Do I Stash My Money Under the Mattress

[glend (Glen)]

Originally Posted by alan meehan

Hey Leon they say cash is king do not believe it I went into officeworks yesterday to buy a new chair for my computer desk took in cash to buy it and they refused to take cash card only they would not handle cash

Because cash can carry Corona Virus on it. Many businesses are taking eftpos or tap and go only, on recommendation of the government.

[Bobbyoutback]

Originally Posted by glend

Once again folks:

The Australian Government has guaranteed deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as your bank, building society or credit union. This means that this money is guaranteed if anything happens to the ADI. The cap applies per person and per ADI.

So if your bank collapses, the federal government underwriters your deposit.

That was never ratified , a BS Myth , could never happen as unaffordable
Bail in law can happen .

Google bail in law - Australia

[glend (Glen)]

Originally Posted by Bobbyoutback

That was never ratified , a BS Myth , could never happen as unaffordable
Bail in law can happen .

Google bail in law - Australia

Australia has a very well regulated banking sector, and anyone interested in the facts can read what the Australian Prudential Regulatory Authority has to say about the subject:

https://www.apra.gov.au/financial-claims-scheme-0

Let's not stir up fringe element hysteria.

[leon]

Thanks Andrew, I actually wasn't aware of that, I have however received the response i was seeking, to make a fair judgement.

Leon

[Merlin66 (Ken)]

https://www.abc.net.au/news/2020-04-...banks/12106488


Worth reading!

[glend (Glen)]

Originally Posted by Merlin66

https://www.abc.net.au/news/2020-04-...banks/12106488


Worth reading!

Yep Ken, a timely article in today's news.

[barx1963 (Malcolm)]

Worked in a bank for 20 years from 1981 to 2000. Even in the late 80s we would fairly regularly get pre decimal currency brought in to change to dollars! In 88, I had a customer turn up with a cake tin which had been found part buried in a chook shed of a deceased relative. Opened up and it contained about 15000 pounds and from what we worked out, most of it dated to the 40s!!

[lazjen (Chris)]

Also, remember if you get all that physical cash stuff from the bank, the bank staff can help infect it with covid-19 and hand it off to you.

[JohnF (John)]

Oh leave it under the Mattress and tell us your address and when you go out.

[GrahamL]

A friend bought an ex federal police troop carrier and drove it around for 10 years before cleaning it out to sell it pulling off one of the internal panels he found $1500 stuffed in there .


My wifes uncle bought a ford whippett at a govt auction (50s) the owner had died and had no family he used to rent GIs cars in brisbane during the war and this was his personal car , under the back seat was the equivelant of 800k todays money , the govt who sold him the car of course had a melt down and wanted to take the the lot , he got to keep most all of it bought a farm near toowwoomba and still lives there to this day .


I think you should put the cash in your car Leon nothing will probably go wrong and if it does somone will always end up happy .

[leon]

Hmmm, very interesting suggestions here, I might just sleep on my mattress while it is under it.

leon

[xelasnave]

Get $2 dollar coins they wont rot.
Alex

[pmrid (Peter)]

Originally Posted by glend

Australia has a very well regulated banking sector, and anyone interested in the facts can read what the Australian Prudential Regulatory Authority has to say about the subject:

https://www.apra.gov.au/financial-claims-scheme-0

Let's not stir up fringe element hysteria.

Thanks for tha link Glen. Very helpful.

Peter

[pmrid (Peter)]

Originally Posted by glend

Yep Ken, a timely article in today's news.

Can anyone tell me what the rule is with joint accounts with that Federal Guarantee? Say I have $250 K in a joint a/c with my wife - is that the limit of the Federal Guarantee? Or does it apply per person rather than per account - so that a balance of say $500K in joint names would still be covered?

I've grown cynical about banks and the small print so when they say the guarantee is per customer, I am ot entirely sure whether that means single or joint.

Peter

[blindman]

Originally Posted by glend

Once again folks:

The Australian Government has guaranteed deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as your bank, building society or credit union. This means that this money is guaranteed if anything happens to the ADI. The cap applies per person and per ADI.

So if your bank collapses, the federal government underwriters your deposit.

Maybe you should see video of Adam Smith - In the Interests of the People is the name of channel on Utube.
Regards

[Bobbyoutback]

Originally Posted by blindman

Maybe you should see video of Adam Smith - In the Interests of the People is the name of channel on Utube.
Regards

Well said : not only was that so called $250,000 was never ratified but the Rudd govt back then said 20 billion was put away to cover it !

What a crock of BS ' as Aussie savers had over 300 Billion parked in banks at the time .

If you have money in any bank and think it's your money ' your delusional , read the fine print after Feb 2018 Bail in laws passed !

Sorry to be so blunt . just trying to save you getting ripped off .

Bobby.