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US Banks Stuffing ATMs With 20-30% More Cash In Case Of Panicked Withdrawals
Even as the fearmongering over the debt ceiling hits proportions not seen since 2011 (when it was the precipitous drop in the market that catalyzed a resolution in the final minutes, and when four consecutive 400 point up and down DJIA days cemented the deal - a scenario that may be repeated again), some banks are taking things more seriously, and being well-aware that when it comes to banks, any initial panic merely perpetuates more panic, have taken some radical steps. The FT reports that "two of the country’s 10 biggest banks said they were putting into place a “playbook” used in August 2011 when the government last came close to breaching the debt ceiling. One senior executive said his bank was delivering 20-30 per cent more cash than usual in case panicked customers tried to withdraw funds en masse. Banks are also holding daily emergency meetings to discuss other steps, including possible free overdrafts for customers reliant on social security payments from the government."
The problem with bank runs is that often times, steps taken to mitigate future panics become self-fulfilling prophecies.
Hopefully this is not one of those cases. Then again, since increasingly fewer Americans actually have money in deposit and savings accounts with banks, there is likely nothing to worry about.
h/t Gaganpreet
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Cash stuffed ATM rammed by stolen F350 in 3... 2... 1.
There is going to be a bank run?
Well I better get mine before everyone else.
Last one home is a loser.
Do you think they will have ATM in the FEMA Camp? Better just get some cash now just in case.....
They'll have ATM's at the admission desk so that you can bribe the guards not to ass rape you on a daily basis.
They will El Tuco, but's it's more of a dirty dick in your mouth ATM, not the PIN code/money type of ATM. We have an ATM in the donkey show, but's it's the third act.........
Heeey-oooooo
Speaking of banks I went by my local Big Bank and found the loan officer asleep again. I went to college with him [ages ago] but he got laid off so took this temp job. He said they now require 1) minimum 25% down, 2) a solid job [engineering, doctor, lawyer, scientists(but not a scientist at Merck), plumber, air conditioner repair, etc...and things like that], and 3) superb credit rating ... "which leaves about 96% of the applicants unqualified." He said they have no incentive to loan anymore and prays at night they don't lay him off. His biggest chore of the day, he said, is making the morning and afternoon coffee for the handful of clients who wander into the bank. Occasionally there is a bright spot he said, when the manager asks him to go get donuts for everyone.
Re; found the loan officer asleep again
Huh, you should living in a college town where the great "Keynesian" spiget of Big-Ed loot is spraying like a firehose of happiness upon everyone.
Life in the a crony-capitalist paradise is much better when you are close to one of the great "Keynesian" spigets of happiness.
What good is the cash in an ATM if the power is out, or if the currency the ATM contains reverts to its intrinsic value, which is linen and cotton ruined by ink.
If one has not prepared for various contingencies by now, there is becoming rapidly less time left each day to do so.
Q: When is your "money" in the bank not really yours?
A: When it's a liability to "creditors" i.e. ALWAYS
"money in the bank" is an oxymoron. When you make a deposit, it's immediately used to pay bank's debt and the surplus is loaned to other banks. And a deposit is a cash-loan to the bank without getting any collateral from them. Try that the other way round.
Old Yellen and the Fed can go more insane and make the billionaires quadrillionaires.
The Fed's game is infinite debt and printing until the US dollar crashes and burns.
Hmmm how many atms can I fit on my wheelbarrow? I gotta go to the store for some bread.
If you are still tied to the paper money system for your survival you are in deep trouble. And don't say you weren't given plenty of notice. And Attention Deficit Disorder doesn't get you a break. So just keep in mind that when you finally decide that living is just too tough, putting a gun in your mouth isn't the cool thing to do. The cool thing to do is to pay a visit to any local politician's office, or any government office of any kind. And kindly ask them if now they will pay attention.
Let the "free shit army"take the head shots..They'll be the one's rioting..
time to roll out some of those gold issuing atms like they have in dubai.
that or one of the new bitcoin atms
http://www.coindesk.com/lamassu-ships-first-bitcoin-atm/
I sincerely hope this IS one of those cases.
