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Thread: Pulling money out of savings?

  1. #1

    Pulling money out of savings?

    Starting to think about pulling all my money out of the bank. It just sickens me to think that I have to give notice and sign papers to get my cash. Im going to need to invest in a good safe. Any thoughts? Im I being logical or just paranoid?
    "It takes a revolution, to make a solution. Too much confusion, so much frustration" Bob Marley



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  3. #2
    No, you're not being paranoid. Keeping surplus cash on hand, and outside the banks, is always a good idea. Just don't tell anyone about it, or even let anyone know that you have a safe.

    For the sake of convenience, and to keep your options open, I would keep the account open (don't try to close it), with only the minimum balance required to avoid any fees, and pull the rest. Wells Fargo has a program where you incur no fees so long as you agree to an automatic monthly transfer of $35 from checking to savings. You set that up, and once a month you simply transfer $35 back from savings to checking the day after a transfer takes place. Free account for $35 that bounces back and forth once a month, and no fees involved.

    If you're concerned about anonymity, and still need the convenience of credit cards, you can buy Simon gift cards using cash, and open an account online that allows you to associate any name and address for any card without any ID (as for internet purchases). Those are regular prepaid Visa and AmEx gift cards for up to $500 each (without being counted as financial instruments that require your SSN, firstborn child, etc.,).



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