Very interesting that they don't have cash on hand. So much of it is electronic now. Can you imagine what will happen in the event of a blackout?
I've gone through the same issues here some 10 years ago. Needed $5K in cash to buy my very first car. Was told I'm supposed to advise them at least 24hrs ahead for that amount, they took their sweet time to get it together too. I was left thinking "just give me MY money"!
I bought a truck on behalf of my father a few years ago. Dad gave me a cheque for 22k, but it wasn't made out to anyone. Of course, the seller chose to have it made out to CASH. Asking for 22K in cash at the local branch in Taree on a Monday morning went down like a fart in a lift. They had to visit other banks and arrange transfers in order to satisfy us. It took about 90 minutes to be done. That was in 2002.
Your cash earns you nearly nothing in interest in a 'spendings' acct. So it's essentially going backwards just as fast as if you had it in your pocket...so we may as well have a bit of cash hidden discretely about the house.
Yeh but people this has nothing to do with short supply bank runs or anything like that. This is simply the way banks do business. If they get robbed then the loose only X amount not a much bigger amount. Thats why there are limits (plus various other reasons). A bank run would be similar to what happened in korea, where EVERYONE took their money out, small chucks of money that totalled to the whole banks available reserves where they couldn't just get that money again cause the banks MONEY is actually ALL depleted. I have had to take out money from the banks which went over 10K many times and all i do is call ahead and say i need the mula and they have it there (24 hours in advance, as someone mentioned) The issue is when the bank CANT get any more money at all, as in they physically cant cause their 5% fractional reserve is ALL depleted. That is 5% of EVERYTHING the bank has, at all branches. This issue with a branch running out of money is just the same as a juice shop running out of oranges. The issue is not when the juice shop runs out of oranges its when there are no more oranges, thats when you should get worried. One concern i have at SGTBull is he scare mongers more then he should sometimes .. by kinda bending the truth .... Tho his vids are always entertaining
[youtube]http://www.youtube.com/watch?v=qu2uJWSZkck[/youtube] This is a great little clip from the movie Its a wonderful life. Gives you a bit of an idea of what it would be like to go the bank and try and get money out and have them explain that they dont have it. Worth the 7min watch.
AFAIK, there is NO Bank on the planet that can pay out ALL deposits, in cash, all at once. A 'run' on a bank is DEATH to that bank. As I have said before, banks are but borrowers and lenders of money, and notes sitting idle in the vault are NOT bearing interest. Bank branches hold a minimum that would cover normal day to day transactions. If such a thing happened most prudent governments would declare a Bank Holiday until everybody had a cold shower. Then they would put a limit on the daily withdrawals to maybe $100 a day. OC
A ATM can pay out more than a bank can.. i asked for 3000 at the bank and was told to come back in 3hours... went to a atm of a different bank. and got it then and there.
I had no trouble last week withdrawing $5K at ANZ but what I did find annoying was the fact the teller said " oh what are you going to do with the money" whereby I said mind your f$^%ing business and she crawled back into her hole
I just say it's a secret, and hint at jewellery or a car for my wife. The teller (who is generally a woman) is then happy, and I have not burned any bridges for next time.
I hate that inquisitiveness of some customer service people. Surely against their "code of conduct". Have experienced it with deliveries.
Now for the real modern bank run, allot of people forgot about this one. [youtube]http://www.youtube.com/watch?v=sKjdT8I6TnE[/youtube]
The vid ain't really new and honestly it's a bit of a beatup as has been pointed out. That said, if/when it comes to it, things go from totally normal in the morning to completely FUBAR by the afternoon. So, yeah, keep a little cash on hand (and real coinage of course). Have drawn out 10k in cash from the bank without any problem or prior arrangement a few times. However, they never have $100 notes! Prefer to hold 2 x 100g gold bars honestly.
It's my hard earned money sunshine and when someone is either (a)being nosey or (b) being a sneaky salesperson (coach or not coached) in the way of trying to get my money back into their coffers in a schnide way I'm always going to say F$#k OFF dick brains :lol: If it was option (b) All I can say is, I have worked in sales for years and I know every technique in the book. I absolutely hate this sneaky way of being a parasite on unsuspected punters. If she wants to be a sales rep why doesn't the bank have a printed "clear to read and ID" name plate on her boobs stating " ANZ SALES REP " rather going under the guise of "bank teller" eh
Way back in the olden days, about the late 1950s, innocent young tellers such as myself were expected to peruse the Ledger to find accounts with a lazy amount earning low interest 'at call'. If we managed to talk the customer into a fixed deposit the Manager gave the innocent young teller a pat on the top of the head, no bonus, just a pat on the top of the head. OC
There is a third option you know. Some of us still practice it - it's called being polite. On many occasions I ask my customers questions - I really could give two hoots about the answer, but it is a way of engaging with them and making them feel special - a pretence of caring if you like sometimes I admit, but it's all about enhancing their experience
Hihosilver, The other issue maybe that you look suspicious in your dealings, which always looks worse when someone bullies another with abrupt and rude responses. It does nothing but add to the suspicion that you maybe up to something that you shouldn't be (which you are obviously not, but they dont know that). It would be very dissapointing if I worked for a bank to get a response like that, One should not abuse anyone for doing their job, if someone has an issue with a staff member just doing their job they should take it up with the manager of the business. Just my humble opinion. Have a nice day.
