When is it time to take money out of the bank?

DEFCON Warning System

Director
Staff member
With the economic turmoil, how are we fixed for banking? Do we need to start thinking about taking money out of the bank and putting it under the mattress?
 

Travis The Dragon

Well-known member

Do NOT take a bunch of cash out of the bank because of coronavirus

Yes, these are scary times. But that doesn't mean you should head to the bank, drain your accounts and put your cash under your mattress.
Bank deposits are insured by the Federal Deposit Insurance Corp. And the FDIC has some helpful guidelines on its website to answer questions consumers may have right now.
First and foremost, the FDIC points out that any deposits with a bank will continue to be protected up to at least $250,000. European countries operate similar deposit guarantees, although the maximum insured amounts differ.
"The safest place for your money is inside a bank. Banks will continue to ensure that their customers have access to funds either directly or electronically," the FDIC said.

The FDIC, Office of the Comptroller of the Currency and Federal Reserve also reminded Americans in a news release Monday that banks are being encouraged to use the Fed's so-called "discount window" to take out short-term loans if they need them.
The Fed, which is essentially America's bank for the banking system itself, can provide emergency funding to financial institutions in times of crisis. It has also slashed interest rates to zero and dusted off several other financial programs from 2008 to ensure that banks have the funds they need.
Big banks are extremely well capitalized
But that may not be necessary, especially for the largest banks. The Fed noted in a release on Sunday that big financial institutions have $1.3 trillion in common equity and hold $2.9 trillion in high quality liquid assets on their balance sheets.

This means that the top banks have "substantial levels of capital and liquidity in excess of regulatory minimums and buffers" according to the Fed. In other words, there is no need for people to take out big lumps of money from their banks. Your deposits are safe.

"The banking sector is so much better capitalized right now than it was during the 2008 financial crisis. Regulations have only benefited them. Liquidity is there," said Matt Daly, head of corporate municipal teams at Conning, an asset management firm.
"This crisis feels a lot different than 2008. That was a true challenge to the plumbing of the financial system. We don't have that now," Daly added.
Cash may no longer be king in a Venmo world
There's another significant difference between now and 2008.
More consumers are using mobile payment apps like Apple Pay, Square Cash, Venmo and PayPal as well as debit cards and credit cards for daily purchases. And many big retailers and smaller merchants are not only accepting these forms of payment; they are actively encouraging their use.
This is only expected to continue, especially since there are reports about how physical forms of money could be contaminated by the coronavirus.
That decreases the need for people to run to the nearest ATM or bank teller to try and get their hands on as many $20s and $100s that they can.
Another good sign? Large banks as well as many smaller regional banks have all agreed to temporarily suspend stock buyback programs in order to ensure that they have the capital they need for loans and other daily operations.
Add this all up and it means that people should not fear that banks are running out of cash. There are plenty of other things to be nervous about, but the financial system imploding is not one of them.
"The whole point of the Fed's bazooka fires over the past couple of days is to stabilize the system. The Fed is the lender of last resort," said David Bahnsen, chief investment officer with The Bahnsen Group.
"I don't have any worries about the broader banking system. Access to dollars will not be an issue," Bahnsen added.
 

TheChrome

Well-known member
With the economic turmoil, how are we fixed for banking? Do we need to start thinking about taking money out of the bank and putting it under the mattress?
That would probably depend on how you view things. If you believe in the Bible, at some point money will be valueless according to Ezekiel 7:19 " they will throw their silver into the streets, and their gold will be an unclean thing". However, there is a precedent for having something for God to multiply at Matthew 14:19-21, Jesus did have some fish and loaves of bread to multiply. The point is, make modest preparations, and then rely on God.
 
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Incognito

Active member
I had this funny feeling last August 2019 plus some news reports about financial troubles coming and the rates were dropping to nothing. I took my money out last August and its in a safe place. Why let the banks use MY money and I have to pay for them to use it however they like (not fair at all). However, you have to weigh the option that if your money is in the bank is it probably FDIC insured and then again if banks are closed how do you get to your money if you don't use online banking (which I don't trust online banking due to entities tracking my money or hackers).

