Door Locked until further notice First Bank and now Credit Union

[rekees4300]

Maybe I should start a thread asking how many in 2020 have a Landline?

I do. Works okay until it rains then no dial tone until Frontier fixes it (which takes a week). :mur:

 

[grsthegreat]

Our idaho banks have drive thru and atms working. No lobby access unless you make prior appointments. But only for a few weeks. That’s what your emergency cash is for.

 

[ultrarunner]

Just trying to keep the property management afloat and get money to owners with it being the first of the month and all... several tenants that send or drop off cashier's checks or need to cash their paychecks have not been able to do so.

One asked if I could cash their check which would go mostly to rent.

Keep some cash on hand but mostly $50's...

I do think about the guy needing to access his safe deposit box with no idea with the bank saying they have no idea when the branch would reopen... he said he hopes he is still alive.

I did some reading tonight and it seems the Federal Reserve wants to avoid panic at all cost... and having a drive through open or open by appointment would address that... but simply closing your doors until further is what happened in the Great Depression.

 

[ultrarunner]

When the Shelter in Place started there was panic buying of Groceries, Medicine, Marijuana, Paper Products, Firearms and long lines at the Banks...

The powers that be repeatedly reassured the public Shelter in Place is only temporary at two weeks and essential services would remain open along with a daily countdown calendar followed by statements there is no need for the general public to mask and we should support local eateries by ordering food to go... and many things were deemed essential.

Now that we are past the countdown much has changed...

Bay Area Gun Dealers are suing for being forced to close, Marijuana Dispensaries closed to recreational users, Banks have indeed closed their doors, the supply of paper products has never caught up to demand... many prescription meds back ordered... and now saying masking in public required/encouraged.

One thing predicted that has not happened is after the initial topping off of fuel tanks there has been a significant drop in demand and prices.

 

[California]

... simply closing your doors until further is what happened in the Great Depression.

Lots of problems right now. But every bank failure in modern times has resulted in some behind-the-scene bailout magic, as the failed bank is merged into a larger bank. From the public's perspective they see 'their' bank reopen in a couple of days. Then later the sign over the door gets changed to the takeover bank's logo. FDIC stands behind the amounts FDIC insured, I don't know what happens to the overage but I doubt every penny is lost.

I don't think what you are seeing seeing goes beyond short term inconvenience (and it sounds like you have encountered massive inconvenience!) The banking system isn't failing.

 

[ultrarunner]

It is just hitting on so many fronts... and it is not that I am worried about the roof over my head but thr roof over the renters in the properties I manage and the mom and pop companies I do business with.

The overall uncertainty and the extra work, effort etc... at a time when my main concern is keeping mom safe...

As for investments... that is another story and I don't mean the stock market... hospitality is right there at top of those being pummeled the hardest... and it something I really don't understand in real terms as I seldom ever stay in hotels/resorts and I see the sector as highly discretionary...

When we transitioned from commercial and institutional to hospitality I said so what if there is a nationwide bedbug outbreak and no one stays in hotels... didn't go over well but we are in it together with several large expansion projects full steam ahead... the fallout short term has been hard... 2/3 of the hospitality workforce furloughed, anyone making over 35k will have wages cut 50% for anything over 35k and those salaried immediate 50% reduction... can't run hotels 95% vacant

On the same front I have tenants ready and willing to pay rent but can't because of banking and banking was not even on my radar.

Just talked to a friend who immediately applied for unemployment... they were cutting back and he said he had lots of projects t home and with his company blessing asked to be furloughed… he had been full time plus OT... for years so plenty of work history... just so many times installers can sweep the warehouse floor according to him and the kids need a job more than he does.

He isn't even touching his vacation pay right now...

lot

 

[Wagtail]

Maybe I should start a thread asking how many in 2020 have a Landline?

Which I've responded to.

But, yes, I've still got my landline because it is the most dependable for computer connection & speed (ADSL). I haven't bothered activating the WiFi capability of my 'box'. And, the corresponding landline phone number utilises an answering 'machine' that still receives calls or screens them. Mobile coverage isn't the best, living rural... I need to go to a certain area of my house, or go outside, to make/receive a call or text.

I do all of my banking online. My bank's local branch shut down a few years ago, leaving just a walk-up ATM. I can easily get (no fee) cash-out from my account (NOT the credit card) at the grocery store, the Bank's ATM and the Post Office. I can also deposit into my account at the Post Office.

 

[RickB]

All true but technology isn't a panacea... just look at all the trouble Dragoneggs is having with his computerized gas furnace... my key in floor furnace has never failed... light match, open valve, warmth.

A couple of thoughts

Drive through would be fine... not a problem... in fact I was surprised that most banks had them in Washington State and with nice canopies... you know it rains a lot. Just have not seen one here in forever...

Maybe I am dated... but the reason I avoided ATM/Debit Cards is there is no limit on liability for fraud as there is the $50 for Credit Cards plus I can contest Credit Card Charges and not pay that portion under dispute.

Lots of people around here are in the Gig economy... they don't have checks, credit/debit cards and they don't have ATM... they use Zelle, Venmo, PayPal and think nothing of paying a convenience fee...

More than a few times a cancelled check has saved my butt... I paid an insurance premium and then there was a loss... the claim denied as their was no policy... funny thing... producing a cancelled check change all that.

I still have tenants that pay in cash... especially the students that are renting one house... there are 4... cash or money order... none have checking accounts and I am not going to track 4 separate payments... that said they are very good and the neighborhood was rough for a very long time... but the rental is clean and well kept and a bargain by Bay Area standards.

Not arguing... maybe it is time for me to be put out to pasture... more tractor time anyway and time to polish up some of the antique cars as the world continues on...

Wait a minute my favorite tractors are 50 to 60 years old too!



I

Your perception of fraud liability for debit cards is largely incorrect and outdated. Sorry for your banking troubles, does the bank have a website that provides any information? Does your State have any banking oversight?

 

[lman]

It looks like I'm going to have to figure out how electronically deposit a check. That was the only reason we stopped at the bank.

 

[RickB]

It looks like I'm going to have to figure out how electronically deposit a check. That was the only reason we stopped at the bank.

My bank has an app that includes mobile deposits. It works flawlessly and it is a VERY handy feature.