Quote:
Originally Posted by JHD
The good thing about banks is that they are required to have a disaster plan in place as well for keeping things running as long as they can, and to get things back up and running as quickly as possible.
To avoid long lines at the ATMs, call in an order for the amount of cash you might want to make sure it is on hand. For a disaster they will plan on having extra anyway, and will have the ATMs stocked, but better to place an order so you are sure. They may need to direct you to a different branch or figure out a way to accommodate your request.
Another lesson learned in Katrina is that the safe boxes aren't always safe. Plan on keeping multiple copies of Deeds, Wills, passports, birth certs., powers of attorney, etc., in your safe box, but also with an attorney, a relative who lives in another region, another safe box at another bank in a different region, etc.
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Is locking the door and putting up a "Closed" sign a disaster plan?
Banks have and do impose withdrawal limits all of the time.
You let a disaster hit, and once the word gets out that the is a limit on withdrawals, the lines will wrap around the block and cash will quickly be exhausted.
A $500 withdrawal limit per customer would clean out our local branches in a little over an hour. Faster, if the initial withdrawals were larger, or the bank was slow to recognize the runs and institute the limits. Sure, they may bring in extra money when they decide to reopen. Eventually.
I have been made to wait for a cash delivery from other branches a number of times for cash withdrawals of less than $10,000. I think they have actually had the cash on hand maybe once in ten times.
Call me crazy, but if I had a good gun safe and more than a month's salary in a checking account, I would be withdrawing the excess every month until I had at least month's pay in small bills at home in the safe.
Just my .02, YMMV.
TR