Why on earth would a branch of a high street bank contain several hundred million in cash? I doubt if many would even have the storage space for that much, let alone the security that would be appropriate for it.
It's hardly worth robbing a bank nowadays because hardly any branches carry much cash. Why would they? It's just a pointless security risk. I wouldn't be surprised if there's more cash in the ATMs than there is the the branch itself.
Money is rarely stored as cash nowadays. Money isn't a real thing anyway and never has been. That's pretty much the point of money - it's nothing more than a promise. It has no inherent value. Look at a note - it states very clearly on it that it's just a promise. "I promise to pay the bearer". The idea that cash is real money is nonsense.
Money != cash. Money is just promises. Cash is just one way of recording those promises. You talk about income from employment as cash. That is simply wrong. Hardly any cash is involved nowadays. My local bank isn't eating my cash. The cash I have is 6 pound coins and some old sweet jars of 1ps, 2ps, 5ps and 10ps that I have for no real reason. My employer instructs their bank to transfer some promises from their account to my account. There's no cash involved. That's how it works nowadays. It's been quite some time since wages were paid with cash in an envelope.
No, it isn't. £50K is not a small amount of cash. Even if you're extremely rich (and I bet you're not), £50K wouldn't be such a small amount. In cash, it's not very small in terms of weight or volume either. And yes, I have handled £50K in cash. Mostly in 20s, so it was a physically larger amount than it would be in 50s, but you'd need a very big pocket for it even in 50s.
The fact that not every branch routinely has £50K in cash on hand isn't at all worrying. It's no more worrying than it not having a big chest of gold coins in the basement.
So 50 cant withdraw 1K in one day from a bank because they'll run out of money? I thought it was bad but not this bad
No, of course it wouldn't run out of money. It might run out of cash, which is a completely different thing to running out of money. If necessary, they could just use some of their money to buy more cash and have it delivered. That's no more difficult than ordering pizza.
Cant imagine the bank runs when the collapse happens.It's going to be terrible.
You can't be silly enough to think that having promises printed on pieces of paper rather than promises stored in some other way would matter if the entire country collapsed. Nobody could be that silly. If the country collapsed, toilet paper would be worth more than a £50 note because the toilet paper would be more useful.
There are still some legit businesses that deal mainly in cash. Bizarrely, it was only last year that my workplace started accepting payments in anything other than cash.
. You think people walk around with wads of notes to get the best car deals? Or do some dealers allow you to avoid paying VAT if you literally pay cash in hand?
