Was wondering what the opinions would be if things get bad with this Coronavirus here in the states(we pray it doesn't take off). If things start "shutting down" like during a major hurricane coming to a coastal area, supplies,etc., do you recommend taking most of your cash out from the banks, credit unions, etc. they might bar the doors due to the emergency. Thinking about withdrawing my "cash" out.
This is just a survey opinion.

As someone who lives in hurricane central I would always recommend people keep some cash at home for emergencies. How much depends on you. I usually keep like $1,500 or so in my gun safe year round, just in case. I would not recommend pulling 'all' your money out of the bank. Conditions will eventually stabilize and the banks will reopen (assuming the local branches are still standing).

If you have concerns about any type of disease or disaster, you could consider having a cash reserve. My guess is that things would ramp up in price as availability diminishes. Shortages create panic and that's when the rodeo starts.

Why not build a reserve now of food, cash, guns, ammo, fuel, water, etc. so if/when the "shutting down" occurs, you are covered. Costco sells dehydrated cans of food for a reasonable price. Most mixes with water to create life sustaining meals.

When something like this emerges, there's a strong instinct in the health care community and government to try to stop it by containment. There becomes a point where that becomes impossible. China is probably already there. We're not there yet, but might get to that point.

At some point China is going to have to let it burn it's way throughome it's population until a vaccine is developed. They can only keep large parts of their country on lock down for so long. This disease, while serious, isn't anywhere near a slate wipe like Ebola looked like it could be (90% fatality rate.) Thus mat end up being like the flue, something they try to prevent, treat what they can, and deal with the consequences.

Keep $1000-$2000 cash, in small bills.
Six months of non perishable food, water, and necessary meds.
Can't have too much ammo on hand either.

This is a typical media over reaction. In a week you'll be asking "Corona what?" Unless I'm wrong and it's the start of the Zombie Apocalypse I've been planning for!

quote:

Originally posted by mcrimm:
If you have concerns about any type of disease or disaster, you could consider having a cash reserve. My guess is that things would ramp up in price as availability diminishes. Shortages create panic and that's when the rodeo starts.

Why not build a reserve now of food, cash, guns, ammo, fuel, water, etc. so if/when the "shutting down" occurs, you are covered. Costco sells dehydrated cans of food for a reasonable price. Most mixes with water to create life sustaining meals.

+1
A cash reserve is just one component of being prepared for any number of things which could disrupt the supply of goods/services.

I think there is a greater danger of shortages in US due to Chinese factory closures and shipping disruptions vs outbreak of the virus in US.

What good is cash going to do if everything is shut down and everyone is on mandatory home quarantine?

Better buy your supplies now if you fear a shutdown is coming.

quote:

Originally posted by bigwagon:
This is a typical media over reaction. In a week you'll be asking "Corona what?" Unless I'm wrong and it's the start of the Zombie Apocalypse I've been planning for!

If you want to worry about something check out the numbers for influenza this season in the US.
https://www.cdc.gov/flu/weekly/index.htm

quote:

Originally posted by Krazeehorse:
If you want to worry about something check out the numbers for influenza this season in the US.

Other than the Flu vaccine, the precautions one should take for Wuhan are exactly the same as you would take to avoid the flu. So who cares what name is that people worry about?

Wash hands. Don't touch your face. Wear a mask if sick or if hanging around sick people. Don't hang around sick people. Use hand sanitizer.

100% effective? No.

Buy bourbon and Spam.

Cash on hand is for buying what you forgot to buy enough of.
Like more bourbon and Spam.

I've got the preps. Zombies, don't come close. Don't drink and hate spam.
I just don't want the government shutting down banks where we can't get our money out.

quote:

Originally posted by ds1962:
Don't drink and hate spam.

So? Both last forever and make great trade goods.

quote:

Originally posted by ds1962:
I've got the preps. Zombies, don't come close. Don't drink and hate spam.
I just don't want the government shutting down banks where we can't get our money out.

I have gotten to the point where I use a lot less cash on a day to day basis. Credit cards are just too easy, have rewards, and if you pay in full at the end of the month don’t cost anything. That said, I still carry cash and I keep enough of a cash reserve on hand that I suspect we could get by for 2-3 months if needed. It is just common sense. However, as stated by others, having food and water on hand is probably more important than cash.

quote:

Originally posted by ds1962:

I just don't want the government shutting down banks where we can't get our money out.


do you recommend taking most of your cash out from the banks, credit unions, etc. they might bar the doors due to the emergency. Thinking about withdrawing my "cash" out.

I think you need to relax a little. This is not in the future because of this virus.

For fun though I think you should go and withdraw all your money.


Seriously though having some cash on hand is always good. So if you don't have a couple hundred to a thousand in cash go ahead and take that out. Put it in a safe.

I wouldn't cash out my accounts be any means.

This message has been edited. Last edited by: comet24,

quote:

Originally posted by gpbst3:
What good is cash going to do if everything is shut down and everyone is on mandatory home quarantine?

Better buy your supplies now if you fear a shutdown is coming.

After going through several hurricanes. There is always some place open.....but after hurricanes with phone lines severed, no internet and cell phone data down to 3G if at all, CASH is always king. After a hurricane or natural disaster, nobody wants an I OWE YOU or a check from someone they don't know. I would always recommend people keep a comfortable amount of cash on hand for ANY emergency.

You can pretty much do all of your banking on the internet from depositing checks to paying bills (if you have internet) even if the branches are closed.

Guess its time to reconsider my opinion. I'm actually agreeing with Jimmy. I do waste a bunch of money each month. And those are the months without gun shows. Cash is king. Even for large purchases (not homes or cars). Its even fun at gun shows when some rube (unwashed city feller) sees a gun he wants and tries to pay with plastic.

There is a problem when you have "too much" and the wrong person sees. Then you've got to shootify them. Maybe 20 years ago I even went to American Express Travelers Checks. People who know you will take them, like other gun show vendors. Practically no one refuses crisp new $100 bills. One of the tricks is to make a batch of 10 of them and put a staple in one end. Just like the old girls used to have a staple in her navel in all the magazines.

But in this discussion, you pretty much can't buy a loaf of bread with a hundred. And you can't buy a nice old Winchester with $20s (or $5s) Every one knows but usually doesn't talk about where to keep the stash. Its usually in the gun safe, for those rich enough to have one.

Before Katrina, I was having a discussion with Charlie Sherill. Most here know him as a deputy Sheriff down in lower Mississippi. He was worried about the big blow, and it taking his house. There is an easy outdoor answer. You put your money in a waterproof container. Maybe a tupperware tub you picked off at a yard sale or whatever. Or even a quart Ball jar. Then you store it underground. Seriously, in a grave works OK. The trick is finding the grave after the 2 day 100 mile an hour wind. Its where you need a grave stone. You dig a hole and put the container in it, then place the stone on the hole. Normally, wind won't blow stones on flat lands. Water won't wash them away, either. Or you can figure out another immovable object, like a corner of your foundation. It takes a pretty strong tornado to move them (even slabs). You just go 4' north and then 4' west from there. Yeah, a lot of trouble but not more than having all your money in a stupid bank that isn't open and might not be for a few weeks.

If the government shuts the banks, stores will likely close to.

There's way too much concern over corona. In general, the Chinese have worse medical care, fewer immunizations, a poorer diet, and work MUCH harder than we do physically. Viruses are like other predators in that they find the young, the old, and the weak to take down. Maintain, wash your hands, don't touch your face, and statistics are in your favor.

I'm a little more careful because I'm immune-compromised with diabetes.

And bourbon and spam-hell, I'm always prepared on that front.