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A comment on German banks are hoarding so many euros they need more vaults. Parent comment

Re:German banks are hoarding so many euros they need more va... by reaperducer on Monday February 03, 2020 @06:47PM (#22230684)
The US also had lower denomination bills like the $500 and $1000 until 1969. They were not in much use then

I seem to remember in that era they were useful for some people. My mother worked for a bank in Manhattan and on paydays she would take her check downstairs and cash it, come home with the money in her bra, and then deposit it in our local bank.

Why she didn't just deposit her check, I can't say. Maybe she didn't trust the bank she worked for. Or maybe cash cleared faster than a deposited check.

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Re:German banks are hoarding so many euros they need more va... by yardie on Monday February 03, 2020 @07:49PM (#22231139)
If she cashed it at the issuing bank the money is ready. Is she deposits it at her bank it will be ready in 3-5 business days. ACH transfers take time. Cash deposits do not. If she got paid on a Friday it might be 5 days before she would be able to withdraw.

I used to cash my paychecks at a check cashing store for the same reason. Even though they took a small fee the convenience of having money for the weekend was worth it.

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Re:German banks are hoarding so many euros they need more va... by Spooky23 on Monday February 03, 2020 @09:03PM (#22231630)
Banks were a lot harder to deal with. They closed at 3 and were shuttered for the weekend.
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Re:German banks are hoarding so many euros they need more va... by fludlight on Monday February 03, 2020 @07:06PM (#22230847)
Maybe she was avoiding having all of her eggs in one basket. If your employer fails you lose your income. If your employer holds your life savings you might lose that, too.

These days we have reliable, trusted deposit insurance, but that didn't exist until the 1930s. People didn't really trust it until a few decades later.

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Re:German banks are hoarding so many euros they need more va... by nkrisc on Monday February 03, 2020 @07:19PM (#22230928)
I think they meant why she didn't cash her paycheck directly with her bank, as oppose to cashing out it and then depositing the cash with her bank anyway.
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