Categories

Personal Finance Spending & Saving

Tools

  • Economy & Politics
  • Investing
  • Personal Finance
  • Related Posts


    Buffett Offers Inspiration To Small-business Owners
    Worried About The Home Depot Breach? 10 Steps To Protect Yourself From Future Attacks
    Getting Your 401(k) Into The Red Zone
    Estate Planning 101: How Much Do You Have To Pass On?
    Pound, Stocks Up As Scotland Stays With U.K.
    How To Find The Right Financial Adviser
    Limits On Tax-Free Lifetime Gifts Projected To Rise For 2015
    Take This Retirement IQ Test To See What You Know
    The Bottom Line On Home Equity Lines
    A New Way Insurers Are Shifting Costs To The Sick
    Rolls-Royce Lands Biggest Order Ever
    Top Retirement Expense: Your Home
    U.S. Mortgage Applications Rise In Latest Week
    America’s 50 Best Cities To Live In
    How To Have The Best Retirement Possible


    If You Own A Savings Account, You Should Be Worried About This

    Last week, I went into my local branch of a major national bank to withdraw $15,000 in cash.

    The teller looked confused, like she didn’t know what to do.

    I started to worry. “Is there a problem with my account?” I asked. I knew I had the money in there, but I’d never asked for that kind of cash before.

    “No…” she said, uncertain how to answer. “Hang on a second.”

    Minutes go by. The tellers discuss stuff in hushed tones. A bank manager is consulted. Finally, they get back to me, “Sir, we can’t do this.”

    “Well, can you get me close?” I asked.

    “Sir, we can get you $2,000 in cash today,” she said.

    I couldn’t believe it. I can’t get to my own cash if I wanted to. Yikes!

    The crazy thing is, this wasn’t a day of financial crisis. This was an ordinary day last week. It scared me, so I asked, “How would someone take out more than $2,000 in cash?”

    The teller said, “You have to order it on a Monday, and it will be here on Friday.”

    Wow. Domino’s Pizza can deliver a pizza in 30 minutes, but it takes a bank a week to get me a few thousand dollars? Really?

    How much cash can you take out of your bank?

    I’m not asking you how much the bank says it can give you on the phone. I’m asking how much cash they would give you when faced with a real request. I found out last week. And the answer was not what I wanted to hear.

    What if there were a real crisis? What if we had a situation like a quickly developing hurricane — or something far worse — where there was a line of people out the door trying to get money?

    After this experience at my local branch, I doubt I’d be able to get much money at all. And that scares me.

    If I were you, I would go to the bank and try to take out a large amount of your savings in cash now. I think the result might surprise you.

    We are not in any kind of crisis right now. But for your own peace of mind, find out how much cash your bank is capable of getting you. Withdraw some of it now and hide it in a safe place. It’ll give you a cushion at home for emergencies.

    And you’ll know if your bank is capable of meeting your cash demands in the event of a real emergency.

    Hopefully, your bank turns out to be better than mine.

    Good investing,

    – Steve Sjuggerud

    The article was originally published on Monday, Aug. 26 at DailyWealth.com.

    Dr. Steve Sjuggerud is the founder and editor of one of the largest financial newsletters in the world, True Wealth. Since inception in 2001, True Wealth readers have made money every year with safe, contrarian investment ideas. Steve did his Ph.D. dissertation on international currencies, he's traveled to dozens of countries looking at investment ideas, and he's run mutual funds, hedge funds, and investment research departments. Steve's investment philosophy is simple: "You buy something of extraordinary value at a time when nobody else wants it. And you sell it at a time when people are willing to pay any price to get it." It's harder than it sounds, but Steve continues to be able to do just that for his readers. Click here to learn more.

    | All posts from Dr. Steve Sjuggerud

    Discuss this Story:

    Comment Policy: We encourage open discussion. Comments including racist statements, profanity, name calling or spam will be removed at our discretion. We use filters for spam protection. If your comment does not appear it is likely because it violates the policy.

    Economic Patriotism: U.S. Ranks Near Last In Tax Competitiveness
    The Worst 6 Ways To Choose An Investment Advisor
    7 Common Estate-Planning Blunders Not To Make
    Retirement Health Costs: Planning For The Wild Card
    10 Steps To Get Your Retirement Back On Track
    New Global Plans Unveiled To Crack Down On Corporate Tax Avoidance
    Tax Crusader: It ‘Defies Reason’ To Believe IRS Isn’t Being Used As A Political Weapon
    One-Third Of Family Caregivers Spend More Than $10,000 A Year
    Top 25 Cities For Highest Auto Insurance Rates
    Preventing Bad Decisions In Old Age
    Should You Have A Trust?
    My Secret 401(k)
    How Pat Flynn Made His First $3 Million In Passive Income
    How To Make Passive Income: 10 Expert Tips
    Reading Between The Numbers Of College Rankings
    Where Not To Die In 2015
    Like Buffett, Pick Investments That Last Forever
    15 Uses For Healthcare FSA Money
    IRS: Partners’ Share Of LLC Income Is Subject To Self-Employment Tax
    Does A Roth IRA Affect A 401(k) Plan?
    4 Online Tools To Manage Your Money In The 21st Century
    3 Debt Sagas: How I Got Out Of Debt — For Good
    Move Over, Kickstarter: Real Estate Equity Crowdfunding Is Catching On With Investors
    Florida’s New Insurance Sector May Be ‘Accident Waiting To Happen’
    Food Trucks And College Business Majors: A Most Delicious Match
    An 8 Step Real Life Downsizing Plan
    Ebola Outbreak Doubles In 3 Weeks, WHO Warns ‘Conventional Means Of Control Not Working’
    Mapping Record U.S. Obesity By State
    The 7 Deadly Sins Of Investing
    Do Retirees Need Long-term Care Insurance?
    Read more from Personal Finance...

    Liberty Investor Digest

    Get today's most important
    financial headlines all in
    one place by email!



    Sources


    close[X]

    Sign Up For Liberty Investor Digest™!

    Get Liberty Investor Digest FREE By Email!

    Input your name and email address in the fields below and get today's most important financial headlines sent straight to you inbox!

    Privacy PolicyYou can opt-out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.