Wednesday, November 10, 2010

A Banker Weighs in on Banks Limiting Cash Withdrawals

I asked Michael Dunton, senior vice-president at Mt. McKinley Banks, his views on reports that banks are severely restricting cash withdrawals. He emailed back:
Without sounding like a conspiracy theorist, yes, it behooves the Fed to control currency as once it is out the door, it has virtually no control.  Banks can limit large cash requests of its customers—this is done more out of pragmatism than anything else.  ATM supply cuts are peculiar, though.  I would like to see more evidence.

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