As if any of the sheep are going to panic, their indoctrination is too complete.
Want to see how the .gov wastes billions read this
http://libertyblitzkrieg.com/2013/10/03/nsa-chief-admits-only-one-or-perhaps-two-terror-plots-stopped-by-spy-program/#more-8603
when ATMs fly .....
So if the ATMS are over stuffed, would Elizabeth Warren be okay with her signature legislation to cap the fee at $3?
It is all about signature legislation folks! (Obamacare)
are bank runs possible with negative interest rates? LET'S GO TO THE WIKI TAPE! http://www.newyorkfed.org/research/current_issues/ci10-5/ci10-5.html hmmm..."negative interest rates in 2003." don't recall that episode? too bad because even though rates are lower today than they were then this "tiny little episode" is VERY instructive how excessive short selling can lead to negative interest rates where "the Banks are paying the Fed interest to hold onto their money." (in other words the FED is the Bank and the Bank is the saver/depositor...but the Bank is PAYING the Fed interest on "their" savings.) this paper shows even though the ten year was above 3.5% so many were shorting it at the time that when it reversed course (cough, cough 2013 cough, cough) that the folks who claimed to have all this money in order to short "failed to deliver" thus resulting in an INTEREST RATE EXPENSE from the Banks (who were massively but incorrectly short) to the Fed (since the auctions kept failing because these clowns never had the asset to begin with but just a directional bet.) Tylers Durden often laugh at the "Fed going back in time to fix an auction" not thinking that it IS possible that all that's going on is the Fed "correcting" the problem of all the people who are incorrectly short and have no treasuries to back up the claim. hence...should yields start heading south again (as they have for almost a month now) you could get the Federal Reserve "being Uncle Gorilla" and telling all those short sellers "start paying interest since we know you don't have the asset." not saying this is true or "what's happening" but if it IS TRUE this puts ENORMOUS pressure on anything having to do with cash and cash flow (and obviously adds tremendous value therein as well. and the dollar is going to weaken too? sounds like equity heaven to me. not saying we won't get a sell off however...) in other words "you can't ever have too much oil, natural gas, benzene, launch pads for billionaire moon shots" kinda thingys. and now with Dupont and BP getting together to launch a "green revolution" i would be very wary of assuming any price moves in only one direction here. that is a LETHAL combination from a pricing point of view for whatever it is they want to start growing. http://en.wikipedia.org/wiki/Butanol_fuel or how about this one http://en.wikipedia.org/wiki/Diatom according to the article a Zebra in a zoo pooped in and around Tulane University "and changed mankind's energy future." here's the joint venture that just got announced: http://www.bloomberg.com/news/2013-10-02/bp-dupont-venture-starts-produc...
I've got one word for you man:
"Paragraphs".
Getcha some.
Awesome picture :-)
....poor Angie, serving as scapegoat for everything, although she is the most generous person in whole Europe!
The problem will not be a bank run, because the Fed has printed so much pre-position cash money if needed they will never be a shortage of paper cash. But if enough cash quickly gets into circulation hyperinflation will be a much greater problem.
Aren't thse banks meant to only have 2% of their deposits in cash or something? Thought the problem was not with paper cash, but with paper T-bills and such. Well, we will see.
Anyone that keeps large amounts of cash in a bank deserves what they get. I took all the cash out of my accounts years ago.
Many people do not have much money in savings/checking accounts as noted in one of the earlier comments.
But I'll bet they have a credit card or two with a cash advance capability that will get used in the coming days as at least some federal workers will not get paid in mid-Oct.
The need to stuff the ATMs may be real enough - time will tell.
Come to think of it, I've NEVER went to an ATM that was unable to process a withdrawl ($400-500 is max I think). But I have seen ATM that were out-of-service hundreds of times. I wonder if the machine was just out of money all of those times, and not a computer or technical issue?
Whenever I feel panic...I withdraw..is that normal
Uh..all my dollars say on them, Federal Reserve Note...uh what that mean?
It's common for most neighborhood bank to only have 10 to 12K cash on hand on any given day.