I'll make this short, in case it's been posted before.

If, as some have hinted will happen as early as September, General Account withdrawal limits were to be put in effect, People would Immediately "get it" and start preparing.

"We are announcing mandatory withdrawal limits on all bank accounts, to protect the banking industry"

can you imagine the media coverage that would spark? can you imagine how many y2k stories there would be on t.v.?

No, they won't do that, that would cause the very panic they're trying to avoid. And no, they won't "just do it" without an announcement either, because that would REALLY cause it.

no, there will be no withdrawal limits, unless it's at the last second(the day before y2k, in the midst of the chaos(not from the code problem, but from a bunch of people ready to get drunk and celebrate the last new years eve of the century)

so, no need to worry about that. It won't happen. cause if it did, like a fire, that would be instant y2k "flashover"

-- Tafka SuperLurker (Slfsl@yahoo.com), August 09, 1999

Answers

Don't worry, withdraw now.

-- Randolph (dinosaur@williams-net.com), August 09, 1999.

You gotta be kidding. My national bank imposed a $1,000 cash withdrawal limit late last year for their valued customers. Of course it was not published on the front page of the newspaper. Try withdrawing $10,000 from your bank in cash and see what happens. You may be surprized. Maybe it only applied to my branch.

-- Moe (Moe@3stooges.gom), August 09, 1999.

"They" will do what they have to do to MINIMIZE any threat to the system. If people, for whatever reason, decide that they are going to withdraw their money, in cash, then withdrawal limits (and maybe a "bank holiday" during which time media spin can be used to try to "cool off" Joe Sixpack) will go into effect to solve the IMMEDIATE problem. If there is a SECOND problem with people suddenly deciding to then prepare for Y2K, then that problem will be handled at that time.

Its called "crisis management" for a good reason....

-- King of Spain (madrid@aol.com), August 09, 1999.

tafke,

How do YOU think they will handle the withdrawals when they exceed the banking systems' available funds?

-- Sara Nealy (keithn@aloha.net), August 09, 1999.

Sue -

According to the CEO of the Bank of America, responding to a similar question at our Y2K Community Conversation meeting last month "We'll just shut the branch down" he said "the authority to do so in a *potential* bank run has been in effect for many years" So that is what they'll do! Close the doors!!

Question: How long will it take for the news to spread across the country, and any guesses on the "Last Bank Standing"

-- Michael (mikeymac@uswest.net), August 09, 1999.

Oops, sorry Sara!

My guess is that they will issue something similar to prepaid phone cards for your funds.

-- Michael (mikeymac@uswest.net), August 09, 1999.

And just what will the spineless herd do if the branch shuts down? Go to the main office? Shut that down? Bet they go home and whine and complain. Nothing more..

-- R. Wright (blaklodg@hotmail.com), August 10, 1999.

And don't forget to unplug the AMTs!

-- Roland (nottelling@nowhere.com), August 10, 1999.

My Bank has a 5000 limit now .I just changed to it after my other bank imposed 1000 limit per withdraw and a max of 3000 a week to non businesses. Of course you always can get CASHiers checks... try cashing them :-(((.

I only have the amount in the bank to cover my bills averything else is out as soon as funds are available on deposited checks. I have gone to a largely cash only mode and guess what? I am spending a LOT less as ever before with that darn plastic.... I guess once you see physicaly how fast its gone you don't wanna spend it :-)

-- justme (justme@justme.net), August 10, 1999.

They got only enough actual cash to cover 1%-2% of their deposits. Won't take much to spook the herd. Withdraw early and withdraw often.

-- A (A@AisA.com), August 10, 1999.