Time to pull cash from bank?

[MLNCoins]

Just wanted to get everyone's opinion about whether now is a good time have some cash (or maybe all..?) at home as apposed to in the bank? Been toying with the idea for a couple of days now.

What are your thoughts?

[Martlet]

Timely email from Tesco's recommending use of contactless.  Other than my local takeaways, I dont need cash any more (though i prefer it).  Always have some cash for network issues though.

[kimchi]

Imo get the max out from an ATM daily, at some point they could well be empty.

If you have 'significant savings' it's a conundrum...

[5huggy]

24 minutes ago, nee4891 said:

Just wanted to get everyone's opinion about whether now is a good time have some cash (or maybe all..?) at home as apposed to in the bank? Been toying with the idea for a couple of days now.

What are your thoughts?

Just had this from Lloyds online banking as a warning - no doubt panicking about how to get cash out - rents mort etc etc etc!

Due to the challenging times we’re all experiencing, we’re dealing with a much higher number of calls from customers than normal. So that we can support those in the most vulnerable situations we ask that you only call if your enquiry is urgent. We are doing our best to help customers as quickly as possible and we appreciate your understanding. You can still use our online and mobile banking services and our automated service. If you’re in a vulnerable situation and would like to speak to an adviser please call us, our call wait times are much longer than usual.

[Norskgeld]

Wouldn't put it past them illoooominarty types to use this virus nonsense to push the cashless society agenda even more strongly...."to stop it spreading".

[StackerNoob]

It depends why you are doing it. If you are worried about a shortage of physical cash, then perhaps. But if its because you are worried about the solvency of banks, then its a no. I'm not a fan of the banks by any means, but the banking system is not the problem here. The markets are tanking but there isn't really any threat of funding freezing, especially with all the money that's being created right now.

[Coolsmp]

Two of my local atm's have been out of money for the past two days. Surely the machines tell the bank when there running low on cash so they can send someone to refill or am i wrong? Not that i know anything about atm's. Any experts out there on how these things work??

[BazzaC]

Hi nee4891,  asked for everyones opinion, so I'll give you mine. Bit of a drag on though

In Cyprus at the moment. Gone into partial lockdown. Banks are, at the moment open in the morning, and allowing 2-3 customers in at a time (# of customers allowed into the premises, depends on m2 size of the establishment), the rest wait on the street 2 metres apart. Talk that they (banks) will soon close, along with bakeries, leaving just supermarkets  pharmacies and petrol stations open (partially empty of stock in most cases) ATMs are filled regularly, but no guarantee you can get anything out of them before they are emptied again.  Saw similar on the island during the bail-in and hair cut on bank deposits.

I recommend cash in hand, and elsewhere for a just on case scenario. Better to have it and not need it, than need it and not have it. Low denominations preferably. (Dont like to receive change back). And clean your money. I use U.V light.  Got a free great tan too

hope it helps put your mind to rest and go with your instincts when faced in such situations.

[Xander]

8 minutes ago, Coolsmp said:

Two of my local atm's have been out of money for the past two days. Surely the machines tell the bank when there running low on cash so they can send someone to refill or am i wrong? Not that i know anything about atm's. Any experts out there on how these things work??

Probably its just a case of the security companies are nun off their feet at the moment.

The fact the idiot banks are attempting to turn us into a cashless society doesn't help.

[Tn21]

I think having an allocation of cash ready would be advisable. I don't think cleaning out/ emptying out the bank account is necessary. 

 

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Added 0 minutes later...

47 minutes ago, Tn21 said:

I think having an allocation of cash ready would be advisable. I don't think cleaning out/ emptying out the bank account is necessary. 

 

 

[5huggy]

38 minutes ago, BazzaC said:

Hi nee4891,  asked for everyones opinion, so I'll give you mine. Bit of a drag on though

In Cyprus at the moment. Gone into partial lockdown. Banks are, at the moment open in the morning, and allowing 2-3 customers in at a time (# of customers allowed into the premises, depends on m2 size of the establishment), the rest wait on the street 2 metres apart. Talk that they (banks) will soon close, along with bakeries, leaving just supermarkets  pharmacies and petrol stations open (partially empty of stock in most cases) ATMs are filled regularly, but no guarantee you can get anything out of them before they are emptied again.  Saw similar on the island during the bail-in and hair cut on bank deposits.

I recommend cash in hand, and elsewhere for a just on case scenario. B

41 minutes ago, BazzaC said:

Better to have it and not need it, than need it and not have it.

 

Thanks for the info @BazzaC - I was over there when the Cypriot banking system seized last time - it was bloody awful to see !

40 minutes ago, BazzaC said:

Saw similar on the island during the bail-in and hair cut on bank deposits.

 

 

[Xander]

[Paul]

Only think you should have in the bank is an overdraft facility  

[Abyss]

Have the financial means then have three months salary in cash at home safely stored.

[Zhorro]

1 hour ago, MrGeorge said:

I tried to put money in the bank today and was told sorry they cant take it as there shutting tomorrow and cant have lots of cash left in store. It was a Barclays  

This sounds bizarre - and worrying.

[adamthetaller]

Got a decent amount out myself the last couple of days, just as a hedge against any IT issues cropping up in the various banking systems (possible if staff levels drop too far).

[MancunianStacker]

4 minutes ago, adamthetaller said:

Got a decent amount out myself the last couple of days, just as a hedge against any IT issues cropping up in the various banking systems (possible if staff levels drop too far).

Makes sense, I remember in 2008 the ATMs had computer issues and also people’s cards were getting declined via different banks every other week. It was a bit disturbing.

[bluemoon]

Keep it spread out. Some cash, some in bank, some PMs, some cryptocurrency. That way, if one source of finance isn't usable for some reason, you still have others. This is what you should have in normal times anyway.

[sixgun]

Some places not taking cash as i could spread the virus. 

[motorbikez]

I've upped my cash levels from £2500 to £4000.I'm also paid in cash (& keep hold of it), I'm using current account debit card for spending on shopping & will let balance drop to £1000.

I remember the Northern rock farce although it was my late mother that got ripped off, it sticks in the back of my mind. These are extraordinary  times it would be prudent to have a good lump of cash available IMHO.

 

[Pipers]

Card machines spread the virus more than cash, have you seen how dirty they are.  You hold cash and give it to the cashier, they give you coins back which you having gloves on clean when you get home.  A card machine is touched by everyone one after another putting there number in thousands of them in the supermarkets esp at the self service screens etc.  The machines never get cleaned!

Best to pay with cash and give a tip if you cannot give the correct amount eg 20p etc