tag:blogger.com,1999:blog-7139169.post2099348603766778852..comments2023-11-02T07:25:45.884-05:00Comments on Mormanity - a blog for those interested in The Church of Jesus Christ of Latter-day Saints: Emergency Preparedness Tip, Courtesy of Wells Fargo: Dont Trust Your BankJeff Lindsayhttp://www.blogger.com/profile/08776493593387402607noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-7139169.post-75878949714959090872016-09-21T21:03:27.955-05:002016-09-21T21:03:27.955-05:00That makes sense. Thanks!That makes sense. Thanks!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7139169.post-21878943164836611802016-09-21T09:08:23.120-05:002016-09-21T09:08:23.120-05:00How much you have in the bank is not the way to de...How much you have in the bank is not the way to determine how much cash you should have. Look at what it takes to live for a month if you had no credit card or ATM card. Double that. Have at least that much, if you can. That's my suggestion. More might be better, but too much cash also becomes a risk due to theft, etc. Spread your risk around, diversify, and don't trust your bank or your account to be accessible or even to be there at all when you really, really need it. Jeff Lindsayhttps://www.blogger.com/profile/08776493593387402607noreply@blogger.comtag:blogger.com,1999:blog-7139169.post-54685670384954801462016-09-20T11:20:13.478-05:002016-09-20T11:20:13.478-05:00After being ripped off by Bank of America waaaay b...After being ripped off by Bank of America waaaay back in my youth, I swore off banks for my financial affairs. For the last 30+ years I've kept my families money in credit unions. In fact, my current credit union here in Las Vegas has as its motto "The bank that YOU own". I've had very few problems with them and the couple of times I did, one call into their local customer service fixed the problem pronto. We get a nice dividend every year, the amount varies, but its happened every year for the last<br />20 years we've been a member. Frankly I'm not the least bit surprised about the Wells Fargo revelation...<br />daveinlvhttps://www.blogger.com/profile/14261986120265294374noreply@blogger.comtag:blogger.com,1999:blog-7139169.post-91412007871919679002016-09-20T09:29:50.166-05:002016-09-20T09:29:50.166-05:00I'm interested to know your thoughts regarding...I'm interested to know your thoughts regarding dollar amount or percentage of net worth. If I have $100,000 in the bank, should I have $1000 in cash? $10,000? What do you think?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7139169.post-47141201882014742472016-09-20T08:33:44.126-05:002016-09-20T08:33:44.126-05:00Just like the dollar was always backed by gold? P...Just like the dollar was always backed by gold? Paper money is on its way out. I don't know why a physical representation of value is more secure than an electronic one?<br /><br />I lived in Brazil in the mid 90s in the aftermath of their change of currency to the Real. Bank accounts were frozen and paper money became worthless overnight. Having a stockpile of cash in that instance would not have done much good. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7139169.post-30028567586213021982016-09-20T06:45:08.432-05:002016-09-20T06:45:08.432-05:00Paper money will be the default and will have valu...Paper money will be the default and will have value, some value for years to come, and will be infinitely more valuable that digits alone once the ATMs run dry. Food storage is vital. I think some silver and gold coins are wise as well, along with other things having tangible value. Jeff Lindsayhttps://www.blogger.com/profile/08776493593387402607noreply@blogger.comtag:blogger.com,1999:blog-7139169.post-45706309055919648692016-09-20T00:25:30.692-05:002016-09-20T00:25:30.692-05:00Wells Fargo collected thousands in fees from me in...Wells Fargo collected thousands in fees from me in the past before I finally woke up and moved my money to a local credit union (several years ago). They have been robbing their customers blind for years--it's just now that they've done something blatant enough and illegal enough to be caught. <br /><br />As for cash reserves, the picture you paint above seems to show that it would be unwise to invest your value in cash. If the American dollar and banking system becomes as undermined as you describe, I'm not so sure a piece of paper will still hold much value. Anonymousnoreply@blogger.com