Economics Questions

Re: Zero Cash Fractional Reserve Banking

RobertCR — Sun, 13 Jan 2008 08:53:56 GMT

What really worries me about this policy is that by having to withdraw $3500 cash multiple times, the anti-money-laundering authorities might assume you're trying to dodge the $5000 limit (is that the correct number) that once exceeded, requires you to file a form explaining why you want so much cash.

I hope this policy doesn't cause you much trouble. Perhaps it might be better to order online, where debit/credit cards are the norm. In fact, if your broker requires cash, perhaps he's trying to hide something from the authorities. That's highly improbable, but it may be a valid concern.

Stay safe. There's no point in having stable money if you're too busy locked in a cage to enjoy it.

Re: Zero Cash Fractional Reserve Banking

Bostwick — Tue, 08 Jan 2008 02:58:17 GMT

Its not your money, or anything, why should they keep it on hand? But don't worry, the Fed should be helicoptering some your way shortly.

Re: Zero Cash Fractional Reserve Banking

Don Roberto — Mon, 07 Jan 2008 23:44:50 GMT

The best gag is that one has to pay to withdraw larger sums of money, it's like paying if you want to take something from your fridge.

Re: Zero Cash Fractional Reserve Banking

Harksaw — Mon, 07 Jan 2008 23:17:52 GMT

I used to work as a bank teller about 7 years ago. $3500 is pretty low for a bank to be carrying. If you gave them a days' notice they could probably get you almost a hundred grand.

Of course, a lot might have changed in the last seven years, but when I was working, $3500 would be easily available.

Zero Cash Fractional Reserve Banking

reidbump — Mon, 07 Jan 2008 22:56:02 GMT

This morning I went to buy some gold and silver and since the broker only takes cash I went to my bank (WaMu) to withdraw $7100. The teller tells me that they do not carry that much cash and the most she could give me is $3500. She said I will have to go to another branch to get another $3500 and then another to get the other $100. Has anyone else run into this? Are the banks now operating only with digital money credits? Another reason to get gold I guess. Basically, there doesn't need to be a bank run because it only takes one person to deplete a bank branch's entire daily reserves.