Everyone should have some cash in their local bank
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Everyone should have some cash in their local bank
It's possible that the stock market may be closed at some point, in which case you might want to have some of your cash in an FDIC-insured account at your local bank.
That's where I'm leaving the proceeds of my most recent gold sale. Normally I transfer that to Fidelity but right now I want some institutional diversity.
That's where I'm leaving the proceeds of my most recent gold sale. Normally I transfer that to Fidelity but right now I want some institutional diversity.
Re: Everyone should have some cash in their local bank
I was thinking the same thing. Spreading cash out amongst banks, and moved a chunk to the local Credit Union that I usually just use for everyday banking (but keep a small balance).
Not that I use much cash when sitting on the couch at home all day....every day....sigh.
Not that I use much cash when sitting on the couch at home all day....every day....sigh.
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Re: Everyone should have some cash in their local bank
Credit card bills come in even while you're on the couch, and you can pay them online.drumminj wrote: ↑Thu Mar 19, 2020 9:15 am I was thinking the same thing. Spreading cash out amongst banks, and moved a chunk to the local Credit Union that I usually just use for everyday banking (but keep a small balance).
Not that I use much cash when sitting on the couch at home all day....every day....sigh.
It's good to have lots of cash in times like these.
I've also turned off all paper bills that I can switch to paperless. That's just one more potential source of infection gone.
Re: Everyone should have some cash in their local bank
Fidelity has a cash account with ATM card. You can set it to draw on core or money market funds in other accounts.
It didn't take long for the ATM card to arrive, so you might consider setting that up if you already have cash at Fidelity.
Second the need for a brick and mortar bank. Yet another reason to have an account at one...there are plenty.
It didn't take long for the ATM card to arrive, so you might consider setting that up if you already have cash at Fidelity.
Second the need for a brick and mortar bank. Yet another reason to have an account at one...there are plenty.
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Re: Everyone should have some cash in their local bank
Hmm, interesting, but I think my local bank balance will be sufficient in any situation short of financial Armageddon.sophie wrote: ↑Thu Mar 19, 2020 9:24 am Fidelity has a cash account with ATM card. You can set it to draw on core or money market funds in other accounts.
It didn't take long for the ATM card to arrive, so you might consider setting that up if you already have cash at Fidelity.
Second the need for a brick and mortar bank. Yet another reason to have an account at one...there are plenty.
And in the latter case my Texas Bullion Depository holdings should pay off.
- mathjak107
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Re: Everyone should have some cash in their local bank
local atm's here keep having runs on money . it can be difficult getting money via on line banking at times .
chase is closing 20% of locations and capital one is closing some .. they just closed capital one near me .....
so having a bunch of choices of local banks can be important
chase is closing 20% of locations and capital one is closing some .. they just closed capital one near me .....
so having a bunch of choices of local banks can be important
Re: Everyone should have some cash in their local bank
I practice bank diversification too.
1. My local bank is not only FDIC-insured, it survived the Great Depression bank runs.
2. I know my local bank manager by name. He personally answers my (rare) phone calls and emails.
3. My local bank has my safe deposit box. I can get an appointment to open it whenever I feel the need.
1. My local bank is not only FDIC-insured, it survived the Great Depression bank runs.
2. I know my local bank manager by name. He personally answers my (rare) phone calls and emails.
3. My local bank has my safe deposit box. I can get an appointment to open it whenever I feel the need.
“Groucho Marx wrote:
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
Re: Everyone should have some cash in their local bank
I keep about a months worth of funds in a local bank savings account, plus checking.
Online bank as well for checking / savings.
And Federal MM at Vanguard in taxable account.
Online bank as well for checking / savings.
And Federal MM at Vanguard in taxable account.
Re: Everyone should have some cash in their local bank
Consider the case when card payments do not pass through, due to the web backbone being either overloaded or simply temporarily out of order. We had that case last week in EU - some of the largest retailers had put signs on front doors - "only cash accepted"... Haven't seen that before.. So cash at hand might prove even more worth than cash at bank. Just my 2 cents.
PS. That reminded me about the funny pic in Craig's book, the Cash chapter..Life has strange sense of humour..
PS. That reminded me about the funny pic in Craig's book, the Cash chapter..Life has strange sense of humour..
Re: Everyone should have some cash in their local bank
Browne said that instead of Treasury Bills, keeping cash deposited in 3 FDIC insured banks was an acceptable alternative.
We still see to this day that Browne was ahead of his time.
We still see to this day that Browne was ahead of his time.
DITM
www.allterraininvesting.com
www.allterraininvesting.com
Re: Everyone should have some cash in their local bank
Definitely. Part of every person's emergency fund should be physical cash in case card-based systems temporarily go down.Vil wrote: ↑Thu Mar 19, 2020 3:35 pm Consider the case when card payments do not pass through, due to the web backbone being either overloaded or simply temporarily out of order. We had that case last week in EU - some of the largest retailers had put signs on front doors - "only cash accepted"... Haven't seen that before.. So cash at hand might prove even more worth than cash at bank. Just my 2 cents.
- dualstow
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Re: Everyone should have some cash in their local bank
But isn't the cash just as dirty? When I got change at the farmer's market, I separated it from my other cash and now I don't want to touch it until I wash it and maybe iron it.Libertarian666 wrote: ↑Thu Mar 19, 2020 9:17 am It's good to have lots of cash in times like these.
I've also turned off all paper bills that I can switch to paperless. That's just one more potential source of infection gone.
In China they run the currency through UV light.
9pm EST Explosions in Iran (Isfahan) and Syria and Iraq. Not yet confirmed.
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Re: Everyone should have some cash in their local bank
We use disposable latex gloves here - both the cashier and customers. But those have to be handled correctly after use, as otherwise their use can be counterproductive. Actually, their use is maximized if you throw them immediately after leaving the area that has a high chance of being contaminated. And I saw some people using simple plastic bags for the new cash they receive, but not their wallets. Guess all of those measures should have some sort of limit, otherwise one can get seriously hit by paranoia... Stay healthy.
Re: Everyone should have some cash in their local bank
CNN today: YouTube will reduce its streaming quality in EU and UK to avert internet gridlock.
Actually, the company I'm working for had severe VPN problems those days, given that now majority of employees are working from home. And the company is S&P 500 member, not some small family business..
- dualstow
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Re: Everyone should have some cash in their local bank
That’s smart, Vil. I should have brought a plastic bag for that change.
I’m using a wallet and cash so seldom now that it’s probably virus free from sitting around so long.
I guess the main thing to do is scrub after putting my wallet away and before rubbing my itchy eyes.
I’m using a wallet and cash so seldom now that it’s probably virus free from sitting around so long.
I guess the main thing to do is scrub after putting my wallet away and before rubbing my itchy eyes.
9pm EST Explosions in Iran (Isfahan) and Syria and Iraq. Not yet confirmed.