Monday, October 7, 2013

PANIC PREPARATION Banks Stuff ATMs With Extra Cash In Fear Of Debt Ceiling Breach

Think Progress reports:
With just 10 days left to raise the debt ceiling and congressional Republicans threatening to force the government to default on its obligations, banks are taking some dramatic steps to prepare for the economic chaos that would result should the brinkmanship continue.
The Financial Times reports that one major U.S. bank has started stuffing its automatic teller machines with extra cash in preparation for a possible bank run from panicked depositors. The New York Times reports that another bank is weighing a plan to advance funds to customers who rely on Social Security and other government payments that could stop in the event of a default.
You should always have extra cash on hand just in case the systems goes down. Cash will be king at such time. But, if you don't have cash on hand, pull some out of  your bank now. You do not want to stand in line at an ATM during a period of  panic, when cash withdrawals may become limited.

No comments:

Post a Comment