ALERT: Possible Bank Run, Need InfoSubmitted by Tumn1s on Thu, 05/03/2012 - 14:42
OK so I don't want to cause a panic but I have to tell everyone about an experience I just had at Bank of America. I just went into my local branch to deposit a check and get some cash back. When processing the transaction the teller (who happened to be a bank manager) asks what size bills I'd prefer. I tell her large bills and she asks if it's alright if she gives me a bunch of $20'S instead, because the bank is very low on large bills.
I half jokingly say sure and ask if there's been a bank run or something. The lady looks me dead in the eyes and says "Not yet, but there will be". I double take and say "What!?". She then says "Yeah, I don't know when it's going to happen but it'll be soon". I then say, "What do you mean?". She says, "Trust me... have a nice day". She did not seem mentally unstable or nutty in any way. She wasn't joking and was being very hush hush about the whole thing. Why would a person who works for a bank even talk about a bank run? That's like someone who works for the fire department telling you that your house is about to burn down.
To top it off, I get back to my desk and see this headline on drudge:
"Americans flee banks for home safes..." (http://www.smartmoney.com/plan/banking/more-americans-keepin...)
I thought about it some more and I realize that the FDIC insures deposits... so it's not like we have to worry about our money "not being there" in one sense. Then it hit me, rapid currency devaluation would trigger a bank run because people would want to get their money out and convert it into hard commodities before it lost it's value.
Does anyone have more info on this? This has got me pretty rattled.