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IPFS News Link • Central Banks/Banking

"It's A Frenzy": The Rich Are Making A Run On The Banks In The Hamptons

• Zero Hedge - Tyler Durden

As the ultra rich Snake Plisken out of the soon-to-be quarantined Manhattan - where at least one bank has are already run out of $100 bills - to fortify themselves against the viral zombie peasant hordes in their impregnable castles in the Hamptons, one thing they're looking to hoard is cash, which has caused some substantial pressure on financial institutions in the area, according to Bloomberg. At least one New Yorker had his $30,000 cash withdrawal request denied at a Chase bank after being told the limit was $10,000. Meanwhile, bank employees said they were waiting on a "shipment of cash" to fulfill other requests that have been made exceeding the $10,000 amount.

Other branches in the area were unable to help in fulfilling the request, with the East Hampton branch reportedly telling the Southampton branch that it had "two massive withdrawal orders" of its own that it was trying to deal with. Of course, this being the same Hamptons where back in 2011 an infamous ATM withdrawal receipt showed a $99.8 million balance, this is hardly surprising.

JP Morgan maintains that there is plenty of cash available and that ATMs remain "well funded". The bank also said that sometimes money is not allowed to be taken out in large amounts due to "security" purposes. Bank of America faced similar demands. A branch in Midtown briefly ran out of $100 bills to meet large withdrawals, including some for as much as $50,000 last week. The ATMs did not run out of cash, the NY Times reported.


www.universityofreason.com/a/29887/KWADzukm