Amazon created a concrete shortage

[kcflhrc]

I carry about $500 in cash when I travel. Don't usually touch it, and it goes back in the safe when we get home from vacation. But at least we have cash if we run into an issue with our bank account. Wife and I each have a credit card as well. Both cards are from different banking institutions.

If for some reason there is an issue with the checking account, we can get back home.

Yes sir, after that BOA disaster we both got credit cards also. Pretty scary when you cant access your money

 

[jyoutz]

I carry about $500 in cash when I travel. Don't usually touch it, and it goes back in the safe when we get home from vacation. But at least we have cash if we run into an issue with our bank account. Wife and I each have a credit card as well. Both cards are from different banking institutions.

If for some reason there is an issue with the checking account, we can get back home.

What is this cash thing that you speak of?

 

[MossRoad]

What is this cash thing that you speak of?

You can read about it in the newspaper.

 

[Dftodd]

Yes sir, after that BOA disaster we both got credit cards also. Pretty scary when you cant access your money

Yup, I was working out of town and had some fraudulent charges go through. Bank shut down both of our debit cards.

Thankfully I had my company credit card for food. But man I didn't like that feeling.

 

[Torvy]

Cash is the worst thing to have in an inflationary cycle. This is not going to be short-lived. It will be 3-5 years before it gets resolved.

 

[milkman636]

I haven't even stepped foot in a bank in years.

My wife laughs about me going to the bank. I go in on purpose to use a real teller for deposits and withdrawals. I’m one of the rare ones that do anymore, but it’s nice to get great service on a first name basis. It feels better than tapping on a touchscreen.

 

[kcflhrc]

It will be 3-5 years before it gets resolved.

Perfect, just in time for retirement. I keep a lot of cash on hand and no, not in the bank. I just feel better about putting my hands on something real instead of it being in someone else's hands. After my BOA issue I don't ever want that feeling again of not being able to eat or get gas or anything for that matter. The thought of someone being able to wipe out all of my funds with a simple key stroke scares the hell out of me. In my BOA case it was an untrained teller mistake but it could happen to anyone.

 

[RickB]

Cash is the worst thing to have in an inflationary cycle. This is not going to be short-lived. It will be 3-5 years before it gets resolved.

Cash is part of a prudently diverse portfolio, especially for those retired or about to retire.

 

[JethroB]

Perfect, just in time for retirement. I keep a lot of cash on hand and no, not in the bank. I just feel better about putting my hands on something real instead of it being in someone else's hands. After my BOA issue I don't ever want that feeling again of not being able to eat or get gas or anything for that matter. The thought of someone being able to wipe out all of my funds with a simple key stroke scares the hell out of me. In my BOA case it was an untrained teller mistake but it could happen to anyone.

i was CFO at a medium size company until a few years ago and Wells Fargo did something similar. They mistakenly froze all our company accounts on a Friday evening. I caught wind of it when several employees tried to cash or deposit their payroll checks on Saturday morning at Wells Fargo branches and our checks were rejected. About 1200 payroll checks had been handed out on Friday. I rattled a lot of Wells manager & VP cages before they would correct their error on Saturday night, most said ”just wait until Monday“. Nope, I’d would have had a riot on my hands.

 

[Larry Caldwell]

What is this cash thing that you speak of?

Wrong question. You should have asked what is this $500 thing? That is the minimum cash amount FEMA recommends you have on hand for disasters when there is no electricity. Without electricity there is no banking. Credit cards become cheesy windshield scrapers. Cash is your only fungible asset.