I will put it back in the bank once the interest rates are more favorable.

Don't discount your first intuition or little voice talking to you. More likely he/she is right. Like TheChrome said, I talk with God multiple times a day, and I trust God to help me make the right decisions.
 

DEFCON Warning System

Director
Staff member
Once it hits negative interest rates, you bet the money is coming out.

I'm thinking more along the lines of banks closing access.

at some point money will be valueless according to Ezekiel 7:19
We're not at that point. This isn't a Revelations plague. This is just a minor hiccup in history. When God unleashes the final judgements, we'll know. Oh boy, we'll know!
 

rudemarine

Well-known member
Every millionaire and billionaire never leaves money in the bank. The bank wants your money to use, not store for you lol. The banks can shut down and give you the middle finger in a crisis. Soon as it goes in take it out. Make your money work for you, to make more money!! That is what every wealthy person does every morning. I never leave more than bill money in a bank. The rest is invested or put away for times like this. Your crazy to trust the bankers. Go see what happened in the great depression. Every bank stole everyone's money, because they had used it and lost it all, well that was their government backed excuse! Please dont be a fool with your future. Your bank smiles when you hand them your hard earned money for a reason. They dont smile when you try to take a lot out at one time, because they might not even have that much on hand.
 

rudemarine

Well-known member
Once it hits negative interest rates, you bet the money is coming out.

I'm thinking more along the lines of banks closing access.



We're not at that point. This isn't a Revelations plague. This is just a minor hiccup in history. When God unleashes the final judgements, we'll know. Oh boy, we'll know!
How do you know this is not the start? Only God knows! China has been lying so bad they likely have half a million dead since they had over 100 thousand a month ago. We could also be seeing everyone staging for a large power grab. I have heard first hand reports of a lot military movement to seal off states so im not ruling anything out. Its not until 3.5 years after things start does it get biblical bad however im with you on the yes we will definitely know when it does 😆.
 

DEFCON Warning System

Director
Staff member
The rest is invested or put away for times like this.
Investments aren't doing very well at the moment. However, most of my money is invested in real estate. I don't leave it in the bank.

How do you know this is not the start?
We don't.

. Its not until 3.5 years after things start does it get biblical
Oh no. First are the seals judgements. This Chinese virus is nowhere near that scale, and it won't get that bad. The media is waaaay overhyping this. I'm not saying that it isn't bad. But it isn't as bad as it is being made out, and nowhere near "biblical" bad.
 

Obreid

Power Poster
Power grabs both domestically and internationally.
China’s efforts to change the narrative on this virus originating in China are in full over drive.
In the US their whispering US army/cia bio- attack and racism. In Europe their have a campaign to call it the Italian or Iranian virus.
F_ck the Chinese Communist Party and any one spreading their fake news!

I’d like to see every mouth piece and reporter in the US screaming its racist to call this a Chinese virus or Wuhan virus rounded up and parachuted in wuhan. They should all be forced to register as an agent of a foreign government namely the Chinese communist party.

This is not about the Chinese people but a totalitarian gov that has lied and been responsible for the deaths of millions over the last 80 years.
 

rudemarine

Well-known member
Investments aren't doing very well at the moment. However, most of my money is invested in real estate. I don't leave it in the bank.



We don't.



Oh no. First are the seals judgements. This Chinese virus is nowhere near that scale, and it won't get that bad. The media is waaaay overhyping this. I'm not saying that it isn't bad. But it isn't as bad as it is being made out, and nowhere near "biblical" bad.
Too many big and heavy choo choo trains running to and fro right now. Something big is happening and it definitely isn't to do with a virus that has been way outdone by the common flu. Our mil dont panic, they were ordered or see something they dont like. Perhaps a Chinese led distraction for something else?
 

TheChrome

Well-known member
Once it hits negative interest rates, you bet the money is coming out.

I'm thinking more along the lines of banks closing access.



