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Old 03-06-2009, 05:26 PM
 
Location: North Adams, MA
746 posts, read 3,493,370 times
Reputation: 815

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What a bunch of nervous nellies. Simply tell the bank you are closing your account and they will issue a check. Deposit it in another bank. If you want to convert everything to cash, go ahead and give them 24 hours notice.

To me the reason they want to keep cash withdrawals to a minimum is twofold: any cash on hand does not earn interest and is a drag on their bottom line; and it prevents a panic should some bozo walk in and demand their $50,000 in cash that very minute.

Judging the the excessive fear revealed by this thread, we have nothing to fear but the fear-mongers.
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Old 03-06-2009, 05:37 PM
 
Location: NJ
2,111 posts, read 7,938,255 times
Reputation: 1024
Quote:
Originally Posted by litlux View Post
What a bunch of nervous nellies. Simply tell the bank you are closing your account and they will issue a check. Deposit it in another bank. If you want to convert everything to cash, go ahead and give them 24 hours notice.
.
Cool, so you take the check and deposit it in another bank where they put a hold on it for up to a week.........lol. So much for immediate cash.
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Old 03-06-2009, 05:38 PM
 
Location: North Adams, MA
746 posts, read 3,493,370 times
Reputation: 815
Quote:
Originally Posted by taurus430 View Post
Cool, so you take the check and deposit it in another bank where they put a hold on it for up to a week.........lol. So much for immediate cash.
Yeah you may have to plan ahead by a day to get all cash.
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Old 03-06-2009, 07:50 PM
 
939 posts, read 3,380,091 times
Reputation: 620
Quote:
Originally Posted by iGlenn View Post
And the government will just keep on doing what they continue to do. They will simply bail out the FDIC.
Washington prepares for big bank failure - Mar. 6, 2009

Yup, plans are in the works to bail out the FDIC. Too funny!
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Old 03-06-2009, 07:59 PM
 
16,294 posts, read 28,453,175 times
Reputation: 8383
Small community banks are in good shape, still making loans.

Why? Because they have been conservative in their practices, and not out to take unacceptable risks for the possibility of big profits. Doing things like loaning money only to the credit worthy.
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Old 03-06-2009, 10:53 PM
 
Location: Earth Wanderer, longing for the stars.
12,406 posts, read 18,924,382 times
Reputation: 8910
Quote:
Originally Posted by Asheville Native View Post
Small community banks are in good shape, still making loans.

Why? Because they have been conservative in their practices, and not out to take unacceptable risks for the possibility of big profits. Doing things like loaning money only to the credit worthy.
I agree, but we once regulated sound financial practices Congress and various Presidents of both parties did away with those regulations over the past several Presidencies. Financial institutions said they could not remain competitive with Europe with those regulations and they were removed.

The regulations were the Glass-Steagal Acts which were put in place after the Great Depression to ensure that we would never have to go through that again.

I don't blame the financial institutions as much because greed is the game they play, their reason for being. Do we blame a fish for swimming? Our government is here to not allow it to get out of hand, to protect the country and the people. The government is the function that dropped the ball, to my mind. That, and the regulatory agencies who rated these 'toxic' assets. Obviously they do not know their business if they gave this stuff a pass. The SEC also fell asleep at the switch.

To blame the financial guys is like putting the fox in charge of the hen house and then complaining that there are no more hens left. The financial guys will not call this to anyone's attention because they now need money from the government for a bailout.

We could see this mess coming. Many who warned of it were fired. Some tv host said on several occasions that it is almost as though it was intentional.

So, at least now we will be encouraging alternate energy exploration and usage. Maybe that, in itself, will make everything worthwhile because business in the fuel industry the way we were going would have been a disaster.
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Old 03-09-2009, 08:02 PM
 
Location: Earth Wanderer, longing for the stars.
12,406 posts, read 18,924,382 times
Reputation: 8910
I found a list of failed banks, just to add to the strum.

FDIC: Failed Bank List
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