A post on Bitcoin Money blog (@BitcoinMoney) describes how the impact of RBS’s bank systems left its customers in a situation they were not prepared for. The post takes the opportunity to highlight some topics regarding the preparation for the contingency that the banks and others no longer can serve as we might assume they will. Excerpts:
“‘How do you know that this is just a computer glitch and not something more serious, like, for example, the bank being actually bust?’ writes Karl Denninger.”
"If your bank had a problem where suddenly no ATM debit card transactions were possible (or worse), how much of an impact would that have on you and your family?"
'Regardless of your bank’s solvency, they simply do not and cannot prepare for a surge in the amount of cash withdrawals.”
"We share the idiosyncratic belief that once we start to smell smoke that somehow we will be the lucky ones who can make it out the exit a step ahead before the crowd that might trample us. We can envision the steps for how we would proceed in such a scenario but we have never really practiced the methods to have even a clue if the steps might actually succeed."
"Does your bank serve requests for larger cash withdrawals or will they take the opportunity to educate you on some policy that they have instituted where even a $2,500 USD withdrawal request will not be honored in full?"
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