Quote:
Originally Posted by The Reaper
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
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It sounds like you have had a bad experience. The few banks I have worked for in my work history are open when nothing else is. Banks do limit the cash on hand for various reasons, which is why I suggested placing a specific order. But yes, if you have a safe place to keep it at home, periodically taking out some in small bills is workable.
And, definitely not putting a closed sign on the door. They should be better than that. They have your money, they work for you and the shareholders.