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Is An ATM Cash Shortage Coming?
While we have no way to confirm or refute the validity of this statement presented by a supposed ATM business insider on Steve Quayle.com, it does bring up an interesting point regarding how banks may be conserving "petty cash." Of course, if this perspective is true, it validates concerns about bank capitalization, and explains the reason why the FDIC recently expanded insurance on checking accounts from $250,000 to infinity in an attempt to get Americans to put their money in their friendly naighborhood bank. Of course, that this contradicts everything that the Fed Chairman is trying to do by getting Americans to spend (or buy Netflix at a 1,000 P/E) instead of putting the money in the bank, is precisely the reason why Sheila Bair's relationship with Geithner and Bernanke is, shall we say, tenuous.
From Steve Quayle (who may or may not have properly attributed the original article on Urban Survival).
"George, I work with a business partner in the [region redacted] . We have combined between us 180 ATM machines that we service, Cash Load. In order to do this we NEED to order the money, 20's only from several banks on a weekly basis. This is a considerable amount weekly, 380k plus. Here is the interesting piece that is developing: In the past several weeks 4 of the MAJOR banks have informed us that they can no longer provide us with the cash for our business. Now the problem is that it is OUR money we are taking out!
So speaking with bank "personnel" on the side my question was this, what is going on? how come we cannot take OUR money out? Answer: "they" are not authorized to hold, carry or have on hand anymore more than a certain amount of cash on hand! The amount we are getting, even though it is out of our account, they cannot order or have on hand that amount of cash at any time now. I am not talking small banks...large banks [large money center bank in America name redacted] etc...!
We can see our ability to keep these machines with available cash is becoming more and more difficult. This has taken place just in the past few weeks. By the way, these banks were willing to lose our full business due to this issue. Trying to work with smaller banks now...we will see how long!"
h/t Kyle
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shit hits fan>ape shit> shit fit
Erm, yes, in some sense, if you enclose each in magnitude operators. While not an apple and oranges comparison error, it should be remarked that "ape shit" and "shit fit" describe individual human activities or states, whereas the shit hitting the fan is generally a collective human activity affecting a wider number of participants, thus the imagery. It is left understood that the fan is turning under power when hit.
Where does bat shit crazy fit in?
poop
Gold and Silver Coin Bitchez!
I prefer bitches
Heres my prime store of protection again mad money printers, cases of 325 mil bottles of Jack Daniels are going for $140, Im buying them as fast as I can.
Why not just buy copper ingots? The JD can go bad. If we have hyperinflation, copper will be just a good a store of value as gold, you just need to have a lot more of it.
You should just buy barrels of whiskey since brand will be less important if society collapses.
it sure is the end ATMs , money, humanity and whole world itself ......these fucking scientists may have already created a BLACK HOLE.....just look at all the 6+ earthqaukes and Volcanoes........i dnt know about u guys but I am a bit scared .... http://rense.com/general92/cerns.htm
just what might appen if a blackhole forms in the center of the earth :
http://www.youtube.com/watch?v=YZAQn-KxW_k
That technically falls into a 'shit storm' category.
Don't forget the "shit hurricane" or "shit tsunami" (aka the shunami) categories, either, Mr. Lahey.
Shit Deep Impact asteroid? Shit supernova? Shit galaxy collision?
The shit hawks are circling.
Don't worry nervous Indian (not sure if you are of the toweled or feathered variety). The Black Holes of the establishment scientists and astronomers are pretty much ad hoc bullshit; they need them to make their worthless mainstream theories work. It's becoming increasingly apparent that earthquakes, volcanoes, hurricanes etc. are electical phenomena which is not at all comforting either.
Erm, it is known that such enormous unleashings of energy produce impressive electrical phenomena, yes. That the it works the other way around is defined in the DSM IV as HAARPophobia, among other definitions. I'm more worried about the facilities in the Marriner Eccles building, personally.
then you're in good company here. . .
however, it pays to cover all bases, not just sit on "home" plate, eh?
god i hope so, no more worries for no one forever
Tyler, you might wanna give credit where credit is due - the original post is over at George Ure's www.urbansurvival.com
If that's true, then my bullshit-o-meter just pegged. The urbansurvival guy believes that the Internet can predict the future--he's an astrologer with a more up to date batch of bullshit lies.
oooh noes, not an astrologer!!
aren't they a bunch of kooks who use math and geometry to create CHARTS and then INTERPRET them??
