Banks Not Stocking enough Cash
By Bernie on 23 Aug 2011
Back in 1980 if I needed $500,000 in cash I could call the Chemical Bank on the corner of Canal & Mott and get the money in less than an hour. Chemical Bank is no longer there - Chase Bank now occupies the space.
Today I sent a security messenger to Citibank to pick up $60,000 in cash and had to settle for $40,000. So I called the manager and asked, "What's up?" I was told if I need so much cash in the future I would have to order it one week in advance.
Seems Citibank is now micromanaging how much cash its branches carry. I had to send the messenger to another branch to get the rest of the cash. This is something new and it's not a good something new.
This could not have come at a worse time. With gold at its highest level ever, vibrating around the $1900 per ounce mark, gold buyers like myself need even more cash to buy the same amount of gold. It's getting harder and harder to do business in this country.
I'm going to have to check with the other banks I do business with to see if this cash-throttling is going on at other financial institutions.
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