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France to cut its ATM withdraw by 50% Bank Run To Come?

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posted on Jun, 7 2011 @ 01:26 PM
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This came out just recently and is not sourced So if we have any Frence ATS readers that could verify this That would be great. Here is what came out

beginning August 1, 2011, the bank will lower the weekly ATM withdrawal limit by anywhere between 33% and 50%. In brief, according to the terms of the of the bank's statement, the top tier of credit card holders, the Visa Premier, will see their weekly withdrawal limit reduced from €3000 to €1,500, while the next two tiers, MasterCard and Bleue Visa, will see their weekly withdrawal allowance lowered from €1,500 to €1,000. Lastly, the lowest tier will see its cash withdrawal drop from €1,000 to €800.

www.zerohedge.com...-1347571

If this is true we could be seeing the start of a liquidity problem in France and subsequently all of the Euro Zone. Is this the next Domino to fall? If so, to all our ATS users in the Euro zone, i would consider taking some money out of the bank just incase
edit on 7-6-2011 by camaro68ss because: (no reason given)




posted on Jun, 7 2011 @ 01:31 PM
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reply to post by camaro68ss
 


Just atms, people can still go inside and close their accounts if they choose too, not sure how this will cause any kind of problem.



posted on Jun, 7 2011 @ 01:34 PM
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Originally posted by aceto
reply to post by camaro68ss
 


Just atms, people can still go inside and close their accounts if they choose too, not sure how this will cause any kind of problem.


Yeah i guess your right about that. there is no mention about it at all. That’s why its best to get a France ATS’er here to help us out



posted on Jun, 7 2011 @ 01:46 PM
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I can't speak for france but here in the states, when i got my last bank statement in, my bank was kind enough to enclose a letter informing me that the money in my account was going to be insured and that essentially, if something were to happen to the economy my money would still be there. We all know here that's pretty much...well, false, but, it shows that the banks are getting antsy over here as well.



posted on Jun, 7 2011 @ 01:52 PM
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I'm in France. I just received a welcome letter from my bank. That's all. You are informing me
!
And news are not talking about it
.

I just readen that those cards are too expensive (157 euros in one year) and Banks are earning a lot of money by these cards.

... Again, everybody thinks for his interests first.

edit on 11/04/11 by LaTouffe because: (no reason given)



posted on Jun, 7 2011 @ 01:53 PM
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reply to post by Axthiel
 


The best thing just for peace of mind is have a few hundred or even a thousand dollars if you can, put it in a safe at home just in case.

I try to do it but i tend to spend it faster



posted on Jun, 7 2011 @ 01:55 PM
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Originally posted by LaTouffe
I'm in France. I just received a welcome letter from my bank. That's all. You are informing me
!
And news are not talking about it
.


yeah keep it in mind and talk to some friends over there and see if they heard anything about it



posted on Jun, 7 2011 @ 02:01 PM
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Also, i can say the situation will be more complicated for us in France because those cards are not adapted for the purchases. So, 1500E to 1000E...
I always thought i shall hide my money in the ground



posted on Jun, 7 2011 @ 03:26 PM
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Originally posted by LaTouffe
Also, i can say the situation will be more complicated for us in France because those cards are not adapted for the purchases. So, 1500E to 1000E...
I always thought i shall hide my money in the ground


You might