Physical Shortage of Money Now

[Bitumen]

Seen it all now. Pull up to the bank machine yesterday only to be greeted by this.

The country is gone to hell.

[reddeerguy2015]

Covid getting to ya, huh ??

[Bitumen]

Originally Posted by reddeerguy2015

Covid getting to ya, huh ??

No, but you are.

[omega50]

Did not know that physical money was still a thang since Covid began

[Sundancefisher]

Lots of twenties...just a shortage of $50’s...which people don’t like...so not as many to begin with.

Also maybe they are cleaning money in circulation. They could evaporate the cleaning water and sell some coke on the side.

[32-40win]

Seen a a lot of stuff lately about the cashless society and its perils, this one is from the Bank of Canada;

https://www.bankofcanada.ca/wp-conte.../san2020-7.pdf

[morinj]

I heard from a gal that works at my bank branch that people are withdrawing large amounts of cash, she didn’t say why, and I said it was due to mistrust in the banking system she pretty much agreed! This could very well have something to do with it, also during the covid lock down, there was limits as to how much the banks would let you withdrawal, regardless of what your daily limit was!

[Dewey Cox]

I've got a couple fifties.
I'm willing to trade them for 3 twenties a piece.
Just to help out.

[daveyn]

Originally Posted by morinj

I heard from a gal that works at my bank branch that people are withdrawing large amounts of cash, she didn’t say why, and I said it was due to mistrust in the banking system she pretty much agreed! This could very well have something to do with it, also during the covid lock down, there was limits as to how much the banks would let you withdrawal, regardless of what your daily limit was!

So which one was it,people withdrawing large amounts of cash or banks limiting how much you could withdraw? Can't be both.
Truth is people were withdrawing large amounts of cash but people were also buying large amounts of toilet paper and sanitary wipes, lets connect the dots people, the black market doesn't take debit. (laugh here) Fear makes people behave irrationally.(serious comment)

Banks did not limit the amount of cash you could withdraw, but you can't walk up to a teller and ask for $50,000 in cash and expect them to count it out in $50's at the wicket. Call ahead, tell them you are coming in, they'll pull the cash for you and arrange for you to sit in a room and count it with them. Not going to hand it to you with a bunch of people standing in the teller line watching you stuff bills in your jeans. Jeesh...
Also anybody taking that amount in cash would not be taking it in $50's, that would not be the reason for a shortage. If you believe the country has gone to hell because you can't get a $50 dollar bill out of an ATM well I'm really not sure what to think about that.

[morinj]

Originally Posted by daveyn

So which one was it,people withdrawing large amounts of cash or banks limiting how much you could withdraw? Can't be both.
Truth is people were withdrawing large amounts of cash but people were also buying large amounts of toilet paper and sanitary wipes, lets connect the dots people, the black market doesn't take debit. (laugh here) Fear makes people behave irrationally.(serious comment)

Banks did not limit the amount of cash you could withdraw, but you can't walk up to a teller and ask for $50,000 in cash and expect them to count it out in $50's at the wicket. Call ahead, tell them you are coming in, they'll pull the cash for you and arrange for you to sit in a room and count it with them. Not going to hand it to you with a bunch of people standing in the teller line watching you stuff bills in your jeans. Jeesh...
Also anybody taking that amount in cash would not be taking it in $50's, that would not be the reason for a shortage. If you believe the country has gone to hell because you can't get a $50 dollar bill out of an ATM well I'm really not sure what to think about that.

Well what is it then? You seem to have it covered, and if you check your facts, the banks were limiting the amount of cash you were able to withdrawal (threw the bank machines, as stated threw the threads subject matter), I never claimed to know what’s going on, but you seem to have it covered so Enlighten all of us, and I never said the world has gone to hell! Jeeze lol! So would you say it’s fair to say that your comment about people withdrawing large amounts of cash threw the bank branch’s, may actually have effect on the inability to withdrawal a large bill from the bank machine?

[270person]

Originally Posted by Bitumen

Seen it all now. Pull up to the bank machine yesterday only to be greeted by this.

The country is gone to hell.

They got some new fangled options called two twenties and a 10 or debit cards. Amazing stuff.

First world problem. Yours must be pretty small if its gone to hell.

[morinj]

I wonder if this has anything to do with it!?!
https://www.bankofcanada.ca/banknote...er-bank-notes/
Probably not but very interesting!

[Reeves1]

I was born with nothing , and still have most of it.

So , no worries for me

[Pathfinder76]

Originally Posted by morinj

I wonder if this has anything to do with it!?!
https://www.bankofcanada.ca/banknote...er-bank-notes/
Probably not but very interesting!

It has absolutely nothing to do with it.

[daveyn]

Originally Posted by morinj

Well what is it then? You seem to have it covered, and if you check your facts, the banks were limiting the amount of cash you were able to withdrawal (threw the bank machines, as stated threw the threads subject matter), I never claimed to know what’s going on, but you seem to have it covered so Enlighten all of us, and I never said the world has gone to hell! Jeeze lol! So would you say it’s fair to say that your comment about people withdrawing large amounts of cash threw the bank branch’s, may actually have effect on the inability to withdrawal a large bill from the bank machine?

