Fortunately" (I guess) I run my account down to just a few dollars every month - big bills and expensive habits like food, mortgage, etc. So, I don't have much saved at any one time and not a lot of assets to lose from a bank run. Buying gold? That's for other people. If my credit union folds, I figure I can stand in line at the FDIC window for my $50.43 along with all the other poor saps! :-)

(preparing on the cheap)

-- Margaret (, March 26, 1999.

Margaret: Hee hee! I know exactly what you mean! My step-grandmother was griping that they don't know what to do with all their millions (literally, and she wasn't bragging) and fretting over it, and my husband laughed and said, "Hey this is the first time I am glad we don't have much money!" We do the same thing, we run our account down, so I am not too worried about it....we have put away a substantial amount of cash where no one in the world could find it....

(Roll those coins!)

-- Preparing (, March 26, 1999.

Margaret: You are doing it the right way, and I don't have one single gold coin. I'm betting on other things to keep me beans? Think water and lots of it!

-- bardou (, March 27, 1999.

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