HEADS UP GLP!!! BANKS ARE OUT OF MONEY!!!

Actually I think it's far worse than that, they must incur some time penalty for cashing that check from another bank.

Meaning that $13,000 could be sunk in stocks, or maybe even crypto since it's the exponential asset de jour.


Basically they're saying no, we won't do that because we'll lose a tiny lit bit of interest we could earn somewhere else.

I needed to withdraw $10,000 last November. My credit union said that when withdrawing that much money, you should put in a request beforehand.

They ended up giving me $5,000 and I returned a day or two later for another $5,000.

Last Edited by nutmeg on 06/09/2021 10:33 PM

Wow. I was about to call BS on this post as banks have always had to keep a certain percentage of deposits on hand, or the reserve requirement. Last I checked, I thought it was somewhere in the neighborhood of 25% of deposits.

Just did a search and saw this:

As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.

This is indeed a very scary situation and explains why you'd have phone ahead to get your cash. How is this the first I've heard of this?

hhhhhhhhhmmmmm...... should I self identify as a BANK ?

i'm outta money too.