Of Course It’s Only “Tech Issues” Keeping Deutsche Bank Customers from Accessing Their Money
Remember how I told you that Deutsche Bank was going under?
Well, that poor bank has had technical difficulties and many customers are unable to access their accounts. Don’t worry, though – it’s totally unrelated to the death throes of one of the most powerful banks in the world.
Zero Hedge reported that this is not the first time the beleaguered bank has suffered “IT Issues” or been unable to provide its customers’ with their money.
Making matters even worse, as Reuters and Handelsblatt reported, the bank suffered a further blow to its image this weekend with a third IT outage in the space of a few months on Saturday “that prevented some customers getting access to their money for a short time.”
Handelsblatt adds that “among rumors about state aid, the dramatic fall in its stock price, and an attack by hedge funds on the most important domestic bank, now come reports of a new IT glitch. “Customers can not access their cash because it is blocked”, a customer complained on Saturday morning to Handelsblatt, adding that “I am stunned: I can’t make weekend purchases since I can neither get cash nor pay by card.”
One week ago, the bank suffered delays and errors in its online banking platform, and in many cases deposits and debits “were displayed twice or not displayed at all.” In June, customers were unable to withdraw money. Also, as reported here, in late August, Deutsche Bank was forced to make a statement after reports emerged that it was unable to provide physical gold upon request for delivery from the Xetra-Gold ETN.
I’m sure everything is just fine, though. Don’t listen to conspiracy theorists who say otherwise.
As well, don’t pay any attention to the fact that Germany’s second largest bank, Commerzbank, is cutting more than 10,000 jobs and no longer paying dividends to stockholders.
If you aren’t prepped for a stock market crash, you need to get with it.
While we’d love to say that the crash of banks across the sea in Germany will have no effect on us, that’s simply not the case. Our market has already shown stress from the Deutsche Bank troubles, and should the bank go under completely, we will definitely feel the repercussions in North America.
…the IMF said that, of the banks big enough to bring the financial system crashing down, Deutsche Bank was the riskiest. Not only that, Deutsche Bank’s US unit was one of only two of 33 big banks to fail tests of financial strength set by the US central bank earlier this year.
Here’s what you need to do immediately in the event of a stock market crash.
- Take your money out of the bank ASAP. If you still keep your money in the bank, go there and remove as much as you can while leaving in enough to pay your bills. Although it wasn’t a market collapse in Greece recently, the banks did close and limit ATM withdrawals. People went for quite some time without being able to access their money but were able to have a sense of normalcy by transferring money online to pay bills or using their debit cards to make purchases. Get your cash out. You don’t want to be at the mercy of the banks.
- Stock up on supplies. Make sure you are prepped. If you’re behind on your preparedness efforts and need to do this quickly, you can order buckets of emergency food just to have some on hand. (Learn how to build an emergency food supply using freeze dried food HERE) Hit the grocery store or wholesale club and stock up there, too, on your way home.
- Load up on fuel. Fill up your gas tank and fill your extra cans also. Quite often, fuel prices skyrocket in the wake of a market crash.
- Be prepared for the potential of civil unrest. If the banks put a limit on withdrawals (or close like they did in Greece) you can look for some panic to occur. If the stores dramatically increase prices or close..more panic. Be armed and be prepared to stay safely at home. (Although this article was written during the Ferguson race riots, civil unrest follows a similar pattern regardless of the cause.)
- Be prepared for the possibility of being unable to pay your bills. If things really go downhill, the middle class and those who are the working poor will be the most strongly affected, as they have been in Greece during that country’s ongoing financial crisis. This article talks about surviving if you are unable to pay all of your bills.
Go here to read the rest of the article about what to do in the event of a market crash.