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Thread: Australia unveils levy on bank deposits

  1. #11
    Quote Originally Posted by iowadawg View Post
    And why get excited by ATM limits?
    Well, like you said it depends on the customers status, unfortunately if you are just a doctor, attorney, or else and not millionaire, you will be at the same level with an ATM limit of 300 euros per day.

    I can give you some other stunning information, like all the bank cards (credit cards, debit cards, ATM cards, national card CB, or international cards) have different annual fees.

    When you make a deposit by check, the money is available 3 days later up to 1200 euros, and above 1200 euros 11 days later, if you take out some money before the due date, they charge you some fees on your own money (jours de valeur aka due date) which is scandalous when we all know that they are electronically and immediately processed.

    You are not allowed to buy things by cash above 3000 euros, you cannot buy real estate by cash above 10,000 euros, if you are employer, you cannot pay by cash a salary above 1500 euros.

    All of these rules are what French banksters have done by forcing the French government to pass these laws.

    All of that indicate that in Europe, banks don't have liquidity, and are doing as best as they can to screw the People.

  2. #12
    It looks like France is trying to destroy a cash economy so that everything is run through the banks and documented.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  3. #13
    Seems like France is controlling personal cash transfers more than the rest of the world.

    The usual delay of a few days is due to the old systems in place such as SWIFT where phone calls are involved and maybe paper documents traversing departments via physical compressed air pipes? With SWIFT I can get a transfer done within 2 days even when they say it takes up to 5 working days. But with debit card linkage to my foreign currency account it looks like there is no delay if i want to use an ATM abroad.

    With completely computerized systems, you can get your money via an ATM pretty quickly.

    Fraud controls are likely behind the limits. It's a good thing IMO where there is a default limit between an average day's pay and $1000 like 300 Euros. And get the customer to accept more risk when requesting a higher limit.

  4. #14
    Quote Originally Posted by TopDogger View Post
    It looks like France is trying to destroy a cash economy so that everything is run through the banks and documented.
    Quote Originally Posted by Andy101 View Post
    Seems like France is controlling personal cash transfers more than the rest of the world.

    Fraud controls are likely behind the limits. It's a good thing IMO where there is a default limit between an average day's pay and $1000 like 300 Euros. And get the customer to accept more risk when requesting a higher limit.
    Exactly right guys, and I can add one more thing on how the French monetary works aka Euros, the fractional reserve system do not mandate 10% deposit like in US, if the French banks create debt notes from fine air, they do so for consumers credit as well.

    To go back on the subject, the FDIC or other government guarantors shouldn't exist, people depositing high amounts of money into banks should accept the risks or do something else with their money. Why should all customers pay indirectly to guarantee the money of a few?

    We are in a kind of socialist capitalism generalized in the western world, where risks are covered by governments, regulators, credit swap aka CDO, etc.

  5. #15
    It will come to the day, where cash is gone worldwide.

  6. #16
    Quote Originally Posted by iowadawg View Post
    It will come to the day, where cash is gone worldwide.
    That's true and it is not a conspiracy to understand where all of that is going to end.

    RFID set to revolutionise retail payments

  7. #17
    Most of the money people have in their accounts does not actually exist. Less than 5% of the money in bank accounts actually exists in any form. Deposits are mostly electronic data and nothing more. I learned that in a financial class I took in the 1990s.

    Theoretically you could say that the banking reserves required by law represent the actual money, but most of that is still merely electronic data representing cash that banks are not allowed to invest.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


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