Categories

Personal Finance Spending & Saving

Tools

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


    Majority Still Want Government Out Of Healthcare
    The 10 WORST Ideas For Your Investment Portfolio (Slideshow)
    How Not To Get Stung By High-Yield Programs
    Nine Steps To Successful Home-Buying
    Business Travelers – Skip In-Flight Wi-Fi To Increase Productivity And Save Money
    The Most Important Meeting You Need To Have With Your Financial Planner
    10 Things Not To Buy On Black Friday
    5 Sophisticated Work-From-Home Scams And How To Spot Them
    What Does Genworth’s Bad News Mean For The Future Of Long-Term Care Insurance?
    The Top 10 Tax Cases (And Rulings) Of 2014: #6-The IRS (Finally) Figures Out The Real Estate Professional Rules
    IRA Rollovers: Three Questions To Avoid Getting Fleeced
    The Single Most Critical Factor In Helping Minimize Taxes
    10 Questions To Ask A Financial Advisor (Slideshow)
    How Not To Get Bullied On Retail Credit Cards
    Retirement: Five Keys To Smart Planning


    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.

    Looking For Cheap Flights? The Best Time To Buy Is …
    Georgia Debt Collectors Posed As FBI Agents To Intimidate Victims Into Making Payments
    The 10 Best Cities For Middle-class People To Buy A House
    One Reader’s Shocked Response Upon Learning His Health Insurance Cost Just Doubled
    Brooklyn Woman On Ebola Monitoring List Drops Dead Bleeding From ‘Face, Mouth, Nose’
    60 Percent Of Households Get More Benefits Than They Pay In Taxes
    How Black Friday Will Be Different This Year: 5 Predictions
    Would You Be Willing To Report A Family Member For Financial Elder Abuse?
    Where Is Homeownership Within Reach Of The Middle Class And Millennials?
    How To Ease The Tax Bite On Your 401(k) Payouts
    Five Money Moves To Check Off Your List Before 50
    The Best Mortgage Refi Deal
    Protect Against Three Threats To Your Family’s Finances
    Boost Your Body’s Natural Defenses In Your Quest For Better Vision
    Are Your Strawberries Grown With These Dangerous Pesticides? And More In MuckReads Weekly
    How HUD And The FHA Are Hurting Our Economy
    Bombproof Your Retirement Portfolio Now
    Five Ways To Make The Most Of A Holiday Savings Account
    3 Tips For Paying Down College Loan Debt
    Six Simple Ways To Pay Off Your Mortgage Faster
    Midsize Challenge: Best Sedan Under $27K
    What Stores Are CLOSED On Thanksgiving?
    Tax-saving Tips Up In Air As Congress Mulls Changes
    How Social Security Raise Impacts Retirees
    Ebola-Infected Doctor Dies In Nebraska Medical Center
    The 3 Biggest Mistakes People Make With Student Loans
    How Can I Get My Insurance Company To Cover My Inhaler?
    8 Tips For Taking Out Student Loans
    Five Ways To Pick Up Free Money For Retirement
    Obamacare Ushers In Pile Of New 2014 Tax Forms
    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.