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Author Topic: Dutch government/banks „ban“ cash money?  (Read 79 times)
MinoRaiola
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April 26, 2021, 07:37:36 PM
 #1

Hello everybody. i'm not dutch, that's why i write in english. I just got a message i can't believe. Can anybody confirm this?

„Dutch government/banks getting crazy and like to ban the cash money.
0,5% for storing money on bank and Withdrawal in cash, 0,75% transaction fee.“

If that's the truth, wouldn't that be a major change?


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May 02, 2021, 09:18:31 AM
 #2

Hello everybody. i'm not dutch, that's why i write in english. I just got a message i can't believe. Can anybody confirm this?

„Dutch government/banks getting crazy and like to ban the cash money.
0,5% for storing money on bank and Withdrawal in cash, 0,75% transaction fee.“

If that's the truth, wouldn't that be a major change?


The negative interest rates have nothing to do with a (possible) ban on cash. Banks are forced to store their money at the ECB, for which the banks are paying a negative interest rate. TLDR; Banks have to pay the ECB for storing money, so they're charging customers that are storing €100K+ to cover those costs.

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May 03, 2021, 11:48:43 AM
 #3

Hello everybody. i'm not dutch, that's why i write in english. I just got a message i can't believe. Can anybody confirm this?

„Dutch government/banks getting crazy and like to ban the cash money.
0,5% for storing money on bank and Withdrawal in cash, 0,75% transaction fee.“

If that's the truth, wouldn't that be a major change?


The negative interest rates have nothing to do with a (possible) ban on cash. Banks are forced to store their money at the ECB, for which the banks are paying a negative interest rate. TLDR; Banks have to pay the ECB for storing money, so they're charging customers that are storing €100K+ to cover those costs.

The first message has nothing to do  with interest rates, but for storing cash / withdrawal cash.

When you have a business you have pay for both storing cash and withdrawal cash.
When you are a person this normally is free (sometimes only a few times per year)

But this is the case for many years now.
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May 03, 2021, 12:19:23 PM
 #4

Hello everybody. i'm not dutch, that's why i write in english. I just got a message i can't believe. Can anybody confirm this?

„Dutch government/banks getting crazy and like to ban the cash money.
0,5% for storing money on bank and Withdrawal in cash, 0,75% transaction fee.“

If that's the truth, wouldn't that be a major change?


The negative interest rates have nothing to do with a (possible) ban on cash. Banks are forced to store their money at the ECB, for which the banks are paying a negative interest rate. TLDR; Banks have to pay the ECB for storing money, so they're charging customers that are storing €100K+ to cover those costs.

The first message has nothing to do  with interest rates, but for storing cash / withdrawal cash.

When you have a business you have pay for both storing cash and withdrawal cash.
When you are a person this normally is free (sometimes only a few times per year)

But this is the case for many years now.

Storing cash = savings account. You can't physically store cash at a bank, unless he means storing it in a safety deposit box.

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May 03, 2021, 12:25:42 PM
 #5

Storing cash = savings account. You can't physically store cash at a bank, unless he means storing it in a safety deposit box.

That was what I thought: "storting" in Dutch   Wink
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May 03, 2021, 01:53:10 PM
 #6

Storing cash = savings account. You can't physically store cash at a bank, unless he means storing it in a safety deposit box.
It is meant the savings account. Cash is more likely to be stored privately in a safe.


The first message has nothing to do  with interest rates, but for storing cash / withdrawal cash.

When you have a business you have pay for both storing cash and withdrawal cash.
When you are a person this normally is free (sometimes only a few times per year)

But this is the case for many years now.

Thank you for the answer. Then this is not news, but something normal. I thought there was a major change and that worried me.


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May 03, 2021, 01:54:53 PM
 #7

Storing cash = savings account. You can't physically store cash at a bank, unless he means storing it in a safety deposit box.
It is meant the savings account. Cash is more likely to be stored privately in a safe.


The first message has nothing to do  with interest rates, but for storing cash / withdrawal cash.

When you have a business you have pay for both storing cash and withdrawal cash.
When you are a person this normally is free (sometimes only a few times per year)

But this is the case for many years now.

