https://x.com/RealDonKeith/status/1879145272984613099
So now UK banks are refusing to let customers withdraw their own money from their accounts and limiting what they are allowed to spend it on? Basically…the UK is China now.
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- FredS
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I think the Feds lifted withdrawal limitations from US bank accounts a few years ago. I think anything over $20K had to be recorded and reported to them. Before online banking was a thing I bumped up against this rule when moving money from the sale of a home and subsequent down payment on another.
I think most banks have kept limits in place to protect their own interests. They don't want to run short on cash available to other customers. I planned to buy something for a few hundred cash last weekend and we're going on vacation soon so I wanted to load up on cash. I stopped by my bank Friday afternoon and they only had five $50 bills in the entire joint. I wanted 50's so I could try to negotiate price reductions in $50 increments but the seller wouldn't budge. I did the deal anyway.
[EDIT] I know we'd all like to think that money we put in banks is still "our money" but that's not how it works. They're entering an agreement and we allow them to be in control. They might be promising to pay us interest, or to pay third parties out of our account if they show up (in person or virtually) with a check we've written from our account. They're free to make up rules and restrictions and to require us to sign in agreement when we open a new account. Really, the only way to fully control our money is to get it out of the system entirely, but of course that comes with a whole different set of possible pitfalls.
I think most banks have kept limits in place to protect their own interests. They don't want to run short on cash available to other customers. I planned to buy something for a few hundred cash last weekend and we're going on vacation soon so I wanted to load up on cash. I stopped by my bank Friday afternoon and they only had five $50 bills in the entire joint. I wanted 50's so I could try to negotiate price reductions in $50 increments but the seller wouldn't budge. I did the deal anyway.
[EDIT] I know we'd all like to think that money we put in banks is still "our money" but that's not how it works. They're entering an agreement and we allow them to be in control. They might be promising to pay us interest, or to pay third parties out of our account if they show up (in person or virtually) with a check we've written from our account. They're free to make up rules and restrictions and to require us to sign in agreement when we open a new account. Really, the only way to fully control our money is to get it out of the system entirely, but of course that comes with a whole different set of possible pitfalls.
If we ever get to heaven boys, it ain't because we ain't done nothin' wrong. - Kris Kristofferson
- Jocose
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DangerFredS wrote: 15 Jan 2025, 11:11
…I know we'd all like to think that money we put in banks is still "our money" but that's not how it works.
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- FredS
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Would you hold $20K for me? No, I'm not telling you where it came from, but I may go off the grid until things cool down. You can look at it once in a while but you can't mix it with your money and you sure as heck can't spend any of it. You need to protect it from fire and theft. I'm not giving you anything because we're friends and you'll do it for free right? I don't know when I might want it back, but you need to be able to return it at a moments notice.
If we ever get to heaven boys, it ain't because we ain't done nothin' wrong. - Kris Kristofferson
- jruegg
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Is there any other reliable news sources about this bank story besides one second-hand, anecdotal account on X? I tend not to immediately trust things I see online unless there's other sources. Even then... y'all remember all those conspiracy theories surrounding the pandemic that, *checks notes*, all turned out to be true while the media called them misinformation?
