Anyone else considering withdrawing their money?

I hate to be a part of the problem here but I really don't want to be caught with my pants down when the time comes. I am considering pulling my money out of the bank. I know that everyone says not to and how it will only contribute to the problems we are facing, but it feels pretty irresponsible to my family if I just leave it in there hoping that everything will just "work itself out."

The market just dropped below 7,000. The S&P is on the edge of dropping below 700. Our best economists are predicting massive bank failures this year. AIG just announced the largest single quarter loss in history and is about to get propped up again. Things are bleak and I would probably feel safer with my money in my house than in a bank.

Am I alone here?

I already did back in September. Better to be safe than sorry.

I cut my 401k contribution in half. I have zero confidence that any of that "money" will be worth anything. However, I need to keep contributing 3% to get the company match. If the economy does manage to come out of this recession/impending depression, at least I'll have that much invested. If not, then I'll be glad I reduced my contribution. BTW, I'm using that extra cash to stock up on necessities--bought a grain mill and a new shotgun last week. This week it's time for some ammo.

I took mine out last month, keeping $60 to keep the account open. Having to deal with the FDIC for recovery if something happens would not be fun. I bank at Chase by the way. Or used to.

To add to the above, my meager savings is in a credit union. I have much more confidence in a credit union than a bank right now.

Originally posted by Karlhungis
I hate to be a part of the problem here but I really don't want to be caught with my pants down when the time comes. I am considering pulling my money out of the bank. I know that everyone says not to and how it will only contribute to the problems we are facing, but it feels pretty irresponsible to my family if I just leave it in there hoping that everything will just "work itself out."

The market just dropped below 7,000. The S&P is on the edge of dropping below 700. Our best economists are predicting massive bank failures this year. AIG just announced the largest single quarter loss in history and is about to get propped up again. Things are bleak and I would probably feel safer with my money in my house than in a bank.

Am I alone here?

Guys once the banks collapse the dollar will be worthless! If (or i mean when) AIG goes down it will start a huge chain reaction.

Once these things happen the world will abandon the dollar as currency and those greenbacks will be about as valuable as the tree they were grown off of.

[edit on 2-3-2009 by lightinthedark33]

[edit on 2-3-2009 by lightinthedark33]

We keep our money on us now. We do leave enough in to pay our bills but everything else is pulled out each week. My husband took out a loan on his 401k a few weeks ago and we used that to get ourselves out of some of the debt we are in. We have a small cash savings started and are using the rest buying supplies. I know my sisters family is doing the same.

What money???...

Just making ends meet. paycheck-bank-bills-gone...repeat every month!!

No problem here.

Peace

Anyone else considering withdrawing their money?

Yup, took out everything and it's still not enough to pay the bills! It's better inside a safe bolted down into the foundation of the house.

[edit on 2009-3-02 by pikypiky]

I mostly pulled everything out last March.
I've been keeping Min. in the bank accounts to pay bills.
Pay cash for as much as I can.

This kids did not listen and lost big on 401's and IRA's.
They are pulling them out now, before they lose anymore.

They keep some in credit unions and some in banks.
I keep telling them to get it out, but they have not yet.

They have been watching everyone else at work getting pink slips, so at least they held up from buying a house. Both boys were going to build new houses.

I explained some of the stuff that happened in the Depression, about banks calling in Notes with a 30day notice. They thought if you had a loan they could not do that.

reply to post by j2000

Over in England, they have a little known clause in their mortgage contracts, which allows them to send notice and demand the WHOLE mortgage note to paid off within a certain period of time, for ANY reason.

I pulled what I had out around August of last year.
most of it gone now -
used it on preparedness supplies -
and a little extra cash on hand.
Just pay my bills with the money I leave in the bank.

i always have my paychecks changed in cash that i keep in a safe place. Even though i live in Canada, the banking system is worldwide. It's all interconnected, and that means nobody's safe in keeping large sums of money in the banks...

Pulled a 401k with Merrill Lynch out last Feb or March. Left one in another 401k which has lost about a third of value since September.

Now that the tax hit from the first one is taken care of, may take the other one out as well.

Like I told my husband when we were discussing taking the first one, better to pay the taxes and get SOME of the money out of it.

Plus, we needed to replace the roof on our house and figured it was better than borrowing money and going into debt.

We have no debt except for our house payment.

Originally posted by sezsue
reply to post by j2000

Over in England, they have a little known clause in their mortgage contracts, which allows them to send notice and demand the WHOLE mortgage note to paid off within a certain period of time, for ANY reason.

 

That's pretty much standard everywhere if you read the fine print.
All kinds of loans, not just Houses. When you can't get another loan, they end up owning everything, which is what they really want.

It's not the first time in History this has happened.
The only thing worse than a pollitition is a banker........

Even though my credit union is in good financial status (right NOW, that is), they're the only bank I use for my checking and savings accounts. Still, i've withdrawn most of my money from them and keep only a couple hundred $ for paying my small credit card bills each month.

It's only a matter of time until the community banks and credit unions get hit and I truly hope they don't because they're the only responsible lenders in the country. They're the model for the banks of the future. The mega national banks that are being bailed out are too big for their own good and the good of the country (probably the world as it seems now too).

When the proverbial SHTF, and I think it will happen pretty soon, i'm taking the cash that I have and running out to top off my stockpile of essentials.

I pulled mine out in October, I cash my paycheck and leave enough in to pay the bills... same as you all.

I was eligible to begin contributing to the 401k program at my job last November, but when the rep came to sign me up and show me all the goodies, I said 'no thank you." That's because I read ATS and I knew what was coming... thank you for the heads up! I tried to alert others, but was labeled a crack pot.

I don't use banks so I am ok.
I only have an account so the company I work for can pay me.
My money stays in the bank for a few hours until I go get it out.
If I can help it I never use banks.
I don't use credit and I am debt free and bank free.
I am a,its who you know kinda guy.

No-Can-Do...
i.e.: with a total withdrawl from a bank...
i require at least a minimum account, for the purpose of cashing a monthly 'direct-deposit'


i realize it is possible for BAC to go-under... but bank-0f-america will/should get an immediate takeover by the Treasury/Fed

heck fire, with all the other bailouts of cash infusions-- a bank-0f-america
'bank holiday' is not very likely... for the next 6 months anyhow.


here's a pdf Link to a list of good banks/sad banks:
www.martinweiss.com...
(my current BankOfAmerica or my future CarolinaFirst-federal credit union, are not on either list, and that's strange!)


see: www.prudentbear.com...
which helps explain all the toxic paper, CDOs, CDSs, IRSwaps, etc...
which banks like BAC , GS, and the other major banks have in their balance sheets..that will need to be monetized by the taxpayers of last resort...
see, the Fed/Treas have a fairly good idea that all these major banks are
going to go belly up.... money is already being set aside for them....

as opposed to all those 2nd teir regional banks, now when they get into trouble... there will probably be delays and foot dragging by the FDIC
to actually let you the accountholder get Any of your money out of those banks....
I'm sticking with the large banks, that the Fed/Treas is already playing ball with right now, as the best way to insure the least disruption of getting to my funds even when the bank goes bankrupt or get seized.

i guess it's like remaining sober, on deck, as the Titanic goes down

I have less than $1000 in the bank, just for auto bill pay purposes. I have closed out my Self Directed IRA and took the hit on it, better half of something than all of nothing. Closed my trading accounts - all cash now. Still have PMs, physical ones, Gold eagles, silver eagles, LEAD

And plenty of food and water

I am too afraid of the domino effect of companies going BK and then I will not be able to get my money at all