BANKING RUMOR: Cash Withdrawal Limits Being Establishedgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
I post this as a rumor; I personally have not heard of this through official channels. But it does sound like something the DC weasels would do...
I have a relative who works for a bank. In a Y2K meeting today, she said that the Y2K Coordinator for her bank announced that soon Congress would pass a law limiting the amount of cash customers could legally withdraw from their bank. The Y2K Coordinator told the employees to keep this information quiet until the limits were passed and in place, because they could start a bank run if the public knew what was coming. My relative said September was mentioned, but she wasn't sure that the Y2K Coordinator meant this would occur in September.
Again, I don't know if this person has access to information that I haven't heard yet or if they were merely speculating. But the time frame makes sense. After Labor Day, when summer has officially ended, I believe Y2K will start to be in the media more and on the minds of those who have been procrastinating up until now. This might be a preemptive move by the government to control a problem they know is going to occur sooner or later. We will see...
BTW, my relative and her in-laws plan to have the majority of their money out of the banks by the end of this week...
-- Nabi Davidson (email@example.com), August 03, 1999
One thing we never lack for around here, and thats rumors....
Is your relative into mudwrestling, by any chance?
-- King of Spain (firstname.lastname@example.org), August 03, 1999.
I don't think so, KoS...
-- Nabi Davidson (email@example.com), August 03, 1999.
Someone opined that Koskinen has lurkers on this forum.... KoS kinen?? Nah, couldn't be.
-- Rich Miller (firstname.lastname@example.org), August 03, 1999.
Just a thought........
If the Feds were going to impose cash withdrawal limits why would they let Y2K coordinators at banks discuss the issue at meetings? It strikes me that a gov't would not "trial balloon" such a sensitive topic.
(I know, it's an unlovely verb...)
-- Johnny Canuck (email@example.com), August 03, 1999.
Thanks Nabi. I just don't think they will initiate this law in a vacuum. If they say it is just preventative, they might start the very thing they are afraid of. Think of it. IF they pass this law, people will start writing checks, using their credit cards and cashing their paychecks at the checkcashing place. They will also have to put limits on ATMs.
If they do this it will have to be in response to bankruns overseas or here. I can't see them doing this in September if there is no obvious reason.
-- BB (firstname.lastname@example.org), August 03, 1999.
That was my initial thought also, Johnny, but bankers tend to network among themselves, and it's possible that this banker (a SVP) heard this from a contact in a position to know. Like I said, I'm just passing this along. Regardless of whether it's true, it was said by the banker. They WANT withdrawal limits because they're scared to death of JQP panicking and demanding his cash. It'll be an interesting five months...
-- Nabi Davidson (email@example.com), August 03, 1999.
Another poster said $100/per day cash withdrawal limitation starting September 15.
Kosky's henchmen do indeed lurk here. But, they're fairly clueless. They cannot absorb and process what they read.
-- bank quandry (status firstname.lastname@example.org), August 03, 1999.
The present administration will do whatever it can or must do to cover it's rearend. If you don't believe that, after all the the things you've seen and heard with your own eyes and ears....well.. It comes down to this,If the doomers are only half right,this Administration is finished. If there are ANY deaths caused by effects beyond what Kosky has told us to prepare for, I think the American people will start to remember Bastille day!
-- citizen (email@example.com), August 03, 1999.
Nabi: Thanks for this post, rumor though it is, and all of the other times where you provided valuable information that was - how shall we say - on the money. "Interesting" may be an understatement.
-- Rob Michaels (firstname.lastname@example.org), August 03, 1999.
Yes, Thanks, Nabi,
Rumors from certain sources are better than "facts" from others.
-- Elbow Grease (LBO Grise@aol.com), August 03, 1999.
