CHASE Limits Some ATM Withdrawls... Run on the Bank?

[MickeyW]

Maybe old. Those coins must weigh a ton.

Actually, yes they do, and the vault in the ground weighs even more. Like Scrooge McDuck, I just like to sit in the vault and run my hands through the pretty coins, and toss it in the air, letting the light glint on it as it moves about.....of course, I have musical accompaniment.

Old ...and wise Hari....I'm a big student of history....that and geography, were my two best subjects in college.

 

[Hari Seldon]

Actually, yes they do, and the vault in the ground weighs even more. Like Scrooge McDuck, I just like to sit in the vault and run my hands through the pretty coins, and toss it in the air, letting the light glint on it as it moves about.....of course, I have musical accompaniment.

I'm guessing moving is not an option.

 

[Chomsky]

Here is how I see it. If I have cash...I have it in my hand....no one else has my cash in their hands!

Enzo Ferrari, when faced with financial obstacles in starting his company, tried to get a loan from the banks....no dice...screw you Enzo, is all he got.
Sooo, he started his own bank and financed himself.

I learn from history...from the Depression, to that shyster FDR, to Enzo Ferrari. I'm my own bank...operational Since 1970. No permission needed to borrow from myself, no paper work, no second or third party to get permission from....screw the banks!

I can respect this.

And there's something to be said for staying out of the system (as conversely there's reasons to be in).

But for the safety and convenience gained, there is the price of value erosion, which could be substantial over long periods or during shorter periods of high inflation.

We learned this after my grandfather's death, when we liquidated his property. My grandfather sold his butcher-shop after the war as a relatively young man, and subsequently worked as a union butcher until his retirement in the '60's, and was fortunate to live in retirement until he was 89 years old in the early '90's.

He lived through the depression and survived war-torn Europe. And with his not trusting banks, we found the entire proceeds and bill of sale for his war-era shop in a lock-box drawer in his two-flat, all untouched since the war! There was only 6 grand there, when a comparable shop in 1992 would cost around a 100K. (His two-flat, which was a similar building to his shop, sold for 97K in '92)

That made a huge impression on me as I watched my father's astonishment on finding the money, as we went through my grandfather's two-flat. My Dad was a banker who came from humble means, and he was all about growing the limited money our family had, so this really set him back seeing my grandfather had lost so much that could've been used by my surviving grandmother. We ended-up taking her in.

Ours is a more severe example of value erosion, but it is illustrative of the principle.

As an aside: He did have a few gold pieces and silver & gold certificates, which had appreciated in value.

Edit: O.K., you've since posted your preferred savings vehicle is gold & silver, so fair enough I suppose for your primary concerns.

 

[justabubba]

Cash is KING! :thumbs::thumbs:

A lot cheaper to buy an industrial vault that no one knows about, fill it full of cash......and bury it on your property, that no one knows you own, except for maybe one or two people, with 24/7 security.



Awww...but it makes for a good story...yes?



You bet it is Hawkeye! :thumbs::thumbs:

It's no wonder so many Americans are buying guns and ammo like there is no tomorrow. With the massive failures of obama in protecting American citizens, all the while protecting Muslims and illegals, people can see that our country is in deep peril.
Well, people with a brain and some logic who aren't butt buddies with liberal politicians and the complicit media.



BS....there is every reason to not trust banks.................just like the Federal Govt., they aren't your friends! I stopped having full confidence in banks, when they started cooperating with the FBI in investigating private accounts. That's the main reason that even thou I have never owned an Apple product, I admire their resistance to the Feds. They will have a device out soon, that no coper can open.

you are missing out on a cheaper, safer place to secure your liquid assets
and you do not have to provide it 24/7 security on a facility you pretend not to own - despite actively protecting it
it's called a safe deposit box. much safer. much cheaper to maintain

 

[Fearandloathing]

Erm... Every ATM has a daily limit. This is mostly to reduce money-laundering and abide by regulations.

There is no "run on the bank." Customers aren't even pulling money from their Chase accounts, since the loophole only applied to non-Chase customers.

Any bank subject to a run would close, get taken over by the FDIC, and it would get reported. Calling this a "run on the banks" is Zero Hedge / conspiracy theory nonsense.

No. No. It's a conspiracy!

I guess some people are just naturally afraid or something

 

[Mason66]

J.P. Morgan Chase & Co. capped ATM withdrawals at $1,000 per card daily for noncustomers—cracking down as people started pulling out tens of thousands of dollars at a time when the bank was modifying it's machines to dispense $100 bills with no limit.
Chase ATMs to Limit Withdrawals for Noncustomers to $1,000 a Day - WSJ



I don't trust banks anymore than I do the government and keep all my business close to the vest. I stopped using ATM machines a few years ago and I keep as little money as possible in the bank.

is there actually a story here?

Why would noncustomers have unlimited access to money at Chase Bank?

That would mean there is less for Chase customers when they need it.

What is the problem here?

 

[MickeyW]

I'm guessing moving is not an option.

Not at all. I will hold my ground here until I die. Then my wife and offspring can decide on their own, what to do with the property.

 

[MickeyW]

I can respect this.

And there's something to be said for staying out of the system (as conversely there's reasons to be in).

