Cash withdrawal limits

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July 7th, 2016 at 8:01:24 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 744
Posts: 8747
Quote: petroglyph
As far as monetary crime goes, the largest theft goes unreported as a crime. So the whole value of their money is being stolen while reporting the "advantages" of digital exchange.


Quote: former Police Chief and Interpol President Björn Eriksson
Little has been said about the major challenges that a cashless society brings. It infringes on people’s privacy. It can make life difficult in sparsely populated areas. It can make a society vulnerable and increasingly open to sophisticated internet crimes.


Björn Eriksson is the leader of "Cash Uprising" a group in Sweden that objects to the extreme measures in cash control being enacted in the country.
Björn Ulvaeus (formerly of ABBA) is the highest profile celebrity pushing for the complete abolition of cash.

But the bottom line is that in addition to the normal costs associated with cash that all banks must bear, in Sweden they have the largest negative interest rates for overnight storage of cash. In the USA the government requires that banks have a certain amount of cash in their vaults, but not so in Sweden.

One curiosity of the ever decreasing value of Swedish cash in circulation combined with the recovery of gold prices in 2016 is that Sweden's 125.7 tonnes of gold is now worth 84% of the banknotes in circulation. Switzerland changed their constitution in 1999 to go off the gold standard, and subsequently sold about half their store of gold. A referendum called "Save our Swiss Gold" was rejected two years ago.

But if Sweden keeps cutting cash supply and gold keeps rising , it would be the first time since 1999 that a country could have enough gold to cover their fiat currency.

Quote: Nareed
The best way to think of the 1,000 peso note is as Mexico's equivalent to the US one dollar coin.


From the government's point of view, large denomination notes and coins are both cost saving measures. Currency provides income to governments in the form of seignorage, so they traditionally like people to use large denomination banknotes. But now there seems to be more concern about counterfeits and money laundering.

The timeline shows that in the last 12 years the thousand peso banknote has not increased it's circulation by much at all. When the banknote was introduced in November 2004 it was worth US$88 and now it is worth US$53 .

Millions of 1000 pesos banknotes in circulation
Dic 2004 7
Dic 2005 19
Dic 2006 26
Dic 2007 34
Dic 2008 44
Dic 2009 53
Dic 2010 61
Dic 2011 65
Dic 2012 72
Dic 2013 73
Dic 2014 82
Dic 2015 83
Jun 2016 82

In contrast there are 819 million of the 200 peso banknotes in circulation and 1702 million of the 500 peso banknotes in circulation.

The 200 and 500 peso notes were introduced in October 1994 only 10 months after the nuevo peso was introduced. Although the 500 pesos note was initially worth about US$150, it's value quickly dropped to $75-$85 within a few months as the peso crashed. The circulation numbers remained below 100 million until December 1999 when all the governments of the world released a huge amount of cash into circulation in anticipation of widespread computer breakdowns that never materialized from Y2K. But by the end of 2002 the value of 500 peso notes in circulation was greater than that of 200 peso notes.
July 7th, 2016 at 9:54:56 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 50
Posts: 5005
In Sweden I doubt there is any 'mordita' but in Mexico it is, I believe, ever present particularly in tourist areas so I would imagine currency will play a major role in Miexico, but not in Sweden.
July 7th, 2016 at 10:28:40 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 744
Posts: 8747
Quote: Fleastiff
In Sweden I doubt there is any 'mordita' but in Mexico it is, I believe, ever present particularly in tourist areas so I would imagine currency will play a major role in Mexico, but not in Sweden.


According to the CORRUPTION PERCEPTIONS INDEX (2015) the three least corrupt countries in the world are:
1) Denmark
2) Finland
3) Sweden

There is no doubt that cash is the primary means of lubricating bribes and illegal activities in general.

But Denmark is not following Sweden's lead in destroying their cash. Over half of the currency value in Denmark is in the 1000kr banknote, and
1,000 DKK = $150 USD while Sweden's Crowns are worth less 1,000SEK=$120 USD.

Denmark is also trying to eliminate cash from daily transactions, and may actually go further than Sweden in their proposal to remove cash registers. However they still make it much easier to hold substantial savings in cash form than Sweden.

