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Originally Posted by senior citizen
This may not be the wise path to follow.........but we know a lot of people with similiar and higher amounts who tucked it away as cash in safety deposit boxes or safes. Other monies were kept in various money market accounts and checking accounts. This practice may be more widespread than people are aware of.
Cash is King ultimately.
At the time, the fear was of the banks failing. The dilemma in this choice is "What does one do with all the cash" when it is time to relocate to TV? Airlines xray your carry on bags. If you drive through the wrong state and get pulled over, large amounts of cash may be confiscated as drug money. Does anyone have an experience with this?
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I do not think that people who had their money in federal insured banks lost a dime, so long as each account was under the insurance limit. Many accounts, many banks if it makes you feel better, but under your mattress, earning no income, your kidding right.
Withdraw huge amounts in cash from any bank, and you will end up on a federal watch list for sure. As I understand it cash deposited or withdrawn over ten thousand is reported to the watchdogs. We won't need our security clearance in retirement but I wouldn't want to end up on a watch list.