>> ...soon Congress would pass a law limiting the amount of cash customers could legally withdraw from their bank. The Y2K Coordinator told the employees to keep this information quiet until the limits were passed and in place...<<
So, let's get this straight. In Washington, D.C., with a Congress controlled by the Republicans by the most razor-thin of margins, and a Democratic administration, each of which would eat a raw slug if they could figure out how to make that action pin some embarassing, unpopular idea on the opposition, in a town where leaks are the order of the day, the Congress (and all the Congresscritter's staff people) are going to keep this kind of explosive bill secret from the most rabid press corps in the nation for a scoop, pass the bill in the House and Senate, reconcile the two versions in committee and get it signed by the President into law, ALL WITHOUT THE PEOPLE GETTING WHIFF OF IT!
Wow! This would be a first, I think. Not too believable, if you ask me. But, hey! I've been wrong before.
-- Brian McLaughlin (email@example.com), August 03, 1999.
Rumor or not, to me it still makes sense and not so farfetched. After all, before I left this forum several months ago, it was rather well established with factual links from Gov. sources that Martial Law was being planned and prepared for. Limiting cash withdrawal seems only another drastic measure the Gov. would take as part of the plan to contain chaos and maintain social and economic order before the roll-over.
-- Chris (%$^&^@pond.com), August 03, 1999.
I believe the FDIC has always had regulations where they can limit the amount of cash. During the Savings and Loan collapse a few years ago the FSLIC limited withdrawals.
-- Joe Stout (firstname.lastname@example.org), August 03, 1999.
This is very bad, if it is true. I don't like it. Nabi, you seem like you are pretty well established in this forum. If I am correct, you have mentioned that you are a bank examiner (or somehow involved in bank examinations.) We hear about the "98% satisfactory" rate all the time. What is your opinion about this. Are the majority of the banks compliant, or at least "ready"?
Thank you in advance for your comments.
Getting more scared by the moment.
-- scared sh**less (email@example.com), August 03, 1999.
Well, they better have martial law in place before they pull a dumb stunt like this one that's suggested, with troops in place and orders to shoot to kill (if they'll follow them).... when you try to rip off a nation with one of the most heavily armed civilian populations in the world, and your counting on their sons, daughters, and grandkids to back your ass up... I don't think so...
And bringing in outside help... yea right... first foreign soldier to draw on an American on American soil would be the last...
-- Carl (firstname.lastname@example.org), August 03, 1999.
From the Federal Reserve link someone else posted THE OPPOSITE IS TRUE, at least for the meanwhile. The Fed has offered low-cost and no- cost loans of cash to the banks in order to maintain liquidity. THey do not want to limit withdrawls as they do know this will only make things worse. On the other hand, if things start to slide in that direction, I'm sure someone will suggest such limits. Anything is possible. Anything. For that reason--that anything is possible--I am both leaving money in the bank and taking cash out. I'm heding in all directions and will even pre-pay bills.
-- Mara Wayne (MaraWAyne@aol.com), August 04, 1999.
Why wouldn't the banks limit the amount of cash you take out? Stores limit you the amount of on sale coupon products you can purchase. All the banks have to do is declare a shortage of cash and they can limit you access to YOUR money. Take it ALL out now! F*****em all (you fill in the blanks.
-- don'tbedumbanddumber (dontbedumbanddumber@don'tbedumbanddumber.com), August 04, 1999.
Mara, I have a saying that you can use if you want.
Indecision is the key to flexibility.
who has all HIS money tied up in debt.
-- Chuck, a night driver (email@example.com), August 04, 1999.
If legislated, it would most likely be added as a rider to a large bill in the wee morning hours or inserted quietly behind closed doors in a Senate/House conference committee.
Could also be done administratively by an agency as a regulation. (In which case you should watch the Federal Register.) Or it could just become policy through administrative edict. (For instance, although the biodiversity treaty was never ratified by Congress, it has been implemented administratively through all our federal natural resources agencies. The administration felt no law was needed.)
-- marsh (firstname.lastname@example.org), August 04, 1999.
There is no way you could "sneak" anything like that through the House and Senate... "limits', without legal backing, will work on the sheeple, for a few days... then a lot of those sheeple are going to wake up and be real pissed....
