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This is a done with a transaction called a "withdrawal."

by ubermonkey 3y ago

xattt 3y ago
What an age we live in!
wkat4242 3y ago
Try taking it all back now. Bring a few friends too to do the same. And see what happens.
- School-Cotton 3y ago
  What are you talking about? At least in the US you can definitely take all your money out of the bank whenever you want.
- toomuchtodo 3y ago
  If your argument is "I can't do a bank run," that is the point. That is what regulators and policies to prevent systemic failures is for. Either my bank won't fail (JPMC) because it is GSIB [1] or FDIC will step in. There is someone with authority and trust of last resort. With crypto, it's just a bunch of tech bros saying "trust me." [2] If you trust tech bros more than regulators with regards to making your deposits whole (See: SVB, even when exceeding insurance limits [3]), ¯\_(ツ)_/¯. [1] ("Global systemically important banks") [2] https://web3isgoinggreat.com/charts/top https://web3isgoinggreat.com/charts/top ("$69,522,310,172 has been lost to hacks, scams, fraud, and other disasters since January 1, 2021.") [3] https://fortune.com/2023/03/12/all-silicon-valley-bank-depositors-will-be-fully-protected-federal-reserve-janet-yellen-fdic/ https://fortune.com/2023/03/12/all-silicon-valley-bank-depos... ("‘Systemic risk exception’ invoked to fully protect all Silicon Valley Bank depositors, Fed rolls out new backstop for banking sector")
- tudorw 3y ago
  Everyone can withdraw all their money at any time, as long as the any time is not the same time. According to the Bank Of Englad, 96% of money is held electronically (bank deposits), 4% of money is held physically in the form of cash (banknotes and coins), so while they may allow it, you'd need to give them time to print up some notes.
  - wkat4242 3y ago
    I don't even mean in terms of cash. Even if everyone transfers their money to another bank the bank will fall. Cash isn't really a thing here anymore due to the government's extreme incompetence at guaranteeing our safety.
- stvltvs 3y ago
  Bank runs are what FDIC and similar insurance are for. I don't have enough friends to bother a bank or their insurers.
- ubermonkey 3y ago
  I've taken all my money out and moved banks several times in my life. It's a logistical hassle, but the actual movement of funds from bank A to bank B is very seamless. It happens literally all the time. I just didn't insist on cash.
curiousObject 3y ago
> This is a done with a transaction called a "withdrawal." Yes, but… Just Google “large withdrawal problem” Or just read this: https://www.theguardian.com/money/2015/sep/12/big-cash-withdrawals-bank-barclays-denied-access https://www.theguardian.com/money/2015/sep/12/big-cash-withd... It depends who you are and where you are, but there’s no doubt that bank customers often have sudden, expensive, unexplained hold-ups in their attempts to withdraw. Sometimes, even for tiny amounts of very low 4 figures even. It can be terribly inconvenient. It’s annoying, but you can ameliorate withdrawal bank hitches by advising the bank in advance of your plans. But if you don’t confirm it first, then do not expect to roll up at your bank and be handed $10,000 without hassle. Especially if you didn’t do it before. This is NOT usually an issue of banks being frightened of a bank run, like some folks are guessing here. It mostly is the bank’s low-level staff concern that a scam is in progress, that you are an idiot being cheated, and their fear that the bank will be liable and have to pay for your loss.
- onlyrealcuzzo 3y ago
  Less than 1% of people have more than $100,000 in cash in a single bank account. The amount of those people that want to take all of their cash out - and not pop it in another bank (which includes buying something, assets, equities, etc) - is probably close to 0. This is a non-issue for almost everyone.
  - curiousObject 3y ago
    > This is a non-issue for almost everyone. Very true. It’s almost always a non-issue (and could probably be ameliorated if you’re prepared in advance). But, I’ll guarantee you, that one time in your life when you suddenly NEED $25,000 for emergency medical costs, or to close a critical business deal, or to pay for your wedding, or a parent’s funeral, or to help out friend or family in dire trouble? Then, that one time, it is the biggest issue of your life. If a polite and cautious bureaucrat blocks it, then you will be angry about it forever. And that one time is enough for one life. You will not understand this until it happens to you.
    - 3y ago

This is a done with a transaction called a "withdrawal."

xattt 3y ago

What an age we live in!

wkat4242 3y ago

Try taking it all back now. Bring a few friends too to do the same. And see what happens.