We're not at that point. This isn't a Revelations plague. This is just a minor hiccup in history. When God unleashes the final judgements, we'll know. Oh boy, we'll know!
How can you be sure? It seems the bible indicates people will be like the days of Noah, carrying on as normal and not taking note of what is happening...."eating and drinking, men marrying and women being given in marriage...and they took no note until the flood came and swept them away, so the presence of the Son of man will be." (Matthew 24:37-39) I am not saying that this is what is taking place, but you certainly have to be aware of what i transpiring.
 

Obreid

Power Poster
Too many big and heavy choo choo trains running to and fro right now. Something big is happening and it definitely isn't to do with a virus that has been way outdone by the common flu. Our mil dont panic, they were ordered or see something they dont like. Perhaps a Chinese led distraction for something else?
I agree that China’s actions need watched closely.
I would not be surprised if the CCP allowed the Wuhan Virus to spread out of control by choice.
Spread the joy around - mask the blame wherever it might lay.
I wrote a post about the possibility CCP released it on purpose even in their own population exactly for the purpose of impacting world wide for the purposed goal of rocking the elections here this fall.

There has been absolutely zero proof or indications that this was done so it needs to be left in a file unless information or actions indicates it might be true.
This is Just a crazy conspiracy theory of mine. Given the nature of asymmetric warfare though it can’t be dismissed.
I would think this is being reviewed daily by planners. If it’s not they need fired.

The first concern of the military right now is to ensure unit viability remaining healthy and able to function if the need arrives.
 

DEFCON Warning System

Director
Staff member
I am not saying that this is what is taking place, but you certainly have to be aware of what i transpiring.
I am aware. I'm just saying that in my opinion, this isn't it. Besides, the first seal judgements will kill off something like a quarter of the population. This pandemic isn't it. Could it be the start of something? Who knows?
 

TheChrome

Well-known member
I am aware. I'm just saying that in my opinion, this isn't it. Besides, the first seal judgements will kill off something like a quarter of the population. This pandemic isn't it. Could it be the start of something? Who knows?
True. The event that triggers everything is a declaration of peace. This is outlined at 1 Thessalonians 5:3 "Whenever it is they are saying: "Peace and security!" sudden destruction is to be instantly upon them"
 
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Obreid

Power Poster
This won’t be a popular post to many and it is mostly opinion but it’s based on observations of statements and actions of much of the media and DNC leadership.

From now to as long as it takes there will be a push to stoke fears about the spread and mismanagement of the Wuhan virus.
Cries from multiple leaders that lock down will need to remain in place for two months or more will escalate. Wrecking the economy will be necessary to save the country.
It will be incessant and vocal in the media that all is lost, all is lost.
With one purpose, to make sure what is an unmitigated disaster of a candidate can still win in November for the democrats.

With an Atlantic editor going so far as imploring the presumptive candidate to just stay present in his corporeal body till Election Day.
It has been four years of unfounded investigations and accusations. Relentlessly insulting half of the voting population of the country as illiterate and or racist. None of it has achieved the stated goal of removing a duly elected President.
This virus is custom made to disrupt an election and it is and will be used to destabilize the economy even to the point of full blown depression for the purposes of ensuring the current President is not re-elected.
The media and DNC leadership would welcome breadlines and tens of thousands losing their homes or apartments and not able to return to work till November to insure this goal.
You may not like the President, you may despise him and believe whole heartedly he is the worst president ever. You absolutely can and should stand by your opinions of him and vote accordingly.

But watch the press, watch democratic leaders.
They will risk the economic ruin of the entire American economy and the destruction of millions of lives to make sure the current president is not re-elected.
They are and will continue to delay legislation and expand and prolong quarantines well past there usefulness all for one stated purpose, win in November.
Is that the kind of political and social leadership you want to be associated with?
One that would sacrifice the well being of American citizens just to make sure their candidate wins.
Political control and power always supersedes the well being of the populace.
If it is your preference then it’s your country for the taking, and good luck with that.
Beware what you long for for it will turn on you in the end.
 

flintlock

Member
I could not agree more. I'm not sure that the quarantines will end up being able to be lifted for a long time because I suspect that things are going to get a lot worse but you can be sure the liberal communist side of this government will use it to their advantage
 
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