IF YOU KEEP MONEY IN THE BANK YOU ARE NO LONGER A DEPOSITOR BUT AN UNSECURED CREDITOR

Hi Steve,
Thanks for all you do to help keep us informed. I visit your site
regularly and my husband and I listen to you on the Hagmann's and youtube.
I have on several Sundays plugged in my phone and set it on my lap top so
my son could listen to you and pastor Lankford with me and take communion.
He still lives in the city. We moved an hour plus out.
So here is an instance of a bank disruption today in Minnesota, or at
least in the twin cities. My son had paid a bill early in the day and had
plenty of money in his checking account. He went out to buy us a special
lunch, it's my birthday, and bring it back to work. He called rather
embarrassed and asked if I had any cash he could hold. The ATM machine was
not letting him access his account. He called the bank and could not get
through. His bank is Twin City Federal (TCF). I told him to come on and I
had cash he could have to make sure he had some on him just in case. His
next stop was the bank. He was only allowed to take out $50.00 as the
"system" was down. He was told he could use his check card for purchases
but could not take out cash from the ATM and could only take out $50.00
from the bank teller. I don't know enough about banking but this sounds
like a cash shortage to me. How can he make a purchase with his check card
when the system is down but can't get his cash even at the bank because
the system is down? That makes no sense at all. Something is off here.
I went through it again with him. Only leave enough in the bank to pay
bills and keep the account open. Go every day now until you get all you
money out so you have cash. Better to have cash for a little while than
nothing. When this comes full on cash will only be good for a few hours to
a few days at best. Know what you are going to do because at that point
time is short. I reminded him that he is not a depositor anymore they
changed the wording in January and now he is an unsecured creditor, which
means once his money is in the bank it is not his money and there are
several other secured creditors that will get his money but he won't. I
reminded him to save some of his cash always for when this pops off. Don't
spend it all keep a little. Today after this, he looked at me and said it
is really happening. He is not ignorant of the truth and could see
clearly before my husband and I could. Knowing it is coming, seeing the
incremental slow decline and preparing for it is one thing. Today was
another reality check that hit close to home.
Oh, we will do lunch this weekend instead. I'll pull out some special
preps, make some good memories to hold on to and cherish the moment.
Maybe I just don't understand the banking system but this sounded
off/nonsense to me. GLENCOE -MINNESOTA

Sep 17, 2013

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