Friday, October 3, 2008

Bank run?

Take this with a grain of salt. I'm not your financial advisor in any way, shape or form.

I heard from a friend that there was a bank run going on at Bank of America. Rumor has it that accounts will be frozen for a week because they are strapped for cash. I do a LOT of banking with BoA, as they bought the bank that bought the bank that bought the bank I opened my account in 15 years ago.

Like I said, it's only rumor. I need to withdraw a few hundred in cash for gas and food (don't want to eat the preps) just in case. If you were smarter than me, and have a months worth of cash around the house, then DON'T take out extra. I don't want a bank run started when there wasn't one to begin with.

Like I said - not your advisor, not responsible for the collapse of the banking system, etc.


Staying Alive said...

Hmm... BoA. The biggest credit card bank in the USA. Could be worth noting.


theotherryan said...

I agree that having some cash is essential. The odds I will need more then a few rounds of ammo for home/ self defense in my lifetime are almost nil but that doesn't mean I don't have far more then that. I KNOW that if for whatever reason we couldn't use debit cards or ATM's for a day or a week I would want to be able to buy food and fuel. Over time (unless your bank account is really flush then do it all at once) setting aside a months worth of cash expenses is reasonable for most people.