Getting cash if there's another catastophe where markets are closed like 9/11

[murphy_p_t]

Getting cash if there's another catastrophe where markets are closed like

-terrorist event
-financial crisis
-natural disaster
-bank "holiday"

So what are the best ways to hold "cash" if you'll want it when markets are closed? What is the likelihood these methods will be available during this period.

-paper cash in your money clip....100% access
-ATM access...probably a run on ATMs?
-bank deposit...are banks closed?
-safe deposit box...will access be permitted during crisis?
-Admiral Treasury only MMF...should be able to wire funds to your international and/or domestic bank or get a paper check?
-T-bonds held at Vanguard/Fidelity...maybe can't liquidate, but you might receive interest payments from Uncle Sam? I think there's precedent for this?
-T-bills, held at broker, coming to maturity...will Uncle Sam send you a check if bill matures and markets are closed?
-T-bills / T-bond held at TreasuryDirect...will Uncle Sam send you a check if bill matures and markets are closed?
-hold cash in foreign bank account...hopefully if domestic bank closes, your international one won't also be affected

what experience from 9/11 might be relevant to this question?

[barrett]

Murphy,

How much cash do you want access to? If it's a few hundred or even a few thousand dollars, my vote would be to keep it in your underwear drawer or some other clever hiding place at home. Depending on where you live, I think the odds of theft are rather low when balanced against the advantages of having some currency on hand. Just my opinion of course.

[Mark Leavy]

Murphy,

How much cash do you want access to? If it's a few hundred or even a few thousand dollars, my vote would be to keep it in your underwear drawer or some other clever hiding place at home. Depending on where you live, I think the odds of theft are rather low when balanced against the advantages of having some currency on hand. Just my opinion of course.

I agree with Barrett.  But just for grins, here's a story for you.

A couple of years ago I had a jeep and my gal drove it about half the time, so I told her what I had setup for emergencies.

- A gallon of water in a jug in the back.
- A battery powered "jump starter"
- An extra key in a magnetic box under the hood.  (No key required to open the hood).
- A thousand in cash in a vacuum sealed bag in the locked console.

A few months later, I needed something out of the console and noticed that the cash bag had been opened and $500 was missing.  "Oh yea, I was short on grocery money last month..."

The dollars weren't a big deal, (and my gal knew that) - but the system was broken and I hadn't been told.  I don't know how you can get that across to some people.

So... no point really.  Your comment just reminded me of that.

[Ad Orientem]

Having four to six weeks of essential expenses in actual cash (as in dead presidents on colored pieces of paper) on hand is never a bad idea. It should be a part of your disaster preparation kit including a "go bag" in case you need to leave your home on short notice. I also like the idea of keeping a small amount of silver coinage on hand. But I don't think people should be obsessive about it. Prudence is a good thing. Paranoia is not.

[moda0306]

Having four to six weeks of essential expenses in actual cash (as in dead presidents on colored pieces of paper) on hand is never a bad idea. It should be a part of your disaster preparation kit including a "go bag" in case you need to leave your home on short notice. I also like the idea of keeping a small amount of silver coinage on hand. But I don't think people should be obsessive about it. Prudence is a good thing. Paranoia is not.

Agreed. And at current interest rates, what have you really lost by not having it in a checking account or t-bills?