memes

Sounds like either your bank is a local one struggling on business or its run by really incompetent management who failed to properly stock up the tellers. As them to pull out some 2$ bills next time everyone likes those

It exists to cover bank runs and it is your money. There is nothing wrong with wanting your money in any given moment. That’s just my take though, I’m not a lawyer.

I think it’d basically defeat its preventative purpose though if a story got out that people weren’t covered, even in an engineered bank run. What if you’re not in on the plot? What if it happens tomorrow at your bank? Are you just fucked too? Better withdraw all your money to be safe

I don't think the store takes your money right away? They mark it paid when the transaction starts not when they receive the money.

I have 50k in my hand right now.

It even has a cool picture of Ho Chi Minh on it

You can easily do a same-day wire transfer of this amount. Technically there's no limit on the size of wire transfers. There's probably a point where the bank will start asking questions, but car / mortgage down-payment sized transfers aren't an issue.

But, yeah, I bet cash withdrawals are another ballgame. Not least because the bank probably doesn't actually keep that much cash in typical customer-facing locations.

Is there not a security concern of doing basic checks before handing out cash?

For instance, elderly woman gets a text message telling her the IRS needs $50k cash or they’ll take her house. The bank says they need a few days, she complains that the IRS wants it now…and then they help explain that it’s likely a scam.

Insurance prevents people from hoarding money that they would need in case of a (personal) disaster to rebuild/repair/re-purchase their losses. If you know insurance will cover your house if it ever burns down, you spend the money, which helps the economy.

Some are mandated, like auto insurance. Some are because your relative loss from buying insurance is waaaaaaaay less than your loss from an actual disaster. I for one don't mind paying (and this is an example, lol, like I can afford a home in my area) $200k over 40 years when the cost to rebuild my home after a fire, flood, hurricane, tornado, earthquake, or godzilla would be >$400k.

Health insurance is the real head scratcher. It's almost a guarantee that you'll need it at some point. Pet insurance falls under this as well. A friend was telling me that it was a no brainer unless you're the type to shoot the dog as soon as it gets mildly sick. It's something along the lines of $40 a month, which means you're paying $480 a year, or maybe $4,800-$9,600 over the 10-20 year lifespan of the dog (it's a dog in this example because my fingers like the d more than the c). You know how much a single emergency with a dog can cost? Probably the entire amount you'd pay over a 10 year life span. If it is a longer problem, it balloons even more. And, importantly, right now pet insurance is where health insurance was at years ago, where they didn't scratch out your eyeballs over every payment. It may take that turn here soon, once the industry is more established. That's what my buddy actually wants to do, is review cases for pet insurance companies. I might have to toss him out of the car one day if it gets to the point of our human health insurance.

It is reverse gambling.