Local Bank Providing Travelers Chequesgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Just thought I'd let you folks know that a local bank here in Central Florida will be providing Travelers Cheques at no charge beginning in December.
Bank President to be on local radio show to talk about Y2K next week.
-- the Virginian (firstname.lastname@example.org), November 15, 1999
Good, creative alternative to (potentially scarce) cash...from a Banker's point of view.
-- Mad Monk (email@example.com), November 15, 1999.
I cerrtainly hope that you have read the Gary North forum wherein he discusses this bank ploy(actually a scam).
I hope someone can provide the link if they remember where in the thousands of posts there it is buried.
Basically, it boils down to the banks not wanting you to withdraw YOUR money from THEIR bank, as they would wish you trust them that the digital bits therein are perfectly safe from not only Y2K, but BURGLARS, too.
So they try to talk you into "buying" travellers' checks, or cashiers' checks, which are nothing more than a bank IOU!
Are you willing to bet that the bank's doors will be open, that their systems are FULLY remediated, that they can talk(transact) across the WORLDWIDE banking system, etc., etc., on/after JAN. 1/00?
If you can say "YES", then you wouldn't be in the bank trying to get your money in the first place!
If you answered "NO", then there is no way in hell that you will let them talk you into buying another useless piece of paper.
Like I said about a month ago in a post here, quoting Dirty Harry..."You gotta ask yourself just one question...do I feel lucky?" WELL, DO YA?
-- profit of doom (firstname.lastname@example.org), November 15, 1999.
Do you actually have to have an account with money in it at that bank to get travelers cheques? If you don't, I'll gladly take some. If you do, I'd rather have cash, thank you.
-- King of Spain (email@example.com), November 15, 1999.
"Do you actually have to have an account with money in it at that bank to get travelers cheques? If you don't, I'll gladly take some. If you do, I'd rather have cash, thank you."
I have no idea about the details. It's just that this is the first time I have heard of an American bank doing the T cheque thing. With some banks in Canada already getting a jump on this I am sure that we will hear about this alot more in the few weeks.
-- the Virginian (firstname.lastname@example.org), November 15, 1999.
My plumber was by the house this morning to review and bid the job of hitching my two wood-fired hot-water heaters (www.hotpro.com: click on aquafire ) into the existing houshold plumbing, and since he's a Class "A" plumber and gneeral contractor he checked on the well too, and diagnosed my source as afflicted with "bacterial rust" -- that was a new one.
After he was doen we got to talking about various Y2k related matters. He informed me that over the years he has saved up some $120K working as a plumber and scrimping as a husband, and that he had recently gone into his bank -- name withhel for the time being -- to cash out his checking/savings account in anticipation of Y2K. He's made numerous efforts at this over the last two months, and has been successful in withdrawing about half that sum ...... BUT the Bank refuses to release any ore of his money!!!! Simply outright, the manager says he simply cannot have it!! He is furious naturally, and we discussed some of the obvious "less-obvious" means for draining the account, short of a confrontation with managemenet .... but the point hit home. Naturally as a good Doomer I was cashed out as of April. But ...
Do you know where your money is, Pollies? And have you tried to get at it?
-- SH (email@example.com), November 15, 1999.
Squirrel Hunter, Tell your plumber to warn the bank manager that he will put an article/letter/ad in the local paper if he doesn't get his money that. That kind of publicity the banks don't want!
-- Joe (firstname.lastname@example.org), November 15, 1999.
If you have cash, why would you want traveler's checks? Like are you going on a trip or something ITSHTF? Planning on tripping out of the country are you? I have some beachfront property available in the desert, anyone interested?
-- Dumb Not! (dumbnot!@dumbnot!.xcom), November 15, 1999.
Just received a bulk mailing from American Express touting all the advantages of their travelers checks versus holding cash over the millenium. Probably went to most households in US. Pretty soon you will be allowed to only gamble with travelers checks in Vegas! The house of cards is beginning to sway!
-- (email@example.com), November 16, 1999.
From a March article about banks and Y2K:
Banks will need to gradually build their stockpiles and swallow the costs of carrying so much unused inventory. For bankers who know they are ready, that could seem a hard cost to justify.
One way around that is to pay customers making large withdrawals with cashier's checks or wire transfers, and the Colorado Bankers Association is researching the legality of doing just that.
Most people assume they have the right to receive currency on demand. But banks have a legal right to offer other forms of payment, said Don Childears, CBA president.
Hiding behind that legal defense may not be the smartest move. A sure way to strike panic in the heart of the public would be to issue cashier's checks or limit automated teller machines to $40 withdrawals.
-- Linkmeister (firstname.lastname@example.org), November 16, 1999.