What if we all took our money out of the banks what would happen tell me please ..

[april]

I am so sick and tired of loosing money ( UBS) so what would be the worst outcome if we all did this?

[april]

1. forgive the type o

[Rage for Order]

2. We'd all start typing in run-on sentences?

:shrug:

[april]

4. yea so ...what would happen

[Systematic Chaos]

6. Yeah, buddy - that helps....

:eyes:

To attempt to answer your question in a more serious manner, I am pretty sure the banks would either close their doors outright or put draconian withdrawal limits in place long before a serious percentage of deposits got away. I doubt such a thing is even legal but I don't think that would stop them.

But assuming we could get all our money out, the entire financial and monetary system as we currently know it would collapse, and take the US Dollar with it. We'd very likely return to a simple barter society.

Anyone think that's way off the mark? Chime in, please.

[april]

14. thank you for reply

[MannyGoldstein]

3. Actually, UBS Is Behaving Since The Swiss Government Took Them Over

For moe info, see my earlier post http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=5301740&mesg_id=5301740

[GoesTo11]

5. If keeping your money in the bank is too risky, you can take it out .

It wouldn't work well if we all took it out, especially at the same time. But go ahead, take out cash and stick it in your mattress if that'll make you feel good. Bury some in cans in your back yard. It's not like 1/10th of a percent of interest they pay is enough to choose banks if you're losing sleep over it.

[metapunditedgy]

7. The banks don't have our money. We couldn't all take it out.

And the gov't would step in long before it got to that.

That said, I don't understand why us common folk don't riot in the streets these days.

[soothsayer]

10. People say fluoride makes you passive. I think that's the real reason they dump it

in the water supply.

[Systematic Chaos]

13. That's one rumor I completely believe.

Especially, since there's no real proof the fluoride does what they say it's supposed to, such as strengthen teeth. *sigh*

[billyoc]

8. That's not possible. There isn't that much currency in the world.

[soothsayer]

9. there'd be a bank holiday. First of all, they just don't have the cash.

They've taken the money that you loaned them (in your deposit) and for some reason are then allowed to pretend they have 9 times that amount of money to lend out to others (at way higher interest than they are paying you for borrowing your money). Then instead of thanking you for being able to use your money like that, they then turn around and punish you for banking with them by socking you fees on checks, ATM usage, etc. etc. It's their really weird way of saying thanks for keeping them in business.

[BlooInBloo]

11. We would all become emo.

[SoCalDem]

12. Probably "most" people don't have all that much IN banks

If you live paycheck to paycheck, "your" bank is little more than a clearinghouse that your money passes through, on its way to your creditors..

If you just cashed your check, you would have cashm but then you'd have to buy money orders or go plae to place, paying in cash..

[DustyJoe]

16. So True

After my Disability benefit goes in, then it's the slow daily electronic march of the balance downward to zero till the first of next month. I don't think I have touched cash in years.

[pipi_k]

19. I avoid touching cash whenever I can, actually...

because they don't call it "filthy lucre" for nothing.


My incidents of colds and other sickness have dropped way down since giving up handling cash.

Especially after the cashier person coughs or sneezes into his/her hand, then reaches into the register for your change and hands you about a fazillion unknown germs.

Or perhaps they've used the restroom within the past hour and there wasn't any water or soap and they didn't wash their hands, and they're giving you money that's covered with fecal bacteria.

It's all just too gross to think about for very long.

[csziggy]

15. This

http://www.youtube.com/watch?v=MJJN9qwhkkE

[Individualist]

17. Can't be done.

The banks don't have all the money that everyone has deposited. See post #9.

[mudesi]

18. The Banks Would Fail

There is more money in the system than there is currency. That's how it works.

[liberalhistorian]

20. It's basic and simple. The rest of the banks would collapse

like nothing we've seen so far, the FDIC wouldn't have near enough capital to cover all the losses, pensions, retirements and other accounts would lose almost everything and too many of us would end up in tents. If you think you're losing money now, what in the sam hell makes you think you'd save anything or lose any less if all the banks collapsed because everyone's taking all of their assets out?