Twitter aflame with reports of Wells Fargo, Chase and Bank of America customers being unable to withdraw cash
Image: Betsy Fletcher
Paul Joseph Watson
Monday, November 8, 2010
Following rumors of a “bank holiday” that could limit or prevent altogether cash withdrawals later this week, Twitter and other Internet forums were raging yesterday about numerous ATMs across the country that crashed in the early hours of Sunday morning, preventing customers from performing basic transactions.
It’s unknown whether the crashes were partly a result of a surge of people trying to withdraw their money in preparation for any feared bank shutdown, or if mere technical glitches were to blame. The fact that the problem affected numerous different banks in different parts of the U.S. would seem to indicate the former.
The Orange County Register reported that the problems were “part of a national outage” which prevented people from performing simple transactions such as cashing checks and withdrawing money.
The banks primarily affected were Wells Fargo, Chase and Bank of America, but according to blogger Phil Brennan, who studied Twitter feeds and other Internet message boards that were alight with the story, numerous other financial institutions were also affected, including US Bank, Compass, USAA, Suntrust, Fairwinds Credit Union, American Express, BB&T on the East Coast and PNC.
“Twitter is going crazy with reports of ATMs and online accounts going down as of 01:00 hours EST of the 7th of November 2010,” writes Brennan. “This is happening to many banks all across America. Some are trying to say that it is a computer glitch to do with the change in Daylight Savings Time, but I will call BS on this as we manage to put our clocks back over here in the UK without knocking out ATMs and online accounts nationally.”
Brennan questions whether the outages were the first warning shots in a move to “devalue the dollar,” just days after Federal Reserve chairman Ben Bernanke sparked an international currency war by announcing that the Fed will buy $600 billion of U.S. government bonds over the next eight months.
(ARTICLE CONTINUES BELOW)
Any perceived inability of banks to deal with a sudden demand for cash would undoubtedly place in peril the United States’ triple A credit rating and spark a fresh dollar crisis.
“In the light of what is going on geopolitically, I am still very suspicious about the reasons for this mass downtime of ATMs and Online Accounts, adds Brennan. “There is still a very distinct possibility that November the 11th will turn into an extended Bank Holiday so I would advise all those who can get their money out of their banks to do so, even if you have to pay your upcoming bills manually.”
As we reported last week, the “bank holiday” rumor has reared its ugly head once again, after a story emerged that a pastor was told by one of the managers of a prominent east coast bank that banks would close for an undetermined amount of time, and that when they reopened, “all withdrawals by checks would be limited to $500 per week – no matter what the balance in the account is.”
Though the story is still an unconfirmed rumor, banks have been preparing for limiting withdrawals. As we reported back in February, Citigroup sent an advisory to its customers at the start of the year which stated that the bank reserved “the right to require (7) days advance notice before permitting a withdrawal from all checking accounts.” The advisory stoked fears that financial institutions were preparing for bank runs.
While we still think this new bank holiday rumor will subside as the previous two did earlier this year and last, in the current economic climate it would be foolish not to keep at least a small amount of your savings in physical cash. The current financial turmoil has been likened with the post 1929 period, during which newly elected Franklin Roosevelt declared a “bank holiday” that lasted four days, therefore such a scenario is not without historical precedent.
Paul Joseph Watson is the editor and writer for Prison Planet.com. He is the author of Order Out Of Chaos. Watson is also a fill-in host for The Alex Jones Show. Watson has been interviewed by many publications and radio shows, including Vanity Fair and Coast to Coast AM, America’s most listened to late night talk show.
Computer Issues Plague Several Valley Banks
Updated: Saturday, 06 Nov 2010, 9:24 PM MDT
Published : Saturday, 06 Nov 2010, 9:24 PM MDT
PHOENIX - There were many frustrated bank customers in the valley on Saturday. If you were having problems accessing your banking information or even getting to your money, you weren't the only one.
Several Wells Fargo, Chase and Bank of America customers were saying they had problems.
Both Chase and Wells Fargo said they had computer issues earlier Saturday which shut down their systems.
They said banking operations should be back to normal Saturday night.
