US Banks Stuffing ATMs With 20-30% More Cash In Case Of Panicked Withdrawals
by Tyler Durden
Even as the fearmongering over the debt ceiling hits proportions not seen since 2011 (when however it was the 20% drop in the market that catalyzed a resolution in the final minutes – a scenario likely to be repeated again), some banks are taking things more seriously, and being well-aware that when it comes to banks, any initial panic merely perpetuates more panic, have taken some radical steps. The FT reports that “two of the country’s 10 biggest banks said they were putting into place a “playbook” used in August 2011 when the government last came close to breaching the debt ceiling. One senior executive said his bank was delivering 20-30 per cent more cash than usual in case panicked customers tried to withdraw funds en masse. Banks are also holding daily emergency meetings to discuss other steps, including possible free overdrafts for customers reliant on social security payments from the government.