You're confusing Astrologist with Economists... oh wait. :>D
'QE2 Market Rally Hits Resistance' per CNBC headline?
Dang already?? Trouble, bitchez.
And I think Tyler is pretty brave and cutting edge for posting things no other 'financial' website' would report on ever. I think those who dont like that sort of thing should run along back to Yahoo! Finance or CNBC instead of bitching about it.
I am picturing that moment, when armed with a .45, I walk into my bank to withdraw my money.
By statute, robbery only occurs, when you take something of value-property of another- thru force or fear. Interesting. Not suggesting that of course, just fantasizing.
http://thecivillibertarian.blogspot.com/
The velocity of money continues to dive, does this make sense?r
The money never existed in the first place.
TRUE! you win a free can of Woolite, velocity is GDP divided by M3, or shadow M3. If we increase M3, assuming GDP is constant, the velocity would drop. (mostly likely cause cause for velocity falling) If M3 were constant and GDP dropped, the velocity would also decline. Is that a backdoor way of predicting falling GDP? M3 is a composite, of which M1 appears to be rising faster than either M2 or M3. Ergo Shadow M3 is collapsing because it can't be M1, and M2 is pretty flat? hmm?
Scratching head....... does that mean no money at the atm? Or is that confirmation bias of empty pocket.
...u.s. mint has $1 coin direct ship program ongoing with a $1000/ten day limit...it might take you a year to get about $10,000...perhaps they can replace your furniture as you store them (ahem, i mean circulate them)...approx. $0.06-0.07 intrinsic value puts it slightly about the four cent and falling intrinsic value of the federal reserve note...what i personally like about the coin is the absence of the federal reserve symbolism meant to mesmerize me into a brainwashed state of awe...and when people see them they say they "these coins are so pretty"...yes, compared to an old dirty piece of paper full of "intrinsic" bacteria...but, this is just my opinion which has no intrinsic value.......yet.
I've been to Well's Fargone several times and asked what
was the maximum amount of cash I could withdraw. They
would not give me a specific number! I asked for 10K and
they said they'd have to order it, they agreed to 7K. Done
messin' with them, I'm taking out the max. ATM $ every day
until they shut the ATM's down.
i had to give two weeks notice for my bank to get hundreds thousands etc out and had to do it on a saturday when they aren't busy.
This is akin the the retail practice of channel stuffing at year end.... a 1 time event boost sales and reduce inventory.... the ATM machines is a one time event to boost cash on hand and reduce reserves which at the multipler of money is considerably greater than the the amount of money not in the atm machines anymore.
I thought North Korea was counterfeiting all the US Dollars the world would ever need? They must be getting lazy.
NK is probably only counterfeiting the $100s, and NOT $20s -- more bang for their bucks! :>D
Tyler, in Belgium 90% of all ATM's are without cash RIGHT NOW.
They blame it on Brinks personel strikes, but if that would be so, why isn't the police doing distribution?
On thursday, i've took as much cash as I possible could and now I pay as much as I can with cards.
Maybe a test to see how a small country like Belgium reacts?
This is now DAY 5 of the shortage in cash. Everybody is doing transaction with cards.
We should all keep this in mind. They can easily restrict your use of ANY cards you may have.
A long while back in '08 banks began cutting peoples credit lines on various credit cards, say from $20,000 to $5,000 to $2,000, even when the payment histories had not changed.
Some ambigious reasons were given and bang your travel and usage patterns were changed forever.
Don't think that debit cards can't be restricted.
That happened to me with Bank of America and Chase, they crushed my credit rating overnight on very small balances held only to keep the credit lines open with payments that were always early and were never missed, I literally had one go from $20,000 to $3,000 overnight.
Sudden Debt! Thanks for the update from Europe.
Is there momentum for the bank run December 7 that I have read about?
i totally believe this pulitzer prize winning report....dismiss it at your own peril....
It's interesting. My grandmother's bank was giving her a hard time about taking out $5k in cash a few months ago. They were pushing her hard to have them write a bank cheque instead.
I don't think the issue is so much that the banks don't have the capital. I think it is more so an order from the overlords. The purpose being to force people to use less cash, and more electronic transactions; the banks make out on the debit card fees (which causes retail sellers to trim margins or raise prices - possibly leading to inflation), and less cash transactions means more government taxes and greater ability to monitor flows.
