I keep reading opinions about the dangers of withdrawing your money from your account at the bank.

There is way too much historia out there blocking the thought process, I believe.

First, it's your money. Let me repeat that IT'S YOUR MONEY. Why would you think that you have an obligation to keep it in one form or another? The bank, cash, gold, whatever, it's your money.

Second, think about this. Have you read one article naming an otherwise-innocent person who's been arrested for taking his cash out of the bank? If not, why would you worry about an event that's so remote as to be non-existent? It's your money.

Where did we get the idea that the government demands that your money stays in the bank, anyway? I don't remember seeing any federal law saying you must keep your excess cash in the bank. It's your money.

Now, if you still have concerns, you needen't deposit paychecks, you can cash them if you so desire. It's your money.

I do construction and handyman work for a living. For almost ten years, I've deposited checks from clients and withdrawn cash two or three days a week for purchases. I probably average $3,000 to $5,000 a week and then I can spend it at Home Depot, Eagle or where-ever. It's a lot quicker than checks. I just keep the receipts for tax purposes.

My bank doesn't say a word 'cuz (guess why) It's my money.

Look, you've got a matter of a few months to prepare if you believe TSWHTF. Don't be immobilized by fear. Buy what you need, Buy durable goods and food and protection for your family. If you're wrong, you won't have to go shopping for a while, big deal. It's the "stuff" that'll be important in a post 2000 world, cash may not buy you goods if they aren't being manufactured. Greenbacks are of secondary importance.

A special final thought for the flamers:

Opinions are like armpits, we all have 'em and most smell. I challenge you to document one case of a person being prosecuted for taking out cash. Not laundering illegal income, just otherwise legal cash. No inuendo, no "I heard from good sources", no "you're a polly or troll or establishment shill". Stick to the facts and show me one documented case.

Randers

I'm waiting.

-- Randers (coyotecanyon@hotmail.com), July 01, 1999

Answers

Randers: that would be "hysteria". No flame, just tryin' ta help. I also agree with you on most counts. Two points, however: 1) the federal gov't DOES have the power to set withdrawl limits, and 2) arrests (if any) might come LATER in the year, as "EXAMPLES" for the people.

Just my random thoughts....

-- Dennis (djolson@pressenter.com), July 01, 1999.

One thing to remember, is that, when you put your money IN to the bank, you did so under certain guidelines,and with certain expectations, some of which may have been implicit and others may have been explicit.

The explicit ones are in the depositor's agreement you signed as you set up the account. these detail things like any waiting period to close the account, etc.

The IMPLICIT agreement, if it is an interest bearing account, in particular, includes such things as an understanding that the bank is renting your money, and loaning it out to someone else at a higher interest rate. In essence, YOU are LOANING the money to someone else, with the bank as the facilitator for the loan. Now, you may always call your loan, by removing your money, but, remember that another bank has the same right to call another loan (like a car loan or a home loan) when ITS depositors decide to call THEIR loans to the bank.

The above does NOT change the fact that it IS your money and they ARE DDA's (Demand Deposit Accounts), and you CAN get it whenever you want within the explicit guidelines of your agreement, just remember that what goes around, comes around.

Chuck

-- Chuck, a night driver (rienzoo@en.com), July 01, 1999.

Randers,

Sure it is your money, and the key word that I pick up in your statement is that you do this every few days. The bank is prepared for you to come in and take out that much money, because, "They know you are coming, and they have it on hand." Let me say that again because it is different for you, "They know you are comming", and, "they order enough extra cash for you, Safeway, Walmart, Grand Union ect..." Banks today don't keep all of your money in the bank because "Banks get robbed." They keep your money with the fed, in your neighbors house, in the business down the street, and in your neighbor's car. The car, house, and small business loans are where your money is, it is not in the bank. Sure they make a little profit on the interest differential but that is about it.

To the other people on this forum, if you are going to take out large amounts of cash 4000, 5000, 10000 and the bank does not expect you to come in, let them know a week in advance. They will order your cash and have the big armored truck bring it to the bank for you. Another wise thing to do is to set up a safe deposit box. Say, you get your 10,000 in cash, you don't want to walk out the door with that much of your savings at one time. Put most of the cash in the box, take some home, A day or two later bring stuff for the box(hershey bar, M&M's), take some more money with you. When your box is empty, order some more cash.

