Spoke with a manager at a TD bank in New Jersey. She stated the branch had actually ran out of cash. Each customer was withdrawing between $3000-$7000. They had to truck more cash in just to cover the demand.
It appears people are extremely wise to what is coming.
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A Bank of America branch on Park Avenue experienced a run of wealthy customers seeking to stockpile cash on Thursday
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The rush came amid dramatic drops on the stock market, and caused the bank to run out of $100 bills
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The banks says smaller bills were available as normal, and $100 bills were replenished the following day
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The Federal Reserve says it has not seen a dramatic spike in the demand for cash despite the coronavirus crisis
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A Manhattan bank temporarily ran out of $100 bills on Thursday as wealthy customers sought to withdraw large sums of cash as Wall Street suffered its biggest drop in more than 30 years.
Frantic clientele at a Bank of America branch on ritzy Park Avenue requested to retrieve tens of thousands of dollars to stockpile, which accounted for the shortage.
Two people who witnessed the rush told The New York Times that several people withdrew as much as $50,000.
On Thursday, the S&P 500 dropped more than nine percent – the largest percentage drop since the ‘Black Monday’ crash of 1987.
The fall was attributed to the worsening coronavirus crisis, however the markets largely bounced back on Friday after the Trump Administration announced new measures to fight the pandemic.
AC