Bank Of Ireland Bans "Small" Cash Withdrawals At Branches

Tyler Durden's picture

As central planners the world over grapple with the effective “lower bound” that’s imposed by the existence of physical banknotes, there’s been no shortage of calls for a ban on cash. 

Put simply, if you eliminate physical currency, you also eliminate the idea of a floor for depo rates.

After all, if people can’t withdraw paper money and stash it under the mattress, then interest rates can be as negative as the government wants them to be in order to “encourage” consumption. If, for instance, you’re being charged 10% for saving your money, then by God you will probably spend that money rather than see the bank collect a double-digit fee just for holding on to your paycheck. 

In the absence of physical cash, there’s no way for depositors to avoid that rather unpalatable outcome unless the public starts buying hard assets like commodities with their debit cards. If you think that sounds far-fetched, just consider the fact that everyone from Citi’s Willem Buiter to economist Ken Rogoff to the German Council Of Economic Experts' Peter Bofinger have now floated the idea. 

"With today's technical possibilities, coins and notes are in fact an anachronism," Bofinger told Spiegel back in May. 

Now, in what should be a wake up call to the world, Bank of Ireland has banned branch withdrawals of less than €700. 

Seriously.

Here's The Irish Times explaining that tellers will still assist the "elderly" if they have trouble using automated methods of obtaining cash:

Under new rules, designed to streamline in-branch services, Bank of Ireland said withdrawals of less than €700 will no longer be facilitated with the assistance of tellers.

 

From mid-November, customers will have to use ATMs or mobile devices for small and modest-sized withdrawals.

 

Lodgements of up to €3,000 and those involving less than 15 cheques will also have to use the bank’s dedicated lodgement ATMs.

 

“Bank of Ireland understands these changes may be a new way of banking for some of our customers, and the branch teams will be available to help and guide them through this change,” the bank said in a statement.

So, if you are, i) wanting less than €700, ii) have less than 15 checks to deposit, or iii) aren't looking to put at least €3,000 into your account, you are no longer welcome inside Bank of Ireland branches. 

For his part, Irish Finance Minister Michael Noonan seems to think that this is, for lack of a better description, absolutely nuts: 

Minister for Finance Michael Noonan has described restrictions to be imposed by Bank of Ireland on over-the-counter lodgements and withdrawals as both “surprising and unnecessary”.

 

“I expect the bank to fully honour this commitment and ensure that customers will be facilitated through the existing arrangements where required. I would welcome a clarification form Bank of Ireland on the issue,” he said in a statement.

Yes, Noonan is demanding some "clarification," and you should too, before you discover that the world's central bankers planners have absconded with your physical cash on the way to instituting a regime that will allow for the micromanagement of your purchasing decisions. 

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Zirpedge's picture

Cash is king baby!

Zirpedge's picture

Sit on it. If your really believe in human liberty and free markets you will support a cash economy. Unfortunatly alot of royal libertarians just don't understand their perverse admiration of metals.

DetectiveStern's picture

A cash economy is great. That's not the issue it's the fact that cash is fiat and controlled by central banks that is the problem.

Tom Servo's picture

Too bad the headline is very misleading.  Joe McDouchebag can still withdraw 20 euro note from an ATM...

 

0b1knob's picture

They are just trying to herd people to the ATMs so they can lay off another 2000 tellers.

Move along, nothing to see here.

hedgeless_horseman's picture

 

 

Under new rules, designed to streamline healthcare services, The CMS said physician office visits for less than life threatening emergencies will no longer be reimbursed by Medicare.

    

From mid-November, healthcare consumers will have to use the CMS's new Virtual Doctor, or similiar online resources, for well-person and non-emergent medical advice.

    

Any elective healthcare procedures with CMS reimbursements greater than $1,000, and all those involving inpatient stays, will also have to use the CMS’s Virtual Doctor to enter a complete medical history, complete a self examination, receive a diagnosis, select a treatment option from an approved list, and submit a request for preauthorization.

    

“CMS understands these changes may be a new way of heathcare for some of our customers, and the Virtual Doctor FAQ will be available to help and guide them through this change,” the federal agency said in a statement.

Jethro's picture

Good luck understanding your virtual doctor in India.

NoDebt's picture

This article has nothing to do with banning cash.  It has everything to do with forcing ATM fees down BOI's customers' throats.

 

coinhead's picture
coinhead (not verified) NoDebt Nov 5, 2015 1:53 PM

Good!

We fukken sick of old people and cash anyway!  BUH BITCOIN!!

1000 splendid suns's picture

The time is ripe to walk away from this wretch of a system. Stop playing their games. Much better to be a Prole in 1984.

Son of Loki's picture

So Ireland now has the 'No Banker Left Behind" policy?

pods's picture

This story wasn't what I expected.

Kinda like that one time in Phuket..................

pods

risk-reward's picture

Was her American name "Sally" or "Mary" ?

Tarzan's picture

So after putting in 80 hours of work my employer sends my pay to The Bank

because handing me cash or a check is so unsafe...

