122 Views

Cash demand doubled for Fed in hurricane-hit Florida

© Reuters. A destroyed business on US 1 is pictured after Hurricane Irma inBig Pine Key, Florida© Reuters. A destroyed business on US 1 is pictured after Hurricane Irma inBig Pine Key, Florida

By Jonathan Spicer

(Reuters) – U.S. lenders in the path of Hurricane Irma scrambled to acquire twice as much cash as usual last week, a surge that left two Federal Reserve branches in Florida working around the clock to meet the demand before floods and power outages struck.

The U.S. central bank’s offices in Miami and Jacksonville loaded $2.9 billion aboard a bulked-up fleet of armored vehicles headed to banks and credit unions in the region, twice their weekly average, according to officials overseeing the emergency response in the Atlanta Fed’s district.

“It absolutely doubled our normal day to day operations,” Mary Gelpi, director of the district’s cash function office, said from New Orleans. There was no need for cash to be trucked in from outside the state, as was the case for Louisiana after Hurricane Katrina marooned New Orleans in 2005.

Irma ripped through the U.S. southeast earlier this week, flooding cities and towns and killing at least 32 in Florida. Nearly 2 million U.S. homes and businesses remain without power.

While the floods did not threaten the Fed’s office just west of Miami, waters did approach the one in downtown Jacksonville though it did not take in water, Gelpi said. A handful of employees at each office stayed overnight as hours were extended to prepare and send cash orders to financial institutions.

There has not yet been a follow-on surge in cash demand, Gelpi said. “We saw the peak prior to the storm, and now the lull as people came back online and commerce is re-emerging.”

Late last month, Hurricane Harvey caused more havoc for the Fed’s Houston branch, where cash deliveries were halted amid the flooding and emergency shipments were driven in from San Antonio and Dallas.

(The story is corrected to specify Fed offices did not dispatch vehicles in second paragraph and to show these offices do not receive cash orders in fifth paragraph.)

sponsoredArticle = ‘div-gpt-ad-1466339494851-0’;

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Latest Posts

These Incredible Dogs Rescued People And You Won’t Believe What These People Did in Return
Uncategorized
129 views
Uncategorized
129 views

These Incredible Dogs Rescued People And You Won’t Believe What These People Did in Return

Editor - February 2, 2018

These heroics dogs didn't waste a second after realizing a human was struggling to get out of the water. Check out these dog saves owner from drowning…

Unusual business ideas for the pet industry
Uncategorized
126 views
Uncategorized
126 views

Unusual business ideas for the pet industry

Editor - January 28, 2018

Are you an animal lover? We from Optionsuniversitystrategist sure are! It's amazing what that does for business, entire new industries are born this way. We know the…

Part Two – 13 Things You Won’t Believe You Didn’t Know
Uncategorized
151 views
Uncategorized
151 views

Part Two – 13 Things You Won’t Believe You Didn’t Know

Editor - January 27, 2018

4. You can’t smell while you’re sleeping So it wasn’t the smell of the fart that woke you up. It was probably the sound. 5. Have you…

13 Amazing Things You Won’t Believe You Didn’t Know
Stock
152 views
Stock
152 views

13 Amazing Things You Won’t Believe You Didn’t Know

Editor - January 27, 2018

Here are a bunch of things that you probably never knew, but after reading this you will. And then maybe you'll come back to life next season…

Richard is looking for South African testers!
Uncategorized
160 views
Uncategorized
160 views

Richard is looking for South African testers!

Editor - January 9, 2018

Richard Branson is een van de beste ondernemers en langetermijnbeleggers ooit. Hij creëerde een fortuin zoals weinige hem dat hebben voorgedaan. Het mag dan ook niet verwonderen…

Met dit systeem ben je iedereen slimmer af
Uncategorized
1052 views
Uncategorized
1052 views

Met dit systeem ben je iedereen slimmer af

Editor - January 3, 2018

Koers bitcoin is weer op weg naar 20.000 dollar De koers van de digitale munt bitcoin gaat hard op de 20.000 dollar af. Afgelopen vrijdag doorbrak de…

This Amazing Video of Babies & Dogs Will Challenge You Not To Laugh
Uncategorized
5381 views
Uncategorized
5381 views

This Amazing Video of Babies & Dogs Will Challenge You Not To Laugh

Editor - December 29, 2017

We love dogs and love babies, so we came across this fantastic video that combines the two! It's so great to see this little newborns laugh and…

The heartwarming sight of dogs seeing their owners after a long time
Uncategorized
6247 views
Uncategorized
6247 views

The heartwarming sight of dogs seeing their owners after a long time

Editor - December 2, 2017

Our little friends can be so happy to see us again. It seems that seeing each other after a long time evokes the same feelings and emotions…

Unusual business ideas.. for the pet industry!
Uncategorized
7847 views
Uncategorized
7847 views

Unusual business ideas.. for the pet industry!

Editor - November 17, 2017

Are you an animal lover? We from Optionsuniversitystrategist sure are! It's amazing what that does for business, entire new industries are born this way. We know the…

Are you the boss at home? This little girl sure is!
Uncategorized
1362 views
Uncategorized
1362 views

Are you the boss at home? This little girl sure is!

Editor - November 14, 2017

This little girl knows exactly what she wants, do you know what you want as well? Haha what a laugh to see this little bosslady telling her…