This is a Big Brother play, pure and simple. It has nothing to do with a shortage of paper, IMO.
how come all of these personal stories on this thread includes grandmothers and old mothers? don't grandfathers ever want to withdraw cash from banks?
IANAB(I am not a banker) but if you look at the physical movement of ?anything then you see the manpower/cost factor. Not knowing but thinking within the distribution system the more you move the more you have to pay. So perhaps a base of x amount based on the averages. If you go over and need more then that is at xx rate.
A bank holiday will be the perfect Insta-Deflation shock, which they can then reset to what-ever level they want and then lift off.
And remembering all those northern rock customers, in long winding lines..
Not going to be so orderly. These guys have lever after lever after lever and they have disambiguated their operations from the facade as far back as possible. I'm sure all banks are like fortresses (especially if they have lockers).
Shock II if True.
This week is heavy.....heavy......
Scorpio.... Sex and Death.....
Beaches!
ORI
http://aadivaahan.wordpress.com
When you remove cash from the system, only those at the top have access, and it means only they will have the means to buy what little you have left for 2 cents on the dollar. In this scenario most people need to sell whatever thay have left to buy food, fuel etc.
Its all suppose to work this way for them, not us.
Thats part of their plan, all built-in to the scam.
In another related twist. I would expect them to approach municipalities who are on the verge of bankruptcy and now re-offer to buy up their "Water and Transmission Rights" , at a slightly lower price than previously offered...after all water is indespensible.
They think their being clever and true capitalists, honest. In a rigged game of chess.
Lets watch and see pilgrims.
Do a quick experiment. Open your wallet and check the bills inside. Do you see a bunch of crisp new bills, fresh off the printing press, or worn out rags that the Fed does not want to take out of circulation yet because the printers can’t keep up?
When I got an old style circa 1985 $5 bill the other day, I didn’t think much about it. Now it looks a lot more ominous.
18 bills in my wallet, all series 2001-2009, average around 2004 = six years average age of bills... I was surprised they were that old...
I pull cash weekly and generally only carry 1s and 20s. All ten of my 20s are 2004 series. My 1s are from either 2003 or 2006.
I have a couple of 1999's in my wallet that the ATM dispensed Friday. Very surprised. (Good experiment, BTW.)
i only do BENJAMINS.
Your cited reference "Steve Quayle" is wrong.
Quayle is not the originator copyright.
The originator is George Ure over at Urban Survival.
http://urbansurvival.com/week.htm
Monday November 8, 2010 07:55 AM
Bingo. Big Bro still prints the notes/cash, but wants to wean us off it so as to keep tighter rein on us, er, scratch that, because ATMs fail, people get robbed of cash, counterfeiting rampant, cotton expensive, bills covered with bacteria, use of cash inefficient, etc. etc.
Remember, you work for Big Bro, Big Bro doesn't work for you.
This post is really from George Ure's UrbanSurvival site.
The morning read for Many people.
http://www.urbansurvival.com/week.htm
I can personally testify to the fact that yesterday, I was at local Walgreens picking up meds, when the woman in front of me who was using her BANK OF AMERICA, debit card, could not go complete the transaction. The terminal worked, with her credit card, but the debit card, didn't work. Coincidence?
That may be due to her account balance, or lack thereof. When you run a debit card as a credit, it only does a test charge of $1 to make sure the card is valid. A debit is removed immediately, just like an ATM.
Oh, here come the anectdotes! No, it means nothing at all. There are dozens of reasons why a debit card can fail. I got a new one in the mail and activated it but there was some glitch at the credit union which caused the expiration date to be incorrect and thus the card did not work. These card systems are complex, complex systems have bugs.
Comon Aero can't you see it for what is happening.
The north and south poles are reversing. It's causing debt cards to fail. It's soooooooooooooooooooooo obvious.
First the north and south fails then the dollar.
I don't see how a cash shortage helps the image of the banking system.
OTOH they might not be worried about that problem if they think (know) that something much worse than a shortage of case is in the offing.
That's not paranoia. It's reading between the lines. Everyone is playing this game for keeps, revealing little or nothing, drawing it out. Something bad is coming, is my sense recently, but I've no idea what it is.
I can feel it too, it's in the air.
