US Cash Crisis: Withdrawal Limits Spark Bank Run Fear

US Cash Crisis: Withdrawal Limits Spark bank withdrawal Fear

The entire world has been focused on the economy because the coronavirus outbreak has devastated global markets. While stocks, commodities, and barrels of oil plunge in value, there’s been considerable demand for cold cash in certain countries. consistent with reports, Wall Street’s elite has been trying to withdraw $30-50K per person as they flee the Hamptons. Moreover, various individuals across the U.S. are claiming financial institutions like Chase and Bank of America are restricting cash withdrawal amounts.
US Banks Impose Withdrawal Restrictions as Customers Empty Accounts Demanding cash

Cash are some things everyone looks for during times of economic hardship and immediately banks are struggling to supply liquidity. During Wednesday morning’s trading sessions, global stock markets and futures still lose ground. the worth of oil has plummeted even beyond last week and is at its lowest value per barrel in 17 years. the worth of petroleum is hovering around $43 per barrel and Goldman Sachs predicts the worth will drop to $20 per barrel soon. Oil prices have already begun to harm people within the gas industry as 3,500 Halliburton employees from the North Belt facility in Houston are laid off thanks to the worth decline. While facing massive layoffs in industries like airlines, tourism, and construction, people are in search of cash to assist hold them over through the economic storm.

News.Bitcoin.com reported on how within the Hamptons, New York’s elite are getting to banks and asking to withdraw large sums of money . consistent with reports, banks like Chase, JPMorgan and Bank of America (BoA) are limiting withdrawals. this is often because the rich from ny are posing for $30-50K withdrawals so banks have created a limit between $3-10K in some areas. During the market massacre on March 12, Manhattan Bank temporarily ran low on $100 bills after an outsized rush for cash. A BoA spokesperson told the general public that there have been only issues with large denominations and individuals are ready to withdraw $20-50 notes. “We don’t keep large amounts of money in big bills within the branches because it’s dangerous for our employees and there's low demand,” BoA stated.