Warning of Possible Bank Holiday
Emergency Request For Additional Verification From Those In The Banking World On Rumored Bank Shutdowns – please email me if you have info
November 4, 2010
QUESTION: When in U.S. History has a sitting President taken off on an overseas trip for an extended period of time, with 65 airplanes, 34 warships reportedly 3,000 people including his friends and cohorts, at the pinnacle of an economic and political upheaval.
So what's up? Yesterday I received a call that should alarm for even the most "comatose in La La Land". A pastor known to the gentleman who called me had been called into a very prominent East Coast bank to tell the pastor by one of its top people at the bank that a bank holiday is coming as early as Nov 11.
The bank official has been friends with this pastor for a long time. The only thing that was said, was for the pastor to realize that once the banks reopened, that all withdrawals by checks would be limited to $500 per week - no matter what the balance in the account is. No period of Time for the length of the Banks closures were given. Coupled with information posted last year on this site from major Mid-west banking consortium it dovetails perfectly.
Ladies and Gentlemen, if you have been paying attention to France, Britain, Ireland and Greece, which at this point are the poster children for financial rioting, can you even begin to imagine the Ramifications of Financial Rioting In the U.S? The once hidden attack ,now in plain sight, against world finances, is in full scale operational mode in order to destroy by design, all national currencies and to bring on "A ONE WORLD CURRENCY AND GLOBAL GOVERNMENT"!
Once again consider our mutual dependence upon electronic verification of every sales transaction, credit card purchase and bank deposits and or withdrawals. Whether most understand or comprehend, most wealth on financial statements and Balance sheets are numbers, computer entries and IOU's of dubious quality. Think about the old adage --"Possession is Nine Tenths of the Law". In other words, if it's not in your hands it's in some one else's hands no matter how much you try and rationalize it away!
This is a defining moment. AMERICA IS BANKRUPT and the rest of the world is no longer willing to go along with Quantitative Easing, which means printing money out of thin air with nothing to back it up but global war. Every nation that has tried to print its way out of an insurmountable debt situation ends up embroiled in internal war and usually under the leadership of a dictator who is as willing to spill the blood of his countrymen, as fast as he prints more worthless currency!
The reason you all have a sense of SOMETHING BIG getting ready to happen is the fact that it is HAPPENING NOW.
When all commerce ceases, no goods are on the store shelves and all transportation comes to a silent stop. Then will it be clear, even to those who finally get it, that the only ones who will be eating, other than those who have prepared, are the zombies, and none of us want to end up on their evening menu!
By Jonathan Weil - Nov 4, 2010 10:00 AM GMT+0900
It was only last April that Bank of America Corp. was making fools out of the doomsayers who had called for its nationalization a year earlier. Taxpayers had gotten their bailout cash back. Investors who bought its shares at the bottom were making a killing. Government leaders lauded the company’s rescues, both of them, as a great success.
Now the bank may be on the verge of trouble again. Its stock has fallen 41 percent since April 15. Mortgage-bond investors are demanding untold billions of dollars in refunds. The foreclosure fiasco is metastasizing. A member of the Troubled Asset Relief Program’s oversight panel, AFL-CIO attorney Damon Silvers, openly worried at a hearing last week about the risk that Bank of America might need another bailout.
A few more months like the last one, and we may be wishing Bank of America had never returned its $45 billion of TARP money.
Judging by its shrinking stock price, though, investors are acting as if Bank of America is near a tipping point. Its market capitalization stands at $115.6 billion, or 54 percent of book value. That’s the second-lowest price-to-book ratio among the 24 companies in the KBW Bank Index, and well below the 76 percent ratio the company was at in October 2008 when it landed its first round of TARP dough. Put another way, the market is saying there’s a $96.8 billion hole in Bank of America’s balance sheet.
When I asked Jerry Dubrowski, a Bank of America spokesman, about the disparity, he said: “I’m not going to comment on the book value and the stock price.”
Funny things going on with ATM's this weekend, too, according to posters here at PPF.
Is another banking crisis brewing? Are banks or regulators trying to head off bank-runs and collapses?
Is this another reason all the big-wigs got out of Dodge?
Has the MERS/mortgage/Foreclosuregate (Fraudclosuregate) crisis hit the fan?