Big Withdrawals Sapping Banks Supply of $100 Bills
March 17, 2020
Anxious New York City consumers are apparently hoarding hundred-dollar bills. Some banks are seeing their supplies disappear.
One such example is in Manhattan at the Bank of America branch at 52nd Street and Park Avenue, where large withdrawal attempts led to the bank temporarily running dry of $100 bills Thursday, according to Pymnts.com, citing a New York Times article.
The problem was only occurring with large bills like $100s, not smaller denominations, so the ATMs were still stocked and those looking for more routine transactions didn’t have any problems. The bank was able to rectify the issue by the next morning.
A teller at a nearby JPMorgan branch had a similar story, saying there had been a higher-than-usual number of customers coming in to withdraw large sums of cash.
Bill Haldin, spokesperson for Bank of America, said the bank had the requisite cash to meet customers’ needs, although large bills were typically not kept at branches for the safety of employees as well as a lack of demand.
Read more about the run on hundred-dollar bills.
“How many of the community banks here believe their customer service is average or below average?”
The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.