Maybe that's why the government is preparing all these command bunkers... to save their asses from their constituants when TSHTF...
If you were a banker, would you go to work knowing you were going to be facing mobs of people demanding their accounts, in full thank you? A "bank Holiday" will happen, along with soup kitchens, before any banker or politician dares to propose, much less enforce, significant cash withdrawals limits. The minute they do, all hell will break loose...
-- Carl (email@example.com), August 04, 1999.
Why not Carl? The stock market if it reaches a certain downward point, all trading is stopped! All Clinton has to do is sign an Executive Order and it's a done deal. Or, like the day the market crashed in Oct. 1929, the bank can close it's doors, or, the bank will only be open 2 hours a day! No ATM machines will be operating, that means no purchasing any goods! People will be seeking CASH! Because money TALKS! Cash TALKS! No Paper Trail! Get it now while the getting is good! How does that song go..Fools Rush In Where Wise Men Never Play.......
-- cashtalks (firstname.lastname@example.org), August 04, 1999.
I think September is going to be a really interesting month. Let the "conversion" begin...
"-- Chris (%$^&^@pond.com)" is that you Chris? ltns : )
-- Michael Taylor (email@example.com), August 04, 1999.
military units and oganizations will respond to y2k request for asstance during y2k transition period september 1st 1999 through march 31st 2000...
this was taken fom gary norths site 1999-06-15 http://www.defenselink.mil/specials/y2k/mission fcivil please hot link,this is my first time posting. maggie
-- maggie (firstname.lastname@example.org), August 04, 1999.
And one more thought..many would have you believe that we are heading for a cashless society! If that were so, why is government printing billions and billions of more currency? HMMMMMMMMMMM? Answer me that people! The simple fact is, there's NOT ENOUGH CASH ON DEMAND TO SATISFY EVERYONE'S HOLDINGS! The governmetn created this problem and now joe average public will be penalized for it. Better get your cash now while you can because there just isn't going to be enough to go around. After all, isn't it YOUR money or have I missed something here?
-- cashtalks (email@example.com), August 04, 1999.
Since we have a government blessed fractional reserve (fundamentally dishonest) privated banking system (Federal Reserve System), with actual cash available to cover maybe only 2% max of "demand" deposits, they've got to do SOMETHING to forestall bank runs. Of course, being government, they always do the wrong thing (EGTTTS -- Everything Government Touches Turns To Shi..)
Withdraw early and withdraw often.
-- A (A@AisA.com), August 04, 1999.
Jesus h Chr.. did you have to tell me this now! I just spilled a pepsi on my last checkbook, and my box of checks is empty!!! Man, I gotta order new checks... Hope they get here before the end of the month...
WHERE'S THAT DAMNED MAC CARD!?!?!?!?
PS - Hi Nabi. I sure hope you're wrong on this one...
-- Sysman (firstname.lastname@example.org), August 04, 1999.
Ref: what BB said, above: "...IF they pass this law, people will start writing checks, using their credit cards and cashing their paychecks at the checkcashing place. They will also have to put limits on ATMs."
It brings up a few interesting points: 1. If you write checks that are presented to the bank that bring you beyond the allowable daily amount, will the bank consider your account to be "overdrawn" and return the checks? and 2. There may be workarounds for some people, such as cashing paychecks anywhere other than your bank!
-- Sara Nealy (email@example.com), August 04, 1999.
This makes sense. The bamks are in a pincer movement between technology, the markets and Joe Public. Take the easy route - legislate. Thanks Nabi, I re-iterate what Elbow Grease said - Rumors from certain sources are better than "facts" from others.
-- Rob Somerville (firstname.lastname@example.org), August 04, 1999.
Geez, I don't know where some of you folks have been! This action would not require a law. It would not require congressional action. It's already in place. The banks could limit your withdrawals tomorrow if they wanted to! Whether or not they would do so and confirm the fears of the masses is another question, but they sure as heck can do it!