Also, there is no harm in having multiple accounts in different banks. Go to each and take out "your vacation money($2000)" The only thing that I really recommend is that you never(ever) pay a fee to have an account at a bank(only fee for safe deposit box). You can also set up an ATM account. With this you can take out up to $400/day(Key Bank) every day. After 10 days you have $4000. With multiple accounts(different banks) this adds up very fast. Never pay a fee to use an ATM. Fees are bad, never pay them.

Good luck

-- Ned P zimmer (ned@nednet.com), July 01, 1999.

denny, please no more random thoughts. we need focus hon 'cause we know they'll be coming for us soon. thoughts like a diamond guided blue lazer are whats called for at this late stage.

you can do it cause like the aforementioned diamond you truly are a gem.

a rubie lipped smack for ya.

.

-- corrine l (corrine@iwaynet.net), July 01, 1999.

C1 Does your mommy know you're using her computer ?

-- Dr. G. (eattherich@mailcity.com), July 01, 1999.

Randers,

Regardless of how much I agree with you that goods are much more important than greenbacks the bottom line is there is not enough paper money in this country in circulation for everyone to pull out "their" money. Much of the "money" these days is electronic currency.

For me the "fear" factor might make vendors, store owners, etc. not honor checks. That would cause the "fear" factor to rise in consumers and the whole "confidence" issue becomes a downward spiral. So, you have a large portion of the population unprepared and unable to even purchase goods because they don't have access to the cash they need.

However, something tells me that many of the people pulling out their money aren't doing so because they intend to buy goods to store away. Many may intend on pulling out ALL their money because they're fearful it might disappear.

As Chuck and others have pointed out when you deposit into your bank you do so under their terms. If they don't want to give you access to all of your money at any given time it is in their power to do so (dependent upon the type of account).

The American Bankers Association has managed to pressure two advertisers, KIA and Polaroid, into pulling ads because they played the y2k angle. These ads cost a substantial amount of money not only to create and produce but to also purchase time to play over the air. This because the ads might cause a certain perception of the industry. How do you think the ABA and the regulators will react *if* fear becomes a serious reality?

So, I agree with you. Buy goods now, don't wait. Don't rely on cash when goods might be the only tangible currency. And, though you can eat money it's filthy and full of germs, make sure to boil it really good first.

Mike ================================================

-- Michael Taylor (mtdesign3@aol.com), July 01, 1999.

dr. g.

she most certainly does hon and she'd be interested to know that the nice dr. man has expressed an interest in her special little girl. are you a real dr. or do you just play one on tv?

a nursing, nursely hug to you o' great healer.

-- corrine l (corrine@iwaynet.net), July 01, 1999.

Hey Randers,

Give ya a clue. Sure it's YOUR MONEY. So is the tax dollars confiscated for bullshit social programs and pocket lining by the politicians running us into the grave.

But when talk of a TAX CUT or cutting capital gains is mentioned, everyone in government acts like you're amputating their legs with a rusty tree saw.

And the emoting public gets all riled up by these politicians that claim these "evil" tax cutters are robbing the poor and the children.

So they say they don't WANT a tax cut....it only benefits the rich. They say this, even though IT'S THEIR MONEY being wasted.

Yes IT'S THEIR MONEY! IT"S YOUR MONEY!!! But the average Joe has been duped to believe IT'S THE GOVERNMENTS MONEY...they are just being benevolent in allowing the public to keep as much as they do.

Here's a secret Randers: The banking industry thinks along the same line as the government that props them up if they run into trouble (ie: Hedge funds).

Sure, in all actuality- it's your money.

But government and banking cartels assume it's theirs by royal right. You and the public are best served by THEIR management of your money.

This is why the banks are screaming that you need to keep your bucks in the bank where it's safe (even though there's less than 2 bucks for every hundred on deposit).

This is why government screams that you need to pay for more programs to fix problems that government created in the first place...and don't you dare demand government live within their means as you have to. Why- you just want to starve children!!

Give you another clue, if there's a trillion dollar surplus as Clinton claims...why hasn't the dumb public said to themselves "Hey...the reason for the surplus is because WE PAID TOO MUCH IN TAXES!!!"

But they won't. They attribute the surplus to great government management.

So my point is, if the public is in the dark about the government blowing THEIR money, and announced pseudo surpluses that would be the result of over taxation, what makes you think the public understands that if the banks limit withdrawls or declares bank holidays that the public will shout "Hey! it's our money!!"??

They'll be led to believe that the banks and government are the best place for managing and protecting YOUR MONEY.

The government knows this, which is why they tried to sneak in the Know Your Customer Gestapo Policy to snoop on what you do with YOUR MONEY.

The scary thing about that is a poll found more than 50% agreed with KYC.

Sure it's YOUR MONEY. But the banks, the Gov'ment and John Q. Public don't think so.

Willful ignorance is going to cost us all.

-- Guvthinks (Upeople@restu.pid), July 01, 1999.

Guvthinks wrote;

"Give you another clue, if there's a trillion dollar surplus as Clinton claims...why hasn't the dumb public said to themselves "Hey...the reason for the surplus is because WE PAID TOO MUCH IN TAXES!!!"

I have been screaming that at the tv and radio every time I hear about that surplus!

Proof positive we are OVERTAXED!!!!!!!!!

Mike ===============================================================

-- Michael Taylor (mtdesign3@aol.com), July 01, 1999.

it's my gun,too

-- zoobie (zoobiezoob@yahoo.com), July 01, 1999.

and quite a gun at that.

pow, pow, you old sure shot.

.

-- corrine l (corrine@iwaynet.net), July 01, 1999.

"Right this way Mr. corrine 1, we have this nice place set aside here in hell just for you."

-- lucifer (lucifer@inferno.hell), July 01, 1999.

thanks lu, some of these kooks leave me a tad cold.

love the tail babe.

.

-- corrine l (corrine@iwaynet.net), July 01, 1999.

Guvthinks,

>...and don't you dare demand government live within their means as you have to.

Oh, nooooo... Remember that ol' Ronnie "There you go again" Reagan was adamant in his pre-election campaigning that eliminating budget deficits was very important.

Of course, once he actually got into office, he set records for budget deficits and tripled our national debt in one administration. And then the Bush administration added as much to the national debt as the entire amount of the national debt had been prior to the Reagan administration.

>"Hey...the reason for the surplus is because WE PAID TOO MUCH IN TAXES!!!"

... and the reason for all those budget deficits was that WE DIDN'T PAY ENOUGH TAXES!!!! Right????

You DO agree that the most responsible use for current and near-future budget surpluses is to pay down the national debt, don't you?

You DO agree that tax cuts should be responsibly deferred until we as a nation have offset the deficit spending of the past with enough paydown of the national debt to restore our country's independence from the good will of foreign investors who currently keep our interest rates low by continuing to roll over their trillions of dollars in U.S. treasury notes, bills and bonds, but who have absolutely no compulsion to keep their money there in case they change their minds, don't you?

>So my point is, if the public is in the dark about the government blowing THEIR money, and announced pseudo surpluses that would be the result of over taxation,

Did the 1980s' budgets have pseudo-deficits that were the result of undertaxation?

>Willful ignorance is going to cost us all.

... and you're not willfully ignorant about the size and origins of our national debt or the amount of it that is being financed by foreign investors, are you?

- - - - -

Michael Taylor,

>Proof positive we are OVERTAXED!!!!!!!!!

May we please have your answers, also, to the questions I ask Guvthinks?

-- No Spam Please (nos_pam_please@hotmail.com), July 01, 1999.

no, what a post. now you went and laid a bunch of taxing toughts on all of us. my heads killing me, thanks a lot. hopefully you won't be sending anyone by to audit our thoughts. unless, of course, they are the type of strapping, hulking, hunks, that i know you to be.

many happy returns.

-- corrine l (corrine@iwaynet.net), July 02, 1999.

Guvthinks? ...

Michael? ...

-- No Spam Please (nos_pam_please@hotmail.com), July 03, 1999.