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Do banks have cash ?

girlhuntergirlhunter Member Posts: 560 ✭✭✭
edited September 2008 in General Discussion
I was at my small town bank today cashing a check. A customer was at the window next to me demanding his money. The teller said the bank didn't have that much and he would have to come back the next day. I wonder how much money the bank really has? Should I take the little amount I have to make sure I can get mine? This was a local bank.
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    mateomasfeomateomasfeo Member Posts: 27,143
    edited November -1
    I got all mine in wampum...
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    p3skykingp3skyking Member Posts: 25,750 ✭
    edited November -1
    Just write checks! [:D]
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    KEVD18KEVD18 Member Posts: 15,037
    edited November -1
    your money still exists, at least for now.

    while, theoretically, you should be able to walk into the bank and withdraw every penny of your money at any time, it would be impractical and incredibly dangerous for the bank to keep that much cash on hand.

    if you're really that worried about it, make several withdrawls over a period of a few days.
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    zr700zr700 Member Posts: 2,430 ✭✭✭✭✭
    edited November -1
    I went through the same thing back in july. I tried to cash a 6,000 check. They told me they did not have it[:(!], I even got the manager and it seemed she didn't want to make a trip to the vault. I said "I thought banks had $$$" She said they had half and I would have to call the next day to see if they had the rest.[:0] I told them I would be in at lunch time for the rest of MY $$$.

    The real kicker is when I went back the next day the tellers were all different, and I never go inside the bank so I know nobody reconized my. I asked to take $3,000 form my account but did not know my account #, she asked my last name. She looked up my account based on my last name and gave me the $$$[:0] no ID or anything!!!
    If you no where someone does their banking you could walkout with their savings [:0][:(!][V]
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    kristovkristov Member Posts: 6,633
    edited November -1
    By regulation I think that banks (or savings and loans or whatever you want to call them) only need to keep 10% of their estimated daily depostis on hand: Cash deposits, checks, money orders, direct payroll deposits, ect. If you use Goober and Gomer's First Bank Of Mayberry they might not take in more than $100,000 per day and will only need to keep $10K on hand so if you come in and ask for $25,000 and they will have to request the funds from another member bank (The First National Bank of Mt. Pilot) and you'll have to retun the next day for your money. At any given time there is supposed to be something like $5 trillion deposited in lending institutions around the United States but only about $500 billion in cash is kept on hand to pay out on demand. First in time is first in line!

    Interestingly in Las Vegas a casino has to be able to pay out in cash any and all winnings on demand. That means that if you hit a $1 million jackpot and ask for a suitcase full of cash and the casino has to pay it to you as requested.
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    slumlord44slumlord44 Member Posts: 3,702 ✭✭✭
    edited November -1
    Has no one seen "It's a wonderful life"? Where is George Bailey when you need him!
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    kristovkristov Member Posts: 6,633
    edited November -1
    I almost used The Bailey Building & Loan Association of Bedford Falls in my post, but I just had hankering for good old Mayberry!
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    fishkiller41fishkiller41 Member Posts: 50,608
    edited November -1
    I cashed a check from an injury settlement, back in '87. It was for $23,500. I took about every bit of folding money in the place.They had to give me $10,000 of it in $5 bills! I took the bag of money to the Yamaha dealer and bought me a brandy-spankin-new 1100 Virago.I got it for $5,000 cash. The MSRP on it was $6750. I don't think the Gov'ner ever knew about that sale...lol[;)]
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    kristovkristov Member Posts: 6,633
    edited November -1
    quote:Originally posted by fishkiller41
    I cashed a check from an injury settlement, back in '87. It was for $23,500. I took about every bit of folding money in the place.They had to give me $10,000 of it in $5 bills! I took the bag of money to the Yamaha dealer and bought me a brandy-spankin-new 1100 Virago.I got it for $5,000 cash. The MSRP on it was $6750. I don't think the Gov'ner ever knew about that sale...lol[;)]


    10K in $5 bills? You must have been the most popular guy at the gentlemens club that night [;)].
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    ruger41ruger41 Member Posts: 14,652 ✭✭✭✭
    edited November -1
    quote:Originally posted by kristov
    I almost used The Bailey Building & Loan Association of Bedford Falls in my post, but I just had hankering for good old Mayberry!


    Mr. Potter is gonna make out like a bandit this year[:(]
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    TERI234TERI234 Member Posts: 366 ✭✭✭
    edited November -1
    All banks have cash, not alot and they can't give it all to one person who has a large check.the rest of the money is in paper, with loans and stuff.
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    mike55mike55 Member Posts: 2,875 ✭✭✭✭
    edited November -1
    quote:I cashed a check from an injury settlement, back in '87. It was for $23,500. I took about every bit of folding money in the place.They had to give me $10,000 of it in $5 bills! I took the bag of money to the Yamaha dealer and bought me a brandy-spankin-new 1100 Virago.I got it for $5,000 cash. The MSRP on it was $6750. I don't think the Gov'ner ever knew about that sale...lol

    You musta been in some kind of pain after that injury to go out and buy a new motorcycle with your "winnings" from the other party.

    Mike
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    mateomasfeomateomasfeo Member Posts: 27,143
    edited November -1
    quote:Originally posted by mike55


    You musta been in some kind of pain after that injury to go out and buy a new motorcycle with your "winnings" from the other party.

    Mike


    How much will you take to let me give your arm a clean break? I'll pay you six months later. You won't be in pain anymore, so how 'bout we say, oh, $10.00?

    Your mentality is uninformed to say the least...
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    MMOMEQ-55MMOMEQ-55 Member Posts: 13,134
    edited November -1
    You are not their only customer and although they probably did have that kind of money most banks require you to give them a days notice to withdraw a large sum. They are not going to run out of money just to please you. If they give you all their cash then the next customer that comes there won't be any cash for them. My girlfriend us a manager at a bank (actually a Wachovia branch) and she told me this.
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    jimdeerejimdeere Member, Moderator Posts: 25,704 ******
    edited November -1
    quote:Originally posted by kristov
    By regulation I think that banks (or savings and loans or whatever you want to call them) only need to keep 10% of their estimated daily depostis on hand: Cash deposits, checks, money orders, direct payroll deposits, ect. If you use Goober and Gomer's First Bank Of Mayberry they might not take in more than $100,000 per day and will only need to keep $10K on hand so if you come in and ask for $25,000 and they will have to request the funds from another member bank (The First National Bank of Mt. Pilot) and you'll have to retun the next day for your money. At any given time there is supposed to be something like $5 trillion deposited in lending institutions around the United States but only about $500 billion in cash is kept on hand to pay out on demand. First in time is first in line!

    Interestingly in Las Vegas a casino has to be able to pay out in cash any and all winnings on demand. That means that if you hit a $1 million jackpot and ask for a suitcase full of cash and the casino has to pay it to you as requested.

    The First National Bank of Mt. Pilot still gives away calendars around Christmas.[:D]
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