Then the Bank tells me when and how I can spend it, how much I can withdraw with Government interrogation (Their enforcer thugs) and that I'm a selfish hoarder deserving of confiscation if I don't store my wealth with them.

How am I not a slave to the bank?

lakecity55's picture

This is one of the methods the Gobalists are using towards incrementally instituting a 100%  Socialist/Totalitarian economic/police state.

jeff montanye's picture

i like tom and nob.  the horseman's wit is swiftian.

but the only socialism this reminds me of is national socialism.

https://www.youtube.com/watch?v=GHs2coAzLJ8

847328_3527's picture

HH, that's another reason to go to Thailand for non-emergency medical care.

savagegoose's picture

From all i hear,  bankers aint too keen on large bank witdrawals either!

 

Theosebes Goodfellow's picture

Cutting to the chase, "Dont' get old, don't get sick, don't ever need money."

Next, please.

SumTing Wong's picture

My guess is it wasn't "Sally" or "Mary," but "Lola."

Overfed's picture

I still understand the freedom provided by cash, and my father was born after the Great Depression.

SILVERGEDDON's picture

coinhead - you are the meth head of cryptocurrency.

Keep your nasty habits, and total disregard for the English language to yourself.

The central planners's picture

Your ultra volatile virtual scam i biting again Btc= $360 from $500 2 days ago.

agstacks's picture

Oh, well.  We all clicked already.  Tyler wins. 

yrad's picture

Leave that bank and move your shit to National Irish Bank? I know, I'm crazy smart..

Boris Alatovkrap's picture

Only one word is describe passage of Obamacare by Amerikanski people, "S-U-C-K-E-R-S"!

BarkingCat's picture

I am disappointed. Our friend Boris is not really a Russian.
I cannot imagine a Russian using Americanski instead of Americansky.
Still enjoy the humour though.

MANvsMACHINE's picture

You know what else...?

His real name isn't Boris either.

mkkby's picture

If you are rich, you can see a human bank teller or doctor.  The rest of us are too dirty and embarrasing -- go talk to the computer, scum bag.

Who was it that said it's a big club, and you're not in it.

John_Coltrane's picture

So, you're saying the name Boris is Alotokrap?

cooky puss's picture

Ahaha, somehow his brain confused our Boris "Alatovkrap" with "Fullovshit", a blatant mistake if you ask me.

TheReplacement's picture

Of course Boris isn't Russian.  He's funny.  If you don't like funny you must be racist.

Boris Alatovkrap's picture

Boris is not Russian, is Ukrainian. Ancestral family is enslave by Soviet in 1928, is survive purge of Molotov and Lysenko.

lincolnsteffens's picture

Tovarich! No wonder I like your humor. We are landsmen.

Overfed's picture

Now is enslave by IMF and BIS.

lakecity55's picture

Sorry, Boris the Americanos did not pass BathHouseCareTM. It was passed by corrupt elected politicians with overwhelming opposition by The People.

The voters tried to defeat it by electing "conservatives" to the House. The House could EASILY simply vote to kill the funding, but they did not do so, proving finally that Votes Do Not Count. There is NO reason to vote. The USSA Supreme Soviet selects the candidates then allows for the illusion of a choice.

lincolnsteffens's picture

Don't vote. It only encourages the bastards. Don't contribute to their campaign fund either. If you are registered to vote you give up your right to the Constitution of the USA and agree to be an article XIV citizen/resident of the District of Columbia.

The Constitution recognizes the sovereignty of the people. The XIV amendment only has permisions as liberties granted by the Federal Government, Inc.

I do not consent.

I am not a  person/subject/legal fiction. I am a man on the land. I don't reside anywhere such as a fictional zip code. I live and breathe on the land within the territorial boundaries of the various states united.

newdoobie's picture

I always laugh at that 'give up your right to the constitution' either you are a free man and enjoy the rights given to you by God, or not.

Iam_Silverman's picture

"I am a man on the land. I don't reside anywhere such as a fictional zip code. I live and breathe on the land within the territorial boundaries of the various states united."

 

In the old days, we would have called you a hobo.

Mr.BlingBling's picture

I'm not sure what to make of this because if it's a "life-threatening emergency," then the ER is the place to go.

Antifaschistische's picture

Before I think this is all bad....let me think about this.

Are you saying, for example, that tens of thousands of Americans can (for example) move to Costa Rica, and still receive health care, diagnosis, and prescriptions all via a virtual doctor?

This is the single biggest constraint for loads of retired American's who may consider cheaper living elsewhere....is Medicare opening that door?  ( I'm not a Medicare recipient and wouldn't be for a long time so feel free to elighten me on how it really works)   My mother is on Medicare, and she visits a doctor who is a worthless POS...may as well work with a V.D.

TheAntiProgressive's picture

Yes and there is no "person" to take up a greivence with or beat the crap out of.  What are you going to do when simply facing a robot cemented in the wall and it is "Temporarily out of order" and has been for a week now?