{"id":14181,"date":"2015-11-05T13:39:40","date_gmt":"2015-11-05T18:39:40","guid":{"rendered":"http:\/\/olduvai.ca\/?p=14181"},"modified":"2015-11-05T13:39:40","modified_gmt":"2015-11-05T18:39:40","slug":"bank-of-ireland-bans-small-cash-withdrawals-at-branches","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=14181","title":{"rendered":"Bank Of Ireland Bans “Small” Cash Withdrawals At Branches"},"content":{"rendered":"

Bank Of Ireland Bans “Small” Cash Withdrawals At Branches<\/a><\/h3>\n

As central planners the world over grapple with the effective \u201clower bound\u201d that\u2019s imposed by the existence of physical banknotes, there\u2019s been no shortage of calls for a ban on cash.<\/p>\n

Put simply, if you eliminate physical currency, you also eliminate the idea of a floor for depo rates.<\/p>\n

After all, if people can\u2019t 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 \u201cencourage\u201d consumption.\u00a0<\/strong>If, for instance, you\u2019re 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.<\/p>\n

In the absence of physical cash, there\u2019s 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\u00a0Citi\u2019s\u00a0Willem Buiter<\/a>\u00a0to economist Ken Rogoff to the\u00a0German Council Of Economic Experts’ Peter Bofinger have now floated the idea.<\/p>\n

“With today’s technical possibilities, coins and notes are in fact an anachronism,” Bofinger told Spiegel back in May.<\/p>\n

Now, in what should be a wake up call to the world,\u00a0Bank of Ireland has banned branch withdrawals of less than \u20ac700.\u00a0<\/strong><\/p>\n

Seriously.<\/strong><\/p>\n

Here’s\u00a0The Irish Times explaining<\/a>\u00a0that tellers will still assist the “elderly” if they have trouble using automated methods of obtaining cash:<\/p>\n

\n
Under new rules, designed to streamline in-branch services,\u00a0Bank of Ireland said withdrawals of less than \u20ac700 will no longer be facilitated with the assistance of tellers.<\/strong><\/em><\/div>\n

From mid-November, customers will have to use ATMs or mobile devices for small and modest-sized withdrawals.<\/em><\/p>\n

Lodgements of up to \u20ac3,000 and those involving less than 15 cheques will also have to use the bank\u2019s dedicated lodgement ATMs.<\/em><\/strong><\/p>\n

 <\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank Of Ireland Bans “Small” Cash Withdrawals At Branches As central planners the world over grapple with the effective \u201clower bound\u201d that\u2019s imposed by the existence of physical banknotes, there\u2019s 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[52,10481,1035,4787,10482,162,558,4318],"class_list":["post-14181","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank","tag-bank-of-ireland","tag-cash","tag-cash-ban","tag-cash-withdrawal","tag-consumption","tag-negative-interest-rates","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14181"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14181\/revisions"}],"predecessor-version":[{"id":14182,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14181\/revisions\/14182"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}