ATM – “Temporarily” Out of Order

Posted on 12/13/2015 ~ Categorized as Invest
ATM – “Temporarily” Out of Order

What would you do if walked up to an ATM and saw a notice that said “ATM Out of Order - Indefinitely” or worse yet, your staring at a blank screen and have no idea why? You would probably turn around and head right on over to the front door to walk inside and speak to a teller. Uh oh, one big problem; the door is locked. Looking closer you realize the bank isn’t even open. Can this really happen? Yes. Will this happen? Who knows. Whether it’s for a week, a month or several months, wouldn’t you feel better if you were prepared for just such a catastrophic event?

I have had this discussion with each of my four children and the response is invariably the same. I get that bewildered “Dad are you crazy look” that is typically reserved for more mundane requests like “can someone please feed the dogs. “How in the world could an ATM card not work?” I am sure is what they are wondering in those optimistic energetic young minds. ATM cards are a magical invention you simply put them into a machine anywhere in the world out spits cold hard cash. Heck these days in certain countries they even give you denominational choices.

In fact, I’m quite sure many believe that is why you have a bank account. Bank accounts no longer pay you interest to “use” your money. They no longer ensure your funds are safe by investing them in low risk opportunities. Instead, they give you an app for your phone so you can take a picture of a check enabling them to get their hands on your money sooner and an ATM card so that you can get your money out as long as there is power, an internet and funds available. I mean, isn’t that what a bank is for?I digress so back to that broken ATM machine.

Believe it or not, I ask myself, and anyone in tune to the potential banking problems facing the nation, the “ATM question” each and every time the US banking conversation arises. As well, I lean towards this same discussion whenever someone asks me about precious metals. Wait a minute, what do precious metals have to do with a broken ATM? Well, simply put, I believe that one should always be prepared for just such a broken ATM event by closely holding something, anything, of transactional value. Whether it’s some gold or silver coins in your bedroom drawer, a gold chain around your neck, a gold ring on your finger, or a wad of $100 bills; I firmly believe you should have something other than an ATM card as an emergency source of cash equivalents.

I am not one who purchases precious metals as an investment; although I did do quite well buying my first holdings back in 2002. Instead, I see them as an emergency source of funds and a way to protect future purchasing power. As an emergency source of funds, I prefer to have a stash of silver dollars, gold coins of various sizes and a chunk of cash; all of which is stored where I can get at it quickly.

For protection against a large dollar drop, or to protect yourself against future inflation, you should consider precious metals stored and insured safely away. Yes, I do understand that if a catastrophe happens your precious metals may be far off in a vault somewhere. From my perspective, if owners of precious metals were able to get at their holdings when Columbus was sailing around the Atlantic, then I should be able to get at them even after a day of reckoning. Yes, it might take a while, but that’s why I have the closely held reserves.

There are many things that can cause that ATM machine to stop working; terrorism, financial meltdown, or even good ole Mother Nature with her solar flares, earthquakes and hurricanes. With a few simple, easy and accessible moves to keep you and your loved ones in the game; please don’t get caught holding just an ATM card.

For more information on how you can obtain allocated gold with insured storage feel free to contact Dave Drummond via email at ddrummond@georgetowntrust.com.


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