No you never said the world has gone to hell, but the op said the country had. And no, people withdrawing large amounts of cash has no impact on the inability to withdraw a $50 from an ATM. You don't get an envelope of $50's if your taking out thousands of dollars. People have been withdrawing large amounts of cash, thats a fact. Mostly older people and an immigrant group who are acting out of fear. But they aren't withdrawing it in $50 bills and there is no limit on what you can withdraw in cash outside of what your card agreement states about prior notice because the bank branch actually doesn't have a lot of cash on hand, they would have to order it in if you wanted a huge cash withdrawal.
Now early stages in the pandemic Bank's were limiting withdrawals not because of a lack of available cash, but because the ATM was getting cleaned out, you have to load cash into those things and they will run out, but not because there is no more cash available. Its like a gumball machine, there are plenty of gumballs, but if somebody takes all the gumballs and the gumball man doesn't come back until Thursday then nobody else gets a gumball so we have to limit gumballs to 2 a day per person to make sure everybody gets at least some gumballs.

[sewerrat]

The main reason of the money shortage is because our fine Prime Minister is giving all away to his favorite organizations like WE .

[morinj]

Originally Posted by daveyn

No you never said the world has gone to hell, but the op said the country had. And no, people withdrawing large amounts of cash has no impact on the inability to withdraw a $50 from an ATM. You don't get an envelope of $50's if your taking out thousands of dollars. People have been withdrawing large amounts of cash, thats a fact. Mostly older people and an immigrant group who are acting out of fear. But they aren't withdrawing it in $50 bills and there is no limit on what you can withdraw in cash outside of what your card agreement states about prior notice because the bank branch actually doesn't have a lot of cash on hand, they would have to order it in if you wanted a huge cash withdrawal.
Now early stages in the pandemic Bank's were limiting withdrawals not because of a lack of available cash, but because the ATM was getting cleaned out, you have to load cash into those things and they will run out, but not because there is no more cash available. Its like a gumball machine, there are plenty of gumballs, but if somebody takes all the gumballs and the gumball man doesn't come back until Thursday then nobody else gets a gumball so we have to limit gumballs to 2 a day per person to make sure everybody gets at least some gumballs.

Okay, I can dig that as a answer! I guess what your saying is that there is a shortage of fifties because people keep taking them and the persons responsible for replacing them aren’t returning them quick enough, but not being able to acquire any untill late September that’s nuts, and I would believe folks would be right by saying it’s because every Tom, Dick, Sue, and Harry are receiving government cheese ($$$) from Trudeau, spiking the withdraws of cash!

[morinj]

Originally Posted by chuck

It has absolutely nothing to do with it.

Your right highly unlikely unless they were destroying the notes to print new ones that don’t contain the words Legal Tender, again highly unlikely seeing as the government doesn’t even need to remove the words, to remove the status (legal tender)!

[Pathfinder76]

Legal Tender makes it available for commerce. To get them out of circulation making them only negotiable at your bank accomplishes that.

[waldedw]

If your really in a bind for $50's then I'll trade you 3 x $50's for 2 x $100's just to help you out, that's just the kind of nice guy I am

[nelsonob1]

Predictable. One member can't get a $50 bill and within a few posts its covid and Trudeau to blame. Give it the rest of today a d we will have a couple of members banned.

Fortunately only a month to to start of season.

[morinj]

Originally Posted by nelsonob1

Predictable. One member can't get a $50 bill and within a few posts its covid and Trudeau to blame. Give it the rest of today a d we will have a couple of members banned.

Fortunately only a month to to start of season.

Okay so please tell us what your thoughts as to why the bank of Canada has a shortage of $50, and why? In the end it’s really a big guessing game, no one needs to get banned, so long as people remain polite, and leave out the condescension

[clock5849]

That's the new normal. Just print some from home!

[Pathfinder76]

Originally Posted by morinj

Okay so please tell us what your thoughts as to why the bank of Canada has a shortage of $50, and why? In the end it’s really a big guessing game, no one needs to get banned, so long as people remain polite, and leave out the condescension

I’m not convinced that they do. But I’m convinced that someone at that BMO branch does.

[barbless]

Wow such a big concern over not being able to get a pink $50 bill. Guess ya gotta take $100's now. Maybe the casino's have some you can trade your $20's for. That's why I hoarded my purple $1000 bills years ago. Talk about a shortage.....Oh ya the bank don't hold mine cause never see em again.

[morinj]

Originally Posted by chuck

I’m not convinced that they do. But I’m convinced that someone at that BMO branch does.

You could be right, I was just going by the sign that states “the bank of Canada advises there is a shortage of $50s”, but you can’t always believe what you hear!

[Pathfinder76]

Originally Posted by morinj

You could be right, I was just going by the sign that states “the bank of Canada advises there is a shortage of $50s”, but you can’t always believe what you hear!

It’s says that they MAY offer other denominations. Money goes round and round and round.

[daveyn]

https://www.ctvnews.ca/canada/bank-o...ding-1.5042848

[Grizzly Adams]

Originally Posted by Reeves1

I was born with nothing , and still have most of it.

So , no worries for me

Yeah, some of us have never seen a 50. bill.

Grizz

[morinj]

Originally Posted by daveyn

https://www.ctvnews.ca/canada/bank-o...ding-1.5042848

Thanks for the info daveyn that should shed some light on the situation, I figured it had something to do with hoarding!