Thank you for the answer. Then this is not news, but something normal. I thought there was a major change and that worried me.

A lot of European banks are now introducing negative interest rates on savings accounts, all related to the fact that they're forced to pay the ECB for storing funds.

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May 03, 2021, 02:01:37 PM
 #8

A lot of European banks are now introducing negative interest rates on savings accounts, all related to the fact that they're forced to pay the ECB for storing funds.

That's exactly what I meant. I know it on a wealthy level. But for ordinary citizens, it will probably be a monthly increase in the fee. That sells better than a percentage that you might have to raise over time.


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May 03, 2021, 02:07:35 PM
Merited by sbogovac (1)
 #9

A lot of European banks are now introducing negative interest rates on savings accounts, all related to the fact that they're forced to pay the ECB for storing funds.

That's exactly what I meant. I know it on a wealthy level. But for ordinary citizens, it will probably be a monthly increase in the fee. That sells better than a percentage that you might have to raise over time.

Danske Bank (Denmark) recently lowered the threshold for negative interest rates to ~$16,000/€13,300, which is by no means a wealthy level. I wouldn't be surprised if other banks follow their example in the next 24 months.

EDIT: Source - https://www.nasdaq.com/articles/danske-bank-lowers-threshold-for-negative-interest-rates-on-deposits-2021-04-26

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May 05, 2021, 07:51:49 AM
 #10

[...] Danske Bank (Denmark) recently lowered the threshold for negative interest rates to ~$16,000/€13,300 [...]

WTF!?!  Lips sealed

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May 05, 2021, 07:57:28 AM
 #11

[...] Danske Bank (Denmark) recently lowered the threshold for negative interest rates to ~$16,000/€13,300 [...]

WTF!?!  Lips sealed

It's like the banks want you to buy bitcoin Grin. We all knew these times would come but it still seems surreal. Banks literally don't want your money anymore because it's costing them money to store it. ING recently even suggested their customers to store their money at other banks:


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May 05, 2021, 08:30:27 AM
 #12

[...] Danske Bank (Denmark) recently lowered the threshold for negative interest rates to ~$16,000/€13,300 [...]

WTF!?!  Lips sealed

It's like the banks want you to buy bitcoin Grin. We all knew these times would come but it still seems surreal. Banks literally don't want your money anymore because it's costing them money to store it. ING recently even suggested their customers to store their money at other banks:

[/img]

That’s actually the reason why almost all asset classes are booming ATM...

All ‘smart money’ is moving away from cash...

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May 05, 2021, 03:37:53 PM
 #13

Danske Bank (Denmark) recently lowered the threshold for negative interest rates to ~$16,000/€13,300, which is by no means a wealthy level. I wouldn't be surprised if other banks follow their example in the next 24 months.

EDIT: Source - https://www.nasdaq.com/articles/danske-bank-lowers-threshold-for-negative-interest-rates-on-deposits-2021-04-26

This is a change that would change a lot. In many european countries this gate would be very noticeable.
Development of the average private wealth per adult in Europe from 2000 to 2019
Source: https://statista.com/statistik/daten/studie/917215/umfrage/privatvermoegen-pro-erwachsenem-in-europa/

All ‘smart money’ is moving away from cash...

Exactly.
Why should you pay interest when you have it available yourself at any time and can send it globally?


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May 05, 2021, 09:05:40 PM
 #14

[...]
All ‘smart money’ is moving away from cash...
Exactly.
Why should you pay interest when you have it available yourself at any time and can send it globally?

But only a (very) small portion of that cash is moving towards crypto (and a whole lot wil get burned in the next correction and move away again as a result)...

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May 06, 2021, 10:44:48 AM
 #15

But only a (very) small portion of that cash is moving towards crypto (and a whole lot wil get burned in the next correction and move away again as a result)...

You're right, but I was primarily concerned with the costs of a conservative bank. Because of the negative interest rates, one or two things have been changed for wealthy people and now it's going on to lower wealth. This should make more people react, but we'll see if that happens.
I would not compare the fact that a lot of money goes out of the crypto market in a phase of correction with past corrections, the circumstances are different in this day and age.


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