But for the safety and convenience gained, there is the price of value erosion, which could be substantial over long periods or during shorter periods of high inflation.

We learned this after my grandfather's death, when we liquidated his property. My grandfather sold his butcher-shop after the war as a relatively young man, and subsequently worked as a union butcher until his retirement in the '60's, and was fortunate to live in retirement until he was 89 years old in the early '90's.

He lived through the depression and survived war-torn Europe. And with his not trusting banks, we found the entire proceeds and bill of sale for his war-era shop in a lock-box drawer in his two-flat, all untouched since the war! There was only 6 grand there, when a comparable shop in 1992 would cost around a 100K. (His two-flat, which was a similar building to his shop, sold for 97K in '92)

That made a huge impression on me as I watched my father's astonishment on finding the money, as we went through my grandfather's two-flat. My Dad was a banker who came from humble means, and he was all about growing the limited money our family had, so this really set him back seeing my grandfather had lost so much that could've been used by my surviving grandmother. We ended-up taking her in.

Ours is a more severe example of value erosion, but it is illustrative of the principle.

As an aside: He did have a few gold pieces and silver & gold certificates, which had appreciated in value.

Edit: O.K., you've since posted your preferred savings vehicle is gold & silver, so fair enough I suppose for your primary concerns.

Value erosion doesn't mean a lot to me. I only have one debt, the mortgage on the house and primary property. I could pay that off today, just haven't gotten around to it....been too busy making money. All my other properties are paid for, and the cars, trucks, motorcycles...paid for. I have no credit card debt beyond month to month.
I'm very wallet wise and would rather count my money than spend it foolishly on wine, women ...and new cars. I keep vehicles about 12 years or so and the last three new ones I paid cash. I've been collecting things for over 50 years now.....when the kids ask me what I want for my birthday or Christmas, I tell them you know I rarely go out to eat, so take me out to dinner, I don't need anything else. I wanted to travel a lot more, like 3 months at a time...but the business keeps me well occupied for now.

you are missing out on a cheaper, safer place to secure your liquid assets
and you do not have to provide it 24/7 security on a facility you pretend not to own - despite actively protecting it
it's called a safe deposit box. much safer. much cheaper to maintain

Had one once.....and if the bank closes, for any reason, I can't get to it. I prefer my bank. And my 24/7 security costs me nothing. The vault cannot be seen, it appears to be something other than what it is.....and it would take a bunker buster bomb to get into it anyway.
Thanks for your concern........

 

[MickeyW]

is there actually a story here?

Why would noncustomers have unlimited access to money at Chase Bank?

That would mean there is less for Chase customers when they need it.

What is the problem here?

Beats me, I just found it amusing and posted it...

 

[PeteEU]

J.P. Morgan Chase & Co. capped ATM withdrawals at $1,000 per card daily for noncustomers—cracking down as people started pulling out tens of thousands of dollars at a time when the bank was modifying it's machines to dispense $100 bills with no limit.
Chase ATMs to Limit Withdrawals for Noncustomers to $1,000 a Day - WSJ

I don't trust banks anymore than I do the government and keep all my business close to the vest. I stopped using ATM machines a few years ago and I keep as little money as possible in the bank.

LOL no. It is Chase that screwed up. First time ever I have heard a bank that does not have a limit on how much you can not only remove from the ATM but from your bank account via an ATM a week, let alone a day.

 

[tres borrachos]

J.P. Morgan Chase & Co. capped ATM withdrawals at $1,000 per card daily for noncustomers—cracking down as people started pulling out tens of thousands of dollars at a time when the bank was modifying it's machines to dispense $100 bills with no limit.
Chase ATMs to Limit Withdrawals for Noncustomers to $1,000 a Day - WSJ



I don't trust banks anymore than I do the government and keep all my business close to the vest. I stopped using ATM machines a few years ago and I keep as little money as possible in the bank.

WTF Mickey? Do you even read the **** you post?

Banks have always had limits on ATM withdrawals. That goes back to the 1980s when ATMS first started to come into prominence. Secondly, Chase's limit is on non-customers - in other words, other institutions' customers. How in the **** would that result in a "run on the bank" since it doesn't even impact the Chase depositors?

Christonacracker.

 

[justabubba]

Value erosion doesn't mean a lot to me. I only have one debt, the mortgage on the house and primary property. I could pay that off today, just haven't gotten around to it....been too busy making money. All my other properties are paid for, and the cars, trucks, motorcycles...paid for. I have no credit card debt beyond month to month.
I'm very wallet wise and would rather count my money than spend it foolishly on wine, women ...and new cars. I keep vehicles about 12 years or so and the last three new ones I paid cash. I've been collecting things for over 50 years now.....when the kids ask me what I want for my birthday or Christmas, I tell them you know I rarely go out to eat, so take me out to dinner, I don't need anything else. I wanted to travel a lot more, like 3 months at a time...but the business keeps me well occupied for now.



Had one once.....and if the bank closes, for any reason, I can't get to it. I prefer my bank. And my 24/7 security costs me nothing. The vault cannot be seen, it appears to be something other than what it is.....and it would take a bunker buster bomb to get into it anyway.
Thanks for your concern........

the federally regulated bank CANNOT close on any day the federal government offices are open
trying to figure out how you can maintain 24/7 security on your vault while engaging in three months travel