Has anyone done a bank run, if not, are you considering it?

The thread title is pretty self explanatory.

With WAMU being the biggest bank failure in history, and just the latest casualty in an unprecedented financial meltdown. And with congress having stalled on a bailout package agreement, is anyone seriously considering going to their bank and cashing out all their accounts?

Or have any of you already done so?

I did my "bank run about two weeks ago.Drew out all my savings.It may not be worth a red cent but it's mine!!

Originally posted by daddyroo45
I did my "bank run about two weeks ago.Drew out all my savings.It may not be worth a red cent but it's mine!!

Well, the reason I started this thread is that I'm beginning to seriously consider it. I did some research on my bank and so far as I can tell from all the available information, my bank is apparently in good shape. But we've heard this before about many of now fallen institutions.

There is of course a huge issue with practicality. So much of our banking, bill paying, internet transactions, debit card purchases is done through our banks. Basically, you'd have to cancel all your automatic bill payments, you'd have to pay for everything with cashier's checks, etc.

So one has to balance practicality against reality.

What tips the scale?

If you're in america and want to do a bank run you better do it NOW.

Yes, right, if you do it right now, at least some of it, it might give you a peaceful mind. It's your right, hey it's your money. Plus you don't feel like a sucker later on when everything is too late.

reply to post by Jazzyguy


Makes sense, take everything out but what you need to pay the bills.
Pay for everything else in cash.

3 months ago we took all my kids savings out of WAMU and got him into a local credit union. He has been saving for collage his entire life. I dont know ANY kid that is as big a skin flint as my son.....we moved his money seeing all this coming.

I have no savings at all as we live month to month.......but I do have automatic deposites going into my WAMU account.....not much however....but all my stuff is at WAMU...thats where I bank and pay the bills.........

Should I take it elsewhere?

I dunno................


[edit on 26-9-2008 by theRiverGoddess]

one of the biggest banking institutions here in the uk has just gone under, HBOS (Halifax and Bank Of Scotland) which has been going for hundreds of years, surviving numerous wars and other catastrophys went bankrupt and was bailed out by being taken over by another big bank. this one bank (Lloyds) now owns more than a third of the mortgages and debt in britain, and theres more to come were told. a polititian here said in the past few days that your money is safer tucked under your mattress, but as is stated above even that wont help, were about to see the biggest step so far in the move to a one world government, a one world bank.

Hey there SD....
There is a similar thread here I was just reading: www.abovetopsecret.com... but in a different forum....and I think that OP has.

I have not and probably wont.

I do bank with a credit union, but im not sure if that matters or not. I literally do all banking thru them: checking, savings, credit card, vehicle loan, insurance.

I still feel pretty stupid on this whole debacle and trying to piece it all together hurts my brain I have no idea what to do. Im trying to read as much here at ATS as I can and figure it out *sigh*

[edit on 9/26/2008 by greeneyedleo]

reply to post by theRiverGoddess


From what I understand from the news tonight, your bank is now Chase. Including your account numbers, direct deposits, debit cards, etc. You will get a letter from Chase but for now your money is safe. Chase is as strong as you can get these days.

Been there, done that, slap my butt.

I got a feeling a month ago and acted. Mattress from now on.



[edit on 26-9-2008 by pluckynoonez]

reply to post by greeneyedleo


My friend, I feel you, it's incredible how "married" we are to some institutions.
That's why they always give preferential deals to their customers.
Next thing you know, your fortunes become inseparable from theirs.
How very very scary!




[edit on 9/26/2008 by schrodingers dog]

i can't do a bank run i only keep enough in my account to pay my bills plus $5 to keep the account open lol.

Anyone that has a checking and/or savings account at WAMU your money is safe. The FDIC insures your account up to 100K And they have already said you will have access to your accounts and the WAMU branches will be open tomorrow.

SD is right the only change your going to see is a name change. from WAMU to Chase. that means you'll get new atm cards later and new checks too

reply to post by schrodingers dog


well crap...I was hoping chase would go down like rockafellers mom....i could do without my credit card balance..

I might consider it if I had more than just 25 dollars in my only account..

I stopped using banks 10 years ago.....Im still broke anyway.

My husband and I talked about it this evening. For the immediate time being, we're going to leave our money where it is. I have our funds in 3 different banks; one is regional, the other two are national and currently appear to be "safe."
Most of the money is in the high interest savings accounts, so I'm holding out and taking the interest. *wry smile* At the first sign of trouble, the cash is out, though, and since one account is with BoA...well, if BoA fails, we're bugging out anyway.

If I was in America (I'm in the UK) then I would be looking to empty my accounts for sure if there was anything more than a few hundred quid in them. With the current economic problems and the risk of a complete meltdown still possible, overnight massive changes can occur and when you wake up, it's too late to do much. I heard somewhere else that your money is only really protected if it's placed in something like government bonds. My own savings are all put into government premium bonds now and I will never keep much in the bank, coz if it went bust, I'd likely never recoup the money.

reply to post by theRiverGoddess



Unless you have over 100000 in an account 200000 for a joint account your fine FDIC guarantees your money now what it will be worth is another thing but even withdrawing it doesnt change that fact.

I can't take all my money out, and I do believe my bank is sound. I did in the past two weeks make ATM withdrawals from savings to have enough to get by in terms of having to relocate unexpectedly or the possibility that everything gets frozen for a few days (like a serious all out bank run).

My other concern was the possibility of things like gas stations or stores suddenly not accepting bank cards for purchases for a period of time if cash flows start getting tied up.

Originally posted by dragonridr
reply to post by theRiverGoddess

 

Unless you have over 100000 in an account 200000 for a joint account your fine FDIC guarantees your money now what it will be worth is another thing but even withdrawing it doesnt change that fact.

Oh look! This user registered on 8-28-2008, and is telling you that your money is safe up to $100,000, and that the FDIC "guarantees" your money.

Any takers that this guy is a paid disinfo agent/shill?

I wouldn't worry so much about taking money out of your accounts, but it probably wouldn't hurt to have a bit more loose cash around the house. That's always a good idea for any emergency that might come down the pike.