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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?
That isn't peoples faults, they weren't the greedy ones, that was the managers and rich people.
I wouldn't say that. There's plenty of poor and middle-class idiots out there who latched onto the "keep up with the Jones" mentality and bought houses they knew they couldn't afford. They're just as guilty in my opinion.
No. I was just making a point. We know he has $124K at home. We know he has it dispersed throughout his house in fireproof safes. All we (or some other unscrupulous person) needs is his address and...well.....
No. I was just making a point. We know he has $124K at home. We know he has it dispersed throughout his house in fireproof safes. All we (or some other unscrupulous person) needs is his address and...well.....
Agreed. The man is an idiot.
To the OP - please write us back as soon as it all gets stolen. We need a laugh on the financial and business forum these days!
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.
All I can say, Is It must be nice having that much Cash !!!!
I DONT EVEN HAVE TWO DIMES TO RUB TOGETHER!
It is definitely stupid, but I have a very hard time believing it's illegal. America isn't that fascist...yet...
Actually with all the money laundering laws, it is.
Back to your relative. Tell him not to be an idiot. Tell him to go online to bauerfinancial.com and check out the bank ratings for relative safety. At the very least, he needs to rent a safe deposit box and put the money in that.
But keeping that much in his house?
On second thought, DM his address to me, and I'll drive over there and talk sense to him.
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