Who's gonna be cashing out money from banks come near Y2K??

[plucky duck]

Just curious...

I know I definetly am, but little at a time may I suggest so as to not cause banks to go into a major panic or major cash flow shortage situation, seeing that most banks only hold about 2% in real cold cash of their customers deposits and the rest are just paper-money.

Any thoughts of where your money's gonna be come Y2K?

[U-96]

Haha I OWE my bank. If Y2K really hits the fan, I'm the one who benefits /forum/smile.gif

Take outs those loans and mortgages now!

U-96

PS You can be sure they'll have systems that are far more suited to recovering money from me than vice versa

[drdeath]

im not gonna - im just gonna get statements of all my accounts before the new year so that i have in writing what my balances were in case they do go kaput. im not gonna take any money out, cuz that will contribute to any runs on banks that are going to occur, and just cause a lot more problems than there needs to be.

[Biff]

I'm gonna get enough in cash to keep me going for the first few days

[Gene C.]

I'm going to be like that guy on the tv ad. he put in his teller card and had only a few dollars. after 12:00 new years he stuck it back in. he had over a million and something. I'll e-mail you all from my own private little island. and I always save all my bank stuff anyway. I think alot of this is blown way out of order. If I thought my bank was incapable. I change banks. and I have six different accounts. if you are worried why not talk to the bank president. I talk to my banking people all the time. and as far as keeping money out of the bank. I think everyone should keep some stashed at home for emger. purpose anyway.

[plucky duck]

Good point Gene - having some cash on hand at all times in case of emergency is always a good thing, not just for Y2K.

Having up-to-date bank statements are another good way of securing your assets.
Even if you have proof of your money, getting them back quick and hassleless may be a hell of a challenge as banks are overloaded with customers all rushing after Y2K to get their accounts back in order.

What about food/shelter, medical and safety issues, have you dealt with them yet?

You'd be hard press to find a doctor for help during Y2K.

One thing I know for sure - I'm not going on any airplanes a day before, on, or a day after Y2K no matter how cheap the airfares are. Heck, I will never go on a plane unless absolutely necessary. With all the air disasters that's going on in the last couple of years, especially recently, I'm outright opposed of airplanes as a medium of transportation.

Just my 2 cents.

[Ed_S]

PD, I know where it's gonna be. In somebody's mortgage! /forum/smile.gif

Like Gene, I believe in keeping a "stash" always. My thoughts about Y2K & finances are that I'll take what's in regular savings & put it in short-term CDs for the sake of getting a stable interest rate. If anything at all happens, it'll cause Wall Street to do wierd fluctuations for a while, & I'd rather have the stability.
On the other hand, might be better to have the funds fluid - to BUY!

But I feel that the banks are are solid and ready as possible, if anyone's in doubt about one, check with the Federal Deposit Insurance Corp. (http://www.fdic.gov/), they're the one's that'll lose if ONE bank goes down. Doubt they could make good if the whole system failed, but that's ALMOST impossible!

Just for safety's sake, I've already gotten printouts of ALL accounts, not just banking.

Everyone should be getting statements from Social Security & pension funds. (no matter what your current age) If they loose records, it'll be hard to prove what you paid in...in 1980!
Also get info on any whole-life ins. policies that have accumulated value, or anything else that you pay for long-term.

Good idea to get all these every few years anyway!

[Ed_S]

Hey, U-96! Just had a thought - better get printout of any loans, too!

Be a real *itch to find out that on Jan 1, they thought it was 1900, corrected it on Jan 2, and you now OWE 100 YEARS INTEREST!!!

[plucky duck]

Ed - stop it, you're killing me...Ha Ha Ha!

A financial consultant once told me that Y2K is actually a very good opportunity for big money to be earned for those risk-takers, assuming that many people in general are gonna be dumping their investments weeks before Y2K and the value of those investments, especially share prices, are gonna be dropping like bombs. Coming to think of it, its actually quite an opportunity for those brave enough to take on such a risk venture and actually buy into these investments, don't you think?

How many of you here actually have investments in some sort of securities?

What's your take on it?

[Apostle 83]

I haven't done research yet to find out if my bank does a lot of international financing/trading... If it does, I'm switching to a full domestic. International comms, etc, are gonna be the real problem, they haven't the dough to sort things out, plus we've been outpaying them to bring over programmers..

[Underclocked]

I don't know about taking out cash, but I'll bet there will be some great buys on portable generators on Jan. 2nd.

[chuckiechan]

Yea, have some cash on hand, beer in the fridge, canned goods, etc.-just in case.

However...The USA is not the problem. Money is going to be coming in to stocks and bonds from all over the world because we are the world leader in stability. I worry about terrorism and nuclear power in eastern Europe The infrastructure is decaying, and the "Mob" runs the show. NATO countries are at least in position to protect themselves and their citizens.