July 7th, 2016 at 1:43:32 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 50
Posts: 5005
Thou shalt be an honest tax-paying member of the Cradle to Grave Socialist Oriented state and we will stamp out all 'side hustles' to end: street crime, prostitution, fencing and crime by tourists. Sweden, Norway and Finland often blame thefts on 'EU tourism' so I assume Denmark would also. EU Tourism being what allows the swag to be monetized in the poorer countries without rigid debit card usage. Steal a boat/trailer in Finland, sell it in Russia for Rupples.
July 7th, 2016 at 2:33:11 PM permalink
Face
Administrator
Member since: Oct 24, 2012
Threads: 61
Posts: 3163
Quote: Aussie
In the UK they can refuse to let you withdraw your own money? I find that extraordinary! What business is it of anyone what someone does with their own money? In Australia if you want to withdraw more than a certain amount (different for each bank) you will need to give a days notice but this is just due to business constraints and is so the branch can order the cash in for you.


I just ran into this yesterday. Went to my local credit union to drain MY account of MY money and was stymied. I could understand if I wanted six figures. Hell, I wasn't even asking for FIVE. $3,000. Couldn't do it.

As if I needed something else to get all fired up about.
Be bold and risk defeat, or be cautious and encourage it.
July 7th, 2016 at 2:54:01 PM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 111
Posts: 11853
Quote: Face
I just ran into this yesterday. Went to my local credit union to drain MY account of MY money and was stymied. I could understand if I wanted six figures. Hell, I wasn't even asking for FIVE. $3,000. Couldn't do it..


How much would they let you have? I
haven't had a bank account in 7 years,
what's changed.
If you take a risk, you may lose. If you never take a risk, you will always lose.
July 7th, 2016 at 3:19:26 PM permalink
Face
Administrator
Member since: Oct 24, 2012
Threads: 61
Posts: 3163
$2k max, per day.

And I couldn't tell you what's changed, as I never deal with it. I only made the account as a convenience to have somewhere to receive direct deposit from work. One time I took a loan as part of my divorce consolidation plan, and that is the sum total of all my dealings with the place.

Dunno what their deal is, but it's not a feeling I enjoyed. I mean, it's $3k. You can't handle $3k? The freaking convenience store I ran could've handled $3k. And when your doing Craigslist deals, time is of the essence. You need cash and need it now, lest you risk having your item get sold out from under you. Just the whole thing was such a turn off.

Time to start stockpiling commods, methinks. Or go back to beaver pelts =p
Be bold and risk defeat, or be cautious and encourage it.
July 7th, 2016 at 5:30:24 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 50
Posts: 5005
Just as a good safe deposit box can be a remote grave site in a virtually deserted graveyard, a good "banker" can be your Chinese Laundryman or your Convenience Store owner. Now you don't do the white shirt five days a week routine, but its always good to cultivate contacts particularly if you are tapped out and want to borrow twenty to put on a horse.... just tell the guy the horse's name and the race ... he will extend the 20 to you and put 50 on it himself.

Ghetto dwellers often have local 'bankers' who do reverse loans: Guy wants to buy a car at auction, but needs a credit card to be a bidder: No Problem. Korean store owner goes to the auction with two or three of his customers, makes a good commission for his 'days work' keeps his customers friendly and now knows they will soon be buying oil pans, funnels, car polish, etc. from him. He gets that cash up front and pays off his bills, keeping a minor service fee from each customer.
July 7th, 2016 at 9:52:28 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 744
Posts: 8747
Quote: Face
$2k max, per day.

Dunno what their deal is, but it's not a feeling I enjoyed. I mean, it's $3k. You can't handle $3k?


The Navy Federal Credit Union limited withdrawals to $600 per 24 hours (midnight to midnight,Eastern Time)
Point-of-sale (POS) transactions were limited to $2500

I didn't know there was a such a lo limit on walk-ins. I know that $10K requires you fill out an IRS form, so that seems a logical limit to require advance notice, but $2K seems excessively low. Some accounts have a $3K limit on machine withdrawals per day (just $800 each time because older ATMs can only handle up to 40 banknotes).

Here is a CNN graphic for countries who are nearly cashless
July 8th, 2016 at 6:06:22 AM permalink
odiousgambit
Member since: Oct 28, 2012
Threads: 75
Posts: 1605
I've often skimmed a lot on this subject, so somebody might have brought this up already. But it was fairly recently that I learned that a very large proportion of people who work at Walmart etc. do not have bank accounts. Those companies still want to do direct deposit these days! So they put the money on a special debit card instead [perhaps that means they now do have a bank account when they didn't before?]

I believe the SS administration does the same thing for some.
The light at the end of the tunnel is often a freight train coming the other way! per Fleastiff
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