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.

2 comments:

Staying Alive said...

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

Michael

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.