I know this, if you do not have a substantial cash reserve at home you should.
If **** gets bad enough that you can't send money as normal (i.e. using debit / credit cards), then a horde of cash isn't going to help much.
I know this, if you do not have a substantial cash reserve at home you should.
Why? If the banks fail, FDIC will pick up the tab. If they don't, the money in your account will be so much worthless numbers on a computer screen, and you'll need a suitcase full of paper money to buy a loaf of bread, if it's worth anything at all. Doesn't even make good toilet paper. The new currency will be beans and bullets.
I'd really like to know if anyone has another take on this. Am I wrong in my thinking? I see nothing wrong with having a couple thousand in the safe for general purposes, but why would I need a substantial cash reserve at home?
They based mine off of my employment history from Oct 18 thru Sept 19.
I stepped away from the restaurant biz and had been working with my brother to start his business and after a year or so when he got rolling he bought me out and I wanted to get back into a kitchen. So Aug '19 I started my (current?/former?) position and from the end of Aug '19 when I started thru the end of Sept I was JUST a hair under the 4200 threshold lol unbelievable. What about Oct 19 thru Mar 20, why doesnt any of that count? Oh well. But I'm just glad my wife has had a good job for a long time so my denial wasn't as harsh for me as it will be for so many others.
I don't think there will be a total collapse, no need to assume the extreme. However, if all of a sudden folks are cashing checks instead of depositing them, or pulling out monthly benefits, the available cash will be drained. If the systems stay up and running then no problem, use your Credit/Debit cards. But as we've seen with toilet paper, the NICS system, and other things, the architecture is not designed for this kind of demand surge and it may get inconvenient.
So all I am saying is like has happened numerous times after storms, etc., stores may be cash only and if you don't have any you go home.
I agree and I was not recommending closing accounts or such. For most folks a couple thousand is a substantial amount of cash. I just polled the three other people in my office and together they had less than $150 on them.
I don't think there will be a total collapse, no need to assume the extreme. However, if all of a sudden folks are cashing checks instead of depositing them, or pulling out monthly benefits, the available cash will be drained. If the systems stay up and running then no problem, use your Credit/Debit cards. But as we've seen with toilet paper, the NICS system, and other things, the architecture is not designed for this kind of demand surge and it may get inconvenient.
So all I am saying is like has happened numerous times after storms, etc., stores may be cash only and if you don't have any you go home.
I agree and I was not recommending closing accounts or such. For most folks a couple thousand is a substantial amount of cash. I just polled the three other people in my office and together they had less than $150 on them.
Actually, I've been seeing just the opposite happening lately. Stores were going "Card Only" on their self-checkout lanes, and some have eliminated their cash back options if you use a debit card.
I pay cash for everything. Keep just enough cash in the bank for monthly bills and to keep the account fees at zero. No reason to keep it all in the bank and let them make money off my money and give me nothing in return.
Agreed. Although I would agree with snorko that many disasters, particularly financial ones may have a cash-only or cash-emphasized period, this pandemic actually makes physical cash suspect.
Actually, I've been seeing just the opposite happening lately. Stores were going "Card Only" on their self-checkout lanes, and some have eliminated their cash back options if you use a debit card.
I have started to get ticked-off if the stores I shop at (looking at you, Kroger) don't have a proximity reader so I can just tap my card, or better yet, tap my iPhone to pay. I prefer absolute minimal contact with things that a thousand other people have already touched. Let me choose when I need to stick something in a slot.
And cash? Cash is filthy. Nobody is laughing at Canada's plastic money now.
Yeah the Republicans in the Senate (lindsay Graham) wanted to fix this before passing it, but everyone wanted to rush and pass it. They never fixed it before it passed the house. So now yep you have people able to draw more sitting on their asses than they were making working. I'm sure that was planned by the democRATSSo let me get this straight.
1. You can quit a job and draw unemployment
2. You get 600 more bones a week in your check on top of your normal unemployment check
Ol John that picks up cigarette butts and sweeps the parking lot for $10 bucks a hour can make more money sitting in his trailer drinking PBR and watching Sanford and son reruns?
So generally lower income people tend to waste money when they have any income beyond necessary stuff like Cigarettes and PBR. So I guess we will be able to get some great buys on big screen TV’s and such soon.
Government check dayThere is a bank branch I drive past on my commute to work. I have driven by it at least 2-3 times a week for the past 29+ years. I have NEVER seen anything like I saw today. See photo below. The drive-thru was packed with all lanes full and cars backed up into the street. This is in a lower economic area so lots of SS, disability, welfare, snap, etc recipients. I would assume most of these folks are account holders who would have ATM cards but maybe not. Did a slew of tax return or stimulus payments go out?
I know this, if you do not have a substantial cash reserve at home you should.
No kidding. Every single bank I passed today was backed up around the building. And the parking lot at the huge Chalet party shop in Elkhart was FULL.Government check day
Government check day
No kidding. Every single bank I passed today was backed up around the building. And the parking lot at the huge Chalet party shop in Elkhart was FULL.
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Ah, Been there before, delivering Import beers and Gallo wine products back in the day. I think I've delivered to every county in Indiana, lots of nooks and crannies every where.
Australia had that too. I'm surprised Greta Thunberg hasn't complained that it's not biodegradable.