Same here. I feel like I need to batten down the hatches.
grain of salt when it comes to Steve Quayle
Note also other anecdotal reports on the SQ site:
http://www.stevequayle.com/News.alert/10_Money/101108.no.bank.holiday.St...
what's with all this ass to mouth shortage?
I dont care... I'm broke, bankrupt, kaput... like Zero
If I recall it was a "shortage" of cash that kept Rudolf von Havenstein printing like mad.
those gold atms are out there... who cares about the cash ones?
Its silly shit like this that is going to catch up to the fed eventually.
What kind of tinfoil-infested waters did you unevolved fuckwads crawl out of? This has to be a new low for the site. I'm actually disappointed. First off, there's absolutely zero mention as to the nature of the denial, the profitability of the business in question, or the prior history of transactions in those accounts. But because it's on the internet, goddamnit, it's gotta be legit, right? Because banks aren't allowed to make business decisions and willingly not accomodate PITA and/or high-risk customers? Because as we all know, private ATMs are littered all throughout the finest hotels and restaurants? Fuck that, I say we run with a story of a story from a guy we know in a terciary business catering to WIC-card holders and scratch-ticket addicts, Hell, it even REDACTED! Only the government and Unsolved Mysteries redacts shit! Color me convinced...
Secondly, CD, as well as anyone else that made mention of this, is spot on. A bank's teller manager, likely some hapless girl fresh out of school (if that at all), sets the cash forecast, and thus the daily cash levels, for a bank. This forecast, like anything else, is built off of historical daily demand, any "known" events coming down the pike (i.e. holidays, a local business doing a major cash transaction, personal requests, etc), plus some give to CYA since this is a major goal for the bank and is something they are KPI'd. Regardless if it is a "major" bank or not, these cash levels are set on a bank-to-bank basis much in the same way cups and supplies are re-ordered at Starbucks (there's a reason why they call it "retail banking"), and since we're talking about cash, ultimately the goal is to keep it at a minimum (for obvious reasons like employee theft/capital management, plus there's increased robbery risk for the employees when you have the money truck rolling up to the branch every Tuesday at 2pm). When some asshole running an ATM (*giggle*) business with a history of bounced checks and delinquent transactions fucks up and decides he needs to par up his machines on a Saturday afternoon, a painting crew is doing a cash-dispursement on payday, or you're trying to settle out a car/bike sale - all unannounced - the likelihood of you getting your cash is pretty slim if the amounts are material.
Set that bar high, Tyler. Do us proud.
Tyler has been called crazy on a lot of things, but I'm pretty sure that he has always been right, at least on financial matters.
Just another piece of the puzzle. We'll see if it is real or not.
Ok, NOW I've spotted Brian Moyniham! How's everything Brian? Great rebuttal, but too bad it's filled with lies and half truths. Only an insider would reply in such a manner.
The fact remains, BofA is insolvnet, cash levels are low and just a little bank run, and it's all over for you. I hope you rot in hell.
You said all, man, you said it all (and got junked for it). If this is what ZH is coming to, I'll soon be gone.
take a look at your fiat currency. I have yet to see Tim Getihner's name appear on any note I have every withdrawn or received on the other end of a transaction.
This must mean they are not "Printing" any new physical currency. NO Hyper-Inflation!
Or, they haven't bothered to change the plates.
Tyler:
Hat tip? Fucking hat tip? Genesis 6 Giants in the same breath as an ATM run is now...credible? Aliens and Fallen Angel - Offspring of the Gods is where we're getting our late-breaking market data?
http://www.stevequayle.com/Giants/index2.html
Get some sleep, bro. Take a vacation. Make yourself a French Vanilla International Delights. Please, I emplore you, before we start suggesting you go George Castanza.
nopat -I think the original post came from George Ure’s site. I’m pretty familiar with Steve Quayle… Pretty good guy. definitely on the sensationalist side at times but an honest sincere American IMO... a religious guy. (I am not) Doesn’t mean I don’t respect his opinions or for that matter that I believe everything posted but I’ve found him to be a good source at times to get the pulse for what’s going down. As far as ‘the Giants’ I couldn’t say but I can say with certitude that we are being lied to on many levels regarding mankind’s origins.
O.K, here’s the parable: I have a Red & Black German Sheperd ... very spoiled creature. She dines on some form of chicken (Usually rotisserie) over a pilaf of Royal Canin kibble most every day. If allowed that dog will separate the chicken and leave the kibble…she’s a cherry picker!
nopat are you cherry picking?