-- Don (email@example.com), August 04, 1999.
scared sh**less wrote:...Nabi, you seem like you are pretty well established in this forum. If I am correct, you have mentioned that you are a bank examiner (or somehow involved in bank examinations.) We hear about the "98% satisfactory" rate all the time. What is your opinion about this. Are the majority of the banks compliant, or at least "ready"?
scared, I've been involved in Year 2000 examinations of banks for nearly a year now. My personal view is that a "satisfactory" rating for Y2K is extremely subjective and prone to outside influences.
I have been in banks rated "satisfactory" that I think will do well (at least as far as internal systems are concerned) when rollover occurs. I've also been in banks rated "satisfactory" that I fear will experience possibly serious Year 2000 problems. The "satisfactory" rating appears to encompass a very wide range of actual readiness.
-- Nabi Davidson (firstname.lastname@example.org), August 04, 1999.
Well if this were to happen, I bet alot of credit cards would soon be MAXed OUT!
People will alway find a way to WORK the system.....
-- helium (email@example.com), August 04, 1999.
Even maxed out credit cards DO NOT equal CASH IN HAND, merely more electronic dollars (and a boatload of finance charges). IF YOU WANT CASH NOW, YOU NEED TO GET CASH NOW. Simple-dimple.
maggie: Do you like to mudwrestle?
-- King of Spain (firstname.lastname@example.org), August 04, 1999.
Thanks for the info...sounds logical. September is the month for awareness. Labor Day is the 6th, relatively late. Ever since I can remember, the Media does a story relted to Dates, Calendars, and Life Cycle events at the Jewish New Year, now Sundown Friday Sept. 10th. Perhaps another spate of stories around The Day of Atonement as the last one of the Millennium, Sunday-Monday Sept. 19- 20. On Friday, Sept. 24, it is only 99 days to the End. Look for Media hype and countdown.
Man, if the Sheeple don't get it in September, they NEVER will!!.
Even at $100 per day, that is still 10K-12K per person. That is a lot of scratch to print by then!
Again, thanks for the Info.
-- K. Stevens (kstevens@It's ALL going away in January.com), August 04, 1999.
The facts & evidence have been around for a few months.. yes the gov./mil. place on Y2K actions starting Sept.. they have published this. Yes banker friends.. (1 a manager of Nations bank, 1 my asst manager of my bank & another who is in First Union Corp. offices.. etc.. have stated that they will be limiting cash withdrawel before the October Stock market slump. These same banker contacts have moved to safer or better resourced homes, gotten out of the market & cashed out..
-- Got Cash? (email@example.com), August 04, 1999.
""-- Chris (%$^&^@pond.com)" is that you Chris? ltns : )" Mike
Hiya Mike, yes it's me :-) Took a looong needed break ;-) I agree with you, September should be interesting. I'm mentally ready for anything. My preps are better than they were when I last was on the forum, but how much is enough or too much remains the mystery.
Hubby's finally securing his company holdings with a more Y2K aware portfolio. I'm dividing our personal holdings with some in cash, others in different bank accounts. I'm not going crazy with gold/silver either. We'll be able to wether a 4 to 6, anything above an 8 is futil to prepare for, IMO, other than mentally.
I strongly recommend to anyone who feel anxiety, confusion or "y2K" burnout to take a long break from this forum and anything related to Y2K in general if you've done reasonable preps already. It does wonder to strenghthen your mind and rebalance your perspective. You'll need a healthy strong mind to deal with the last couple of months and beyond the roll-over. And if nothing else, if you're a convinced 10+, you should take advantage of those last "normal" blissful months and enjoy them ;-) Same goes for the bump-in-the-road types, you're wasting valuable time in your life arguing with "lunatics" in front of a computer screen ;-)
-- Chris (%$^&^@pond.com), August 04, 1999.
Folks...Just 90 (count 'em!)FEDERAL DAYS (work days) 'till DA ROLL!!
-- K. Stevens (kstevens@ It's ALL going away in January.com), August 04, 1999.