Bank of America CEO Brian Moynihan on Monday said the firm is preparing for the U.S. to default on its debt after surpassing its borrowing limit last month.
Lawmakers are locked in talks about whether to lift the debt ceiling, with Republicans insisting on spending cuts before a deal to raise the limit is struck, and economists are warning of financial crisis if a default does occur.
https://thehill.com/policy/finance/3845901-bank-of-america-ceo-preparing-for-us-debt-default/amp/
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My Father in law went to the bank to get some cash out. He’s starting to feel a little worried about the economy after listening to my spouse and I.
Pulled into the drive up window and requested $5,000. They lady at the window told him he needed to come in and meet with the manager. He got the 5th degree. They asked him what he did for living and why he was taking so much out. He’s a big burly type of man who responded with “You didn’t ask me where my money came from when I put it in your bank, and you shouldn’t be asking me where it came from when I’m taking it out. “
In my opinion $5,000 is nothing. A $5,000 withdraw should not have triggered this. This was a Commerce Bank branch.
It's so cute when they do that. Imagine banks telling you and I that we need to see a manager in order to get OUT CASH out. It can all come out at any time, for any reason at all, and without a discussion involving a bank manager's feelings.
Lol. That bank would hate me!
An entire group of bank customers where I bank in Ohio had $483.75 and $500.75 removed from their bank accounts starting this past Saturday. The bank is blaming a skimmer and stating it is a big problem in NE Ohio. Now I am wondering if it is the bank itself.
Bail in enters the chat
Great response by your FIL.
I thought so too! It really shut them up. I mean they’re just people too. Maybe he woke them up a little?
That really should make people think. It's supposed to be "your" money, why does a bank care about how much you're taking out? It's all numbers on a computer, physically represented by worthless pieces of paper. There's basically nothing there. Barter and trade is worth more.
Couldn’t agree more!