Has anyone seen a FRN with Geithner's signature on it?
I haven't. Do the things even exist? We're already 2 years into the new administration, and not a single Geithner FRN to be found.
Okay, I had to see this with my own eyes. I just went through all of the cash in our safe and not one has Geithner's signature on it. The majority of the bills are from 2004 and 2006. We've been pulling cash out of ATMs for the past few months.
My husband needed to bring in $100 in sequential dollar bills a couple of months ago for work. $75 was returned to us, still wrapped in the band. Although the bills are nice and crisp and obviously new, they're from 2006.
What's the average life of a $20? And according to the same site, they printed 716,800,000 in FY09.
http://moneyfactory.gov/faqlibrary.html
What is the average life span of a Federal Reserve Note?
The average life span of a Federal Reserve Note varies by denomination:
Denomination
Life Span $ 1 ...............$ 5 ...............
$ 10 .............
$ 20 .............
$ 50 .............
$100 ............
22 months
16 months
18 months
24 months
55 months
89 months
Duplicate
This would have piqued my curiosity....then I saw the source.
*yawn*
I like to withdraw in $50's. I like to spend $50's.
The reactions are fabulous.
Have experienced shortages in $50's often. Have experienced $20's shortages at BAC and at BBVA's sub compass. This is real. Physical cash is being hoarded.
JUST walked over to our local branch of BofA. ATM not working. So I thought, fcuk 'em, walked in and pulled out $3000.
So what I'm sensing here is that Ben needs to print more $20 bills, yes?
Got that Ben? Order for more Twenties.
Soon you'll be paying with hard assets for your Big Mac and Fries and the order will be upsold with a whack of bills to wipe your ass.
Not enough cash out there.. phew. What a load of bunk.
This is an important lesson. The fed can create bank credit way, way faster than it can create FRNs (which is why they mostly stick to credits) . . . BUT they have no way of stifling the desire for cash.
Typical cash withdrawal, as a percentage of total $ accounts, is sonething like 2%. If credits keep going up, while FRN stock goes ups slower, eventually you will have the day when someone goes to withdraw $ . . . and there's not enough.
In the twitter age, that event will be a secret for about 14 seconds. And then the bank runs will begin. This will devalue the credits in such institutions to market, wiping out trillions of "money supply, in the course of a lazy afternoon.
This is why I have held that further credit creation, in a demonstrably credit saturated economy, is actually DEflationary. But that's an unpopular notion hereabouts . . .
Wells Fargo systems down NATION-WIDE last Saturday. I stopped at my branch and they had the whole crew out front apologizing--when I said I was going to another branch to withdraw cash for a "stamp" (read: gold bullion/coin) show, bank mgr said don't bother, they're ALL down. Now it's Monday, and so far JACKSHIT about this on the major media.
Effective immediately: don't keep anything in the bank more than you need to conduct online transactions. i closed out my IRA and bought food and gold. Every time I withdraw another $9K to buy "stamps" I get a funny look from the teller who says she has to go ask her manager if they can give up that much.
Cash out your chips and leave the casino immediately.
to say it one more time, the velocity of money is falling pretty fast. Does it make sense that the pressure gauge says zero, that nothing might be coming out of the tap? Just asking?
This is just to prevent bank runs.
Banks can't collapse if their branches aren't "authorized" to hold the cash people are seeking to withdraw. Have a look at your account agreement, bet it says your contract is with some far-away place with the local branch as a proxy and you have to fight the main bank to get your cash.
Smart people will just open an account in Canada and they can pop across the border to get their cash.
you will hit a snag though.
only $10,000 max to take accross the border into the US.
once hyper duper super inflation kicks off, $10,000 will barely pay your weekly grocery bill let alone the $200 / gallon tank.
noticed lately that the gas stations are adding room for more digits.
You can take as much as you want into or out of the US; you just have to declare it on a form if it's $10K or more. You only get in trouble if you are unsuccessful at deceiving the customs agents ;^)
See this story for example.
**putting on foil hat***
I would surmise that it is very difficult to have a bank run if there is no cash allowed in the bank.
Our two weapons are fear and surprise...and ruthless efficiency...
Your right, Mandy did look good this morning actually she looks good all the time. I hope it's false, but if not that would explain alot.
ZH is parroting Steve Quayle garbage? New Low.
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