Do I Stash My Money Under the Mattress

[leon]

Hi Guys, just out of interest in this current crisis situation is my money safer in the Bank or under my mattress, so to speak. :question:

I don't have that much, but have some cash and accessible funds in the bank, on which i can draw on when ever i wish.

Do I need to take it all out and have it as cash, or is it safe where it is.:shrug:

Leon :thumbsup:

[Startrek]

Leon
Don’t t be in a hurry to pull your money out of the bank yet
I’d recommend to leave it there for the moment , it’s safer there than having cash lying around the house or buried in a hole
Quick story , 35 years ago my uncle passed away and left a note in his will which read “ $7,000 cash buried in a plywood box under house near side trap door”
So my relatives found the box 2 foot underground after some frantic digging around
In the half rotted box was the $7000 cash rolled in about 15 old rusty benson and hedges tin cigarette flip trays
When opened the notes had rotted and perished beyond recognition due to moisture , mould and lots of insects , ants you name it
My Uncle hated banks !!
Unfortunately $7000 down the gurgler ( and that’s $7K back in the early 80’s )
Moral to the story “Don’t bury your money or it will bite everyone in the bum later”
Cheers
Martin

[Merlin66]

Leon,
We're self funded retiree's and have seen the "investment box" plummet in value...
I believe the Banks are still a safe (but terrible interest rates!) option.
A dollar in the bank is still a dollar......

[leon]

Wow Martin, that is a sad story and an expensive one. we will see how this all pans out I suppose.
Ken, I know what you are saying but a dollar under the mattress is also a dollar in the hand, so to speak.

Leon

[glend]

Martin, today's plastic money is pretty much safe in the conditions you site. I think we have all seen enough movies to know that you put the cash in zip lock bags as well.
On the banks, retail baking deposits are actually protected by the federal government, up to an obsence limit. So the big banks are a safe place to keep your money, But if Centrelink is paying you any sort of part pension, they will have all the details available to them, as well as your Super accounts.
One big downside of cash, in represent environment, is that the Corona Virus can live for awhile on cash, hence the various mandates for using tap and go eftpos. However, if you do have a stack of our plastic money it is pretty easy to wash it clean. A new slant on money laundering, you can wash plastic money in the kitchen sink, with any anti-bacterial dish soap, and it should be fine. I can hear you all laughing but it works and does not harm the cash, use a soft sponge, not any scouring pad of course. But for God's sake don't use the dishwasher, or put them in the dryer! Blotting with paper towels works, or even hanging them up by clothes pegs on an indoor drying rack. Just don't try it with old paper money.;)

[FlashDrive]

I'll solve that problem for you Leon .... give it to me ... !! :D

Col...

[leon]

Yea Col , I figured you would come up with the perfect answer, let me think on that one. LOL

Thanks Leon

[FlashDrive]

You'd better hurry up .... I might fall of the perch soon.

Why do Husbands die before their Wives do ... ??
Because they want to :rofl::rofl:

Col...

[Nikolas]

I'll take what Col will leave

[leon]

love it Col, do I address the cheque to you or the missus.

Leon

[FlashDrive]

I heard your cheque book ' bouncers ' :lol:

[leon]

Actually Col I don't have a cheque book at all. LOL

Leon

[Bobbyoutback]

Hi Leon ,
I'd like to comment but don't wish to have your thread shut down like my recent (....) was .

I invite you to PM me if you wish .

Regards
Bobby .

[RB]

Bobby's right Leon.
IIS is not the right place to seek financial advice.
Best to converse in private.

:thumbsup:

[gary]

If you share your address, we could all prove to you it is much safer to keep your money in the bank.

[RB]

This is Gary, "going to the mattresses"....

:lol:

[RB]

Careful Leon, you could wake up in the morning and find a B33 in your bed....

:D

[xelasnave]

Leon whatever choice you make it will be the wrong one, that's the rule and it don't get better than that.

Maybe take out a little more than usual but for convenience sake... a couple of grand laying around is handy... and with out putting too fine a point on things... you won't be worried about it in forty years so don't worry now.

Look it boils down to this..things are a worry and maybe banks go belly up ..now if that happens do you want to be holding cash or baked beans cause that will bring the zombies to your door.

Mate trust me, those in control won't let it happen, if it does...well get up to my place as fast as you can and bring any guns you can lay your hands on.
Alex

[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

[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.

[glend]

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

[Bobbyoutback]

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

Google bail in law - Australia

[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.

[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]

https://www.abc.net.au/news/2020-04-01/is-your-money-safe-in-australian-banks/12106488


Worth reading!

[glend]

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

[barx1963]

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]

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]

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

[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]

Thanks for tha link Glen. Very helpful.

Peter

[pmrid]

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]

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

[Bobbyoutback]

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.