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A relative of mine is convinced we are heading into the next great depression and does not trust the bank, brokerage firms or the FDIC. He pulled out all of his money from the bank and now hides it under his mattress. All $124,000 of it.
He had to get the approval of a bank vice president to get all his money out of the bank and into currency. He spent almost an hour arguing with them and had to come back later in the day to collect his money.
I would at least put some of it in safety deposit box but he does not trust the bank with their key.
Is this man a genius or an idiot in today's strange ecomonic times?
A relative of mine is convinced we are heading into the next great depression and does not trust the bank, brokerage firms or the FDIC. He pulled out all of his money from the bank and now hides it under his mattress. All $124,000 of it.
He had to get the approval of a bank vice president to get all his money out of the bank and into currency. He spent almost an hour arguing with them and had to come back later in the day to collect his money.
I would at least put some of it in safety deposit box but he does not trust the bank with their key.
Is this man a genius or an idiot in today's strange ecomonic times?
Actually, I believe it is illegal to keep your money under your mattress. You might also want to tell your friend that I know someone who's house burned down. They had something like $45,000 hidden in their house...all gone. So his money is not necessarily any safer at home. If he's telling you and you are posting it here, who else knows what he has in his house?
If he doesn't trust the bank, he could divide up his assets among several banks and other investments. That way if one bank goes under, he still has his funds in other places.
If he wants to be safe, I agree that I would split it between a different financial institutions. The FDIC will insure up to $100K. Whether your friend trusts the bank or not, I have no doubts (given the recent take over of Fannie and Freddie), that the government will make sure the FDIC will make good on insuring deposits from banks that go under.
Location: where you sip the tea of the breasts of the spinsters of Utica
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My dad did this back in the eighties when someone wrote a doomer book, pulled it all out and put it in a safe. He left half of it out one the bed after counting it, and forgetfully left it there for a few hours. All gone.
I don't know what the answer is. Someone on another site wrote about a friend who had left gold coins in a SWISS bank safe deposit box, and found out after paying for storage for many years that it had been taken and turned into some sort of fund thingy, where she could get the spot price for that weight in gold - in dollars, I suppose, or francs.
That's anecdotal though, I don't know the person.
But if it's true that a Swiss safe deposit box isn't safe anymore, what is?
A relative of mine is convinced we are heading into the next great depression and does not trust the bank, brokerage firms or the FDIC. He pulled out all of his money from the bank and now hides it under his mattress. All $124,000 of it.
He had to get the approval of a bank vice president to get all his money out of the bank and into currency. He spent almost an hour arguing with them and had to come back later in the day to collect his money.
I would at least put some of it in safety deposit box but he does not trust the bank with their key.
Is this man a genius or an idiot in today's strange ecomonic times?
Just make sure he hides it from outsiders. He has done the right thing and soon I'm following suit.
Just make sure he hides it from outsiders. He has done the right thing and soon I'm following suit.
And this panic is going to cause further troubles. If everyone starts taking all their money out of the banks, they are sure to collapse.
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