Cash is king......When will the run on banks and atms for it begin?

Discussion in 'Fred's House of Pancakes' started by Georgina Rudkus, Mar 15, 2020.

  1. bisco

    bisco cookie crumbler

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    i have a check book, but only use it for paying by mail. and most of our payments are online now. i suppose that will be the next virus
     
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  2. Raytheeagle

    Raytheeagle Senior Member

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    All of our bills are paid the same way:).

    The only time I use cash is when in northeastern Pennsylvania (large penalties for credit cards or not accepted at all) or for collections at work;).

    Interesting in NEPA how society has moved on around it:cool:.

    But sometimes good to go to a place and escape reality too(y).
     
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  3. bisco

    bisco cookie crumbler

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    i've been avoiding reality since i retired, but it smacked me right in the face when i went to the supermarket today :eek:
     
  4. Raytheeagle

    Raytheeagle Senior Member

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    Hopefully not like it did at the Fairfield Costco:eek:.

    Nothing the local law enforcement couldn't handle though;).

    But still a side of society we shouldn't have to see(y).
     
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  5. bisco

    bisco cookie crumbler

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    nah, just empty shelves. at least there was enough food to subsist on though.
     
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  6. Raytheeagle

    Raytheeagle Senior Member

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    Maybe tomorrow the food stocking will be better;).

    Hope you had a decently full pantry prior to your southern swoon(y).
     
  7. bisco

    bisco cookie crumbler

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    hopefully. unfortunately, we tend to whittle evverything down before leaving. never been a problem before.

    we're not all eagle scouts :oops:
     
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  8. Raytheeagle

    Raytheeagle Senior Member

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    We do a similar thing;).

    Hard to know when pandemics start:cool:.

    But we always have rice and pasta at the ready for several weeks (y).
     
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  9. bisco

    bisco cookie crumbler

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    ya, that will never happen again. 65 and still learning the hard way :rolleyes:
     
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  10. Raytheeagle

    Raytheeagle Senior Member

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    You sound like my 9 year old;).

    I hear that when the nuclear family sets in, you see it at both ends of the spectrum :).

    Something to cherish(y).
     
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  11. ETC(SS)

    ETC(SS) The OTHER One Percenter.....

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    Cash is king......When will the run on banks and atms for it begin?
    Pends.
    In large urban areas that struggle with civil unrest when a local sports team wins a national championship, it's already begun.
    Me?
    I did all that decades ago....and have no intention of doing it again.

    Ever.


    My "Oscar-Sierra" moment came during Hurricane Hugo, when a relatively urban area had its basic infrastructure emasculated for about 2 weeks.
    Algore hadn't yet invented the interwebs when that storm came ashore but we were already heading towards a cash-less society.
    We learned some valuable lessons about keeping a little cash handy for times when credit transactions or even change-making gets kinda sketchy....and you NEED stuff instead of just wanting a little extra butt-wipe.
    In the 31 years that have elapsed since then I've been deployed a couple of times and suffered through the NORMAL assortment of abnormal circumstances (ice storms, more hurricanes, tornados, Y2K, etc...)

    We always keep a little extra cash on hand, broken down in 1's, 5's, etc....in a non-disclosed location inside the house, fire protected and well hidden.
    Following my 'storm gas' example, that is our 'tactical reserve'
    The 'strat' reserve is in a physical bank, but that's only the recommended 3 months of living expenses that everyone should have put away for 'abby' times....and if banks close for more than 2-3 weeks then I'm not going to need that money!! ;)
    I'm gonna need OTHER stuff people are stuffing into their houses right about now.....

    We've always been a one-income family, and I'm probably in the bottom quintile of PriusChat income levels, so while I have the deepest sympathy for those who are poorer than I am (our church has a very active food bank and outreach program to assuage my 'rich man's guilt,) this level of saving is actually very easy to achieve.....
    ...you just have to want it more than some of the other things in life. ;)

    Even $100 broken down and squirreled away before the storm can be the difference....along with a few cans of beans, powdered milk, etc....
     
    #31 ETC(SS), Mar 16, 2020
    Last edited: Mar 16, 2020
  12. Mendel Leisk

    Mendel Leisk Sand Pounder

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    Just heard on local radio: some places are refusing cash, due to concerns about passing viruses.
     
  13. ETC(SS)

    ETC(SS) The OTHER One Percenter.....

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    Don't need it NOW......
     
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  14. hill

    hill High Fiber Member

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    good luck tryi g to find that.
    .
     
  15. hill

    hill High Fiber Member

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    fortunately us old hubbies fall under that philosophy

    .
     
  16. DavidA

    DavidA Prius owner since July 2009

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    It has begun. Banks around here are closing. Chase just closed 1,000 lobbies completely. Inland are all closed. It is ATM or nothing. Almost everyone buying things where I work are opting for cash back with their debit card purchases. If this keeps up, we won't have enough to hand out all day. Currently there is a $50 max on cash back. I cashed my entire paycheck today at my bank which was lightly staffed, but still open. My guess is it won't be two weeks from now next payday. I grabbed a stack of checking account deposit slips if drive-ups stay open.

    I haven't needed to use an ATM for over 30 years, believe it or not, and would need a hands-on tutorial on how to use one or move money between accounts. I haven't used a drive-up teller in 20 years. Laugh all you want, but I'd rather deal with the tellers. Way less hassle on banking days.

    Another thing... when these supposed $1K checks come to us in the mail (and I'll believe it if/when I see it), how many people will want to cash those all at once? ATM's are going to explode.
     
  17. Leadfoot J. McCoalroller

    Leadfoot J. McCoalroller Senior Member

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    While you were waiting in line for the teller, they invented something called the "mobile deposit."

    Essentially, you use an app on your smartphone to send pictures of a check to the bank. The bank then treats the pictures as the actual check while you scrap the original.

    It's by no means a guarantee of success, but the scale is good: it means most people already have a check-deposit-capable ATM in their pocket, and the public doesn't swap germs in the normal course of use.

    Heck I'd honestly expect there to be more problems where people have the phone but no bank account.
     
  18. dig4dirt

    dig4dirt MoonGlow

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    Yeah not sure if the "so called" $1000 checks will be able to be mobile deposited?
    With the safety features, I still think a good printer could look nice.

    But you are absolutely certain that there are a lot of peeps with no bank account....
    that is why there are thousands of those check cashing biz on the corners
    and also them there payday loan places...some combos lol.

    Sounds like it will be a mess.....even if there wasnt a "pandemic"

    Already seeing warnings/awareness about soon to be fraud with the phone call scams etc.

    Potential Scam Alert | West Lampeter Police Department
     
  19. Leadfoot J. McCoalroller

    Leadfoot J. McCoalroller Senior Member

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    Worth pointing out that I've tried using the one my credit union offers. It accepted the first couple of checks, but then something changed and ever since then I get error messages saying the image is out of compliance or check not endorsed correctly or something.

    So I went back to using the tellers & mail-in service. Still a fan of postal banking.
     
  20. Mark57

    Mark57 2021 Tesla Model 3 LR AWD

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    I'm encountering many business that will not accept cash. They've switched to plastic only to avoid touching cash.
     
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