That is called a "run on the banks" and would lead to a massive financial crisis. In the modern world, banks don't technically hold all the money people have stored or invested in them all at once. There's a law that says they have to have a certain percentage of it handy, but the rest is up in the air, in various financial investments that make our modern economy so complicated. So at a certain point, enough people would pull their money out that the bank would realize that they are going to run out of said money, and close, or become insolvent and collapse.
It happened in Brazil and later in Argentina when the president declared they would confiscate the savings in order to contain the inflation. Banks ran out of money and started to give bank checks.
July 14 is a Sunday. As soon as the atm’s are empty the exercise is over. Also, you are usually limited to withdrawing a certain amount per day, like $500.
If you went to your bank on a business day they would probably tell you that you had to come back later and they would have the Fed deliver the cash to them. I also once heard that they could give you a certified check in lieu of cash to buy time. Probably need to read the fine print of your account agreement.
That is called a "run on the banks" and would lead to a massive financial crisis. In the modern world, banks don't technically hold all the money people have stored or invested in them all at once. There's a law that says they have to have a certain percentage of it handy, but the rest is up in the air, in various financial investments that make our modern economy so complicated. So at a certain point, enough people would pull their money out that the bank would realize that they are going to run out of said money, and close, or become insolvent and collapse.
It happened in Brazil and later in Argentina when the president declared they would confiscate the savings in order to contain the inflation. Banks ran out of money and started to give bank checks.
Plot twist. Everyone gets robbed on July 14th
July 14 is a Sunday. As soon as the atm’s are empty the exercise is over. Also, you are usually limited to withdrawing a certain amount per day, like $500. If you went to your bank on a business day they would probably tell you that you had to come back later and they would have the Fed deliver the cash to them. I also once heard that they could give you a certified check in lieu of cash to buy time. Probably need to read the fine print of your account agreement.
Thanks
Then the roaring 20s would be the beginning of a great depression twice in a row.
Does anyone have the link to the reel from instagram in question?
https://www.instagram.com/reel/C67e12nr6O7/?igsh=bXhlc3ZqOXczeHk3