Dear Jim,
I didn’t need a major nationwide SHTF moment to learn a lesson this week. (Why didn’t I listen to your advice before this happened!)
On the 15th, someone intercepted my new debit card before it reached my mailbox and cleaned out my checking account at a gas station in another state at 3:00 AM. I didn’t have much in there, as it went into overdraft, but it was all I had and I needed it to get to the end of the month. When the bank called at 10:00 AM, I assured them it wasn’t me who overdrew the account. I was told it would take 10 business days (two weeks) before they could straighten it out. In the meantime, I am locked out of my checking account and the savings account as there wasn’t enough to cover the overdrafts plus fees and my credit card through the bank is frozen. Even if someone gave me a check (loan) to cover my family over the next two weeks, the bank won’t let me cash it.
The lesson? Keep cash on hand at home!
Well, at least I learned it this month, and not later in the year when it’s possible bank holidays may occur! As panicked as I was on the 15th, I don’t know how our friends will get through it if it happens to them! (notice-they offered checks, since they didn’t have cash on hand, either)
I am happy to say that other then being penniless at the moment, I was prepared with a deep larder and enough gasoline stored to keep the car going. No one starved and we made all our appointments although there was an awkward moment with a pay-now co-payment. (if only I had started the nickel collection!) One more week to go before this gets straightened out, but we will be okay. I’m actually grateful we’re going through this now so lessons learned have the chance to be applied later when it will really count. (Cash-cash-cash-cash!) – A.C.