Daisy Writes:
One of my Facebook friends posted this pix in a NYC photo gallery: It's of a deli in New York City with a banner advertising that their ATM offers $10.00 bills (as opposed to the ubiquitous $20 bills).The article to which Daisy refers is Queen of Coupons Feeds Family for $10 a Week; Grocery Price Wars Intensify; Paperless Coupons.
This is NYC, mind you, formerly high-roller capital of the Western World.
The implication is, you don't have to "stretch" to the $20 or $40 or $60 withdrawal, but can "downscale" to the $10, $30, $50 because you're broke. And there's a lot of broke people here, with our city's big declines in employment in the retail, financial and media sectors.
By the way, I agree with a recent post about food prices. The grocers around my place (north of NYC) are engaging in price wars with Shop Rite leading the pack in the value department.
I see that food I stocked up on last January and put in my pantry (basic tomato sauce, pasta, for example) has already declined in price. It's just a dime here and a quarter there but I stocked up on these in quantity because they were what I considered to be recessionary "drastic deals" themselves back in the winter. Now, they are available every day for cheaper.
Daisy
With fees frequently in the $2.00 range, taking out anything under the max (typically $200) is very costly.
$2 on $50 is 4% up front just to get your own money back. $2 on $20 is a whopping 10%. Does anyone pull out $10 and pay 20%?
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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