School-Cotton 3y ago
What are you talking about? At least in the US you can definitely take all your money out of the bank whenever you want.
toomuchtodo 3y ago
If your argument is "I can't do a bank run," that is the point. That is what regulators and policies to prevent systemic failures is for. Either my bank won't fail (JPMC) because it is GSIB [1] or FDIC will step in. There is someone with authority and trust of last resort. With crypto, it's just a bunch of tech bros saying "trust me." [2] If you trust tech bros more than regulators with regards to making your deposits whole (See: SVB, even when exceeding insurance limits [3]), ¯\_(ツ)_/¯. [1] ("Global systemically important banks") [2] https://web3isgoinggreat.com/charts/top https://web3isgoinggreat.com/charts/top ("$69,522,310,172 has been lost to hacks, scams, fraud, and other disasters since January 1, 2021.") [3] https://fortune.com/2023/03/12/all-silicon-valley-bank-depositors-will-be-fully-protected-federal-reserve-janet-yellen-fdic/ https://fortune.com/2023/03/12/all-silicon-valley-bank-depos... ("‘Systemic risk exception’ invoked to fully protect all Silicon Valley Bank depositors, Fed rolls out new backstop for banking sector")
tudorw 3y ago
Everyone can withdraw all their money at any time, as long as the any time is not the same time. According to the Bank Of Englad, 96% of money is held electronically (bank deposits), 4% of money is held physically in the form of cash (banknotes and coins), so while they may allow it, you'd need to give them time to print up some notes.
- wkat4242 3y ago
  I don't even mean in terms of cash. Even if everyone transfers their money to another bank the bank will fall. Cash isn't really a thing here anymore due to the government's extreme incompetence at guaranteeing our safety.
stvltvs 3y ago
Bank runs are what FDIC and similar insurance are for. I don't have enough friends to bother a bank or their insurers.
ubermonkey 3y ago
I've taken all my money out and moved banks several times in my life. It's a logistical hassle, but the actual movement of funds from bank A to bank B is very seamless. It happens literally all the time. I just didn't insist on cash.

curiousObject 3y ago

> This is a done with a transaction called a "withdrawal." Yes, but… Just Google “large withdrawal problem” Or just read this: https://www.theguardian.com/money/2015/sep/12/big-cash-withdrawals-bank-barclays-denied-access https://www.theguardian.com/money/2015/sep/12/big-cash-withd... It depends who you are and where you are, but there’s no doubt that bank customers often have sudden, expensive, unexplained hold-ups in their attempts to withdraw. Sometimes, even for tiny amounts of very low 4 figures even. It can be terribly inconvenient. It’s annoying, but you can ameliorate withdrawal bank hitches by advising the bank in advance of your plans. But if you don’t confirm it first, then do not expect to roll up at your bank and be handed $10,000 without hassle. Especially if you didn’t do it before. This is NOT usually an issue of banks being frightened of a bank run, like some folks are guessing here. It mostly is the bank’s low-level staff concern that a scam is in progress, that you are an idiot being cheated, and their fear that the bank will be liable and have to pay for your loss.

onlyrealcuzzo 3y ago
Less than 1% of people have more than $100,000 in cash in a single bank account. The amount of those people that want to take all of their cash out - and not pop it in another bank (which includes buying something, assets, equities, etc) - is probably close to 0. This is a non-issue for almost everyone.
- curiousObject 3y ago
  > This is a non-issue for almost everyone. Very true. It’s almost always a non-issue (and could probably be ameliorated if you’re prepared in advance). But, I’ll guarantee you, that one time in your life when you suddenly NEED $25,000 for emergency medical costs, or to close a critical business deal, or to pay for your wedding, or a parent’s funeral, or to help out friend or family in dire trouble? Then, that one time, it is the biggest issue of your life. If a polite and cautious bureaucrat blocks it, then you will be angry about it forever. And that one time is enough for one life. You will not understand this until it happens to you.
  - 3y ago