A recent episode of “The Ramsey Show” took a turn when a caller shared a banking scare that had personal finance expert Dave Ramsey sound off on big banks.
Jay from Massachusetts phoned in to ask if it's wise to keep cash at home. He explained that one day, while trying to send money, he opened his Bank of America app and all his accounts showed zero balances. He tried to transfer anyway, and it said ‘insufficient funds.’ After getting hung up on and stuck on hold for nearly an hour, his account finally reset itself.
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Ramsey Slams Big Banks, Urges Listeners To Switch
Ramsey didn't hold back. “The problem is not whether you have cash at home. The problem is you're dealing with the world's worst bank. Bank of America sucks, as you have discovered, my friend,” he said.
Ramsey advised Jay to switch to a smaller, community-focused bank or a credit union.
“Bank of America is robotic and ridiculous,” Ramsey said. “The best thing you can do is stay away from them. Like, way away.”
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Should You Keep Cash At Home?
Ramsey said it’s fine to keep some cash at home for peace of mind, as long as it wouldn’t ruin your life if it were stolen. He suggested $1,000 to $2,000 stored safely.
“I'm a redneck. I've always got a thousand bucks in my pocket. That's [a] redneck emergency fund,” he joked. “And I've got a little stack in a little safe. Nothing dramatic. If somebody stole all of it, it wouldn't change my life.”
Delony agreed, noting the psychological comfort it can provide. "I know that having cash at my house, honestly, is not going to protect me from the meteorite, but it's going to make me sleep a little bit better," he said.
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Bigger Banks, Bigger Headaches
Ramsey said major banks often don’t care about individual customers. "Wells Fargo had 200,000 employees commit fraud," he said. "And then you think they're going to notice you with your $8,000 in your checking account? They don't care."
Delony added that people should be thoughtful about where they put their money, not just chase high interest rates from faceless online banks. “I won't bank with somebody that I can't walk in and shake their hand,” he said. “It's my money. And for me, it's how I take care of my kids, man.”
At the end of the day, both hosts agreed: keeping a little cash at home is fine, but where you bank matters a lot more.
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