New Banking regulations : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Just received a new booklet in today's mail concerning a bank's regulations. The name of the bank is First Midwest, 50 W Jefferson St, Joliet IL 60432-4399. The section which caught my attention follows verbatium:

"In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

+We believe a check you deposit will not be paid: +you deposit checks totaling more than $5,000 on any one day; +you redeposit a check that has been returned unpaid; +you have overdrawn your account repeatedly in the last six months; or +THERE IS AN EMERGENCY, SUCH AS AN INTERRUPTION OF COMMUNICATIONS OR COMPUTER OR OTHER EQUIPMENT FACILITIES, A SUSPENSION OF PAYMENTS BY ANOTHER BANK, WAR, OR AN EMERGENCY CONDITION BEYOND OUR CONTROL."

The caps were my emphasis, not in the original. So, it's all there. The bank is warning its depositors that if the computers crash, grid goes down, or there's cascading cross defaults from other banks, you are not going to get your money out. This was on page 11 in their booklet.

The bank runs can't be too far much money do you have in your pocket right now? what would happen to you if that's all you could get hold of?

-- Sure M. Worried (SureMWorried@about.Y2K.coming), August 02, 1999


Right now, EVERY SPARE NICKEL I HAVE is going to preps. Still to buy: 2 sets GEN II nightvision, 1 more Mini-14/AR-15, one more shotgun, 300 more shells, another thousand .223's.

The bank ends up w/ZERO dollars of mine. You can't eat $'s. Better to have your money in supplies/infrastructure. *IF* TSHTF, foreclosure will not be a worry, as the banks will NOT survive.

Food, water, power, heat, defense, communication, sanitation. Money? What money?

-- Dennis (, August 02, 1999.

"Food, water, power, heat, defense, communication, sanitation."

...and don't forget, 15,000 hungry neighbors within walking distance of your house.

bang, bang, bang, bang, bang, bang bang bangbangbangbangbang

-- pow (ka@plew.eee), August 02, 1999.

Here it comes. Its gotta be close now. Thems strong words from a bank. What happened to FDIC insured? Hmmmm????

A banks ONLY selling point is its safety and the trust of its depositers. They are THE most conservative institutions in the world because they are interested in conserving the current situation (they get to hold your money and charge you for the priveledge.)

I spent many years as a bookkeeper dealing with banks doing transactions for all my different clients. The threads of the last few days are outrageous - first it was non-guaranteed cashiers' checks now its non-guaranteed deposits!!!

Think I better get my sh*t together before it all hits the fan.

ANYONE who reads these bank threads and is not alarmed is beyond foolish.

-- R (, August 02, 1999.

didn't you know.....

Banksareouttagetcha Banksareouttagetcha Banksareouttagetcha Banksareouttagetcha Banksareouttagetcha Banksareouttagetcha Banksareouttagetcha Banksareouttagetcha

-- evilbanker (, August 02, 1999.

Just said it on a related thread, but what the hey:

The banking system relies totally on the CONFIDENCE of its depositors. Some people actually claim that even if bank runs started up and people were turned away empty handed because of the lack of cash, that would be no problem, because the money really is there, sort of, ELECTRONICALLY. But, when you are running a confidence game, that sort of inhibits confidence. Or, expressed pseudo-mathematically:

bank runs = no confidence = game over

-- King of Spain (, August 02, 1999.

The .gov has been so worried about bank runs, but they are very easy to control. Close door, lock, station security, announce new "temporary" regulations for "the good of the country."

The plans for this are already a done deal.

Knowing and planning for this, TPTB *could* have also encouraged ppl to prepare for possible winter "pioneer living." But they were cowards and did not. And now, they will end up creating the very dire consequences they were so desperate to put off by all crooked means.

Very sad.

3~0 3~0 3~0 3~0 3~0 3~0 3~0 3~0 3~0 3~0 3~0 3~0 3~0

-- Ashton & Leska in Cascadia (, August 02, 1999.

I actually was just looking at regulation CC, the Federal Reserve regulation covering the availability of cash. This is an old regulation, you understand, and it does say the above. What was the purpose of their sending you this? From time to time banks make these disclosures of rules. It doesn't necessarily mean they are trying to tell you something about Y2K. In fact, probably not!

-- Mara Wayne (, August 02, 1999.

All my life I've known about that FDIC place, the folks who guarantee your money, but I can't ever remember seeing a local branch office anywhere. If there is a failure of a bank (banks) do you just walk into the local FDIC and cash your check at the teller window? Until this year I've never really thought about the mechanics of getting MY money from the FDIC when an insured bank fails. Many years ago my dad died and left my little sister and me a nice little life insurance policy. I think it took about 3 months or so before the insurance company paid us. Being run by the federal government, I really wonder if the FDIC would be even that timely in handling claims. Anyone out there know just how this works?

-- Roger (, August 02, 1999.

At the recent Community Conversation on Y2K in Portland, the head of the Bank of America replied " The policy of closing a branch when indications reflect a run on the bank have been in effect for many years, and WILL BE enforced if the situation arises at any time in the future.

Q. What are the *low end* indicators that allow the bank to refuse me the right to get my money? Whom decides when, where, why, how long etc, etc.!

-- Michael (, August 02, 1999.

Cash -- withdraw early and withdraw often. Convert some (depending on how much you have) to REAL stuff -- gold, silver, condoms.

-- A (, August 03, 1999.

Moderation questions? read the FAQ