You were never able to do what you want with your money after you've given custody to a bank. For example, try taking it back...
[1] ("Global systemically important banks")
[2] https://web3isgoinggreat.com/charts/top ("$69,522,310,172 has been lost to hacks, scams, fraud, and other disasters since January 1, 2021.")
[3] https://fortune.com/2023/03/12/all-silicon-valley-bank-depos... ("‘Systemic risk exception’ invoked to fully protect all Silicon Valley Bank depositors, Fed rolls out new backstop for banking sector")
Cash isn't really a thing here anymore due to the government's extreme incompetence at guaranteeing our safety.
I just didn't insist on cash.
Yes, but…
Just Google “large withdrawal problem”
Or just read this: https://www.theguardian.com/money/2015/sep/12/big-cash-withd...
It depends who you are and where you are, but there’s no doubt that bank customers often have sudden, expensive, unexplained hold-ups in their attempts to withdraw. Sometimes, even for tiny amounts of very low 4 figures even. It can be terribly inconvenient.
It’s annoying, but you can ameliorate withdrawal bank hitches by advising the bank in advance of your plans. But if you don’t confirm it first, then do not expect to roll up at your bank and be handed $10,000 without hassle. Especially if you didn’t do it before.
This is NOT usually an issue of banks being frightened of a bank run, like some folks are guessing here.
It mostly is the bank’s low-level staff concern that a scam is in progress, that you are an idiot being cheated, and their fear that the bank will be liable and have to pay for your loss.
The amount of those people that want to take all of their cash out - and not pop it in another bank (which includes buying something, assets, equities, etc) - is probably close to 0.
This is a non-issue for almost everyone.
Very true. It’s almost always a non-issue (and could probably be ameliorated if you’re prepared in advance).
But, I’ll guarantee you, that one time in your life when you suddenly NEED $25,000 for emergency medical costs, or to close a critical business deal, or to pay for your wedding, or a parent’s funeral, or to help out friend or family in dire trouble?
Then, that one time, it is the biggest issue of your life. If a polite and cautious bureaucrat blocks it, then you will be angry about it forever.
And that one time is enough for one life.
You will not understand this until it happens to you.
None of these are issues for anyone with that kind of money.
There's a thing called credit - which if you have that kind of cash - you have that kind of credit.
Sorry. But you speak from a position of privilege of which you are unaware, and you clearly have no idea about how this stuff sometimes works in the real world.
I apologize for being very rude. But you have never experienced this and you are wrong. I hope you never have this misfortune to learn this from personal experience.
I apologize for my impolite manner here.