I just came across an interesting article on MSNBC.com. Apparently with the recent bank failures quite a few people are keeping more cash at home instead of keeping it in the bank. Can’t say I blame them and to be honest, we are keeping a few more dollars in the house as well. It just makes me feel safer to know I have the cash at home to buy what I need for a week or two. I know the money in the bank is save and insured, but I do wonder what happens if quite a few more banks fail, close down and everyone makes a run to cash in their deposits. It could create a serious mess, and slow down our ability to get the money we need out at least for a little while.
As an interesting side not, sales of personal safes / fire safes have gone way up since folks use them to keep their hard earned cash save. The MSN article mentions that this is a way of protecting money that hasn’t been used since the days of the Wild West.
How about you? Are those bank failures, closings and sales making you a bit nervous? Are they causing you to keep more cash around at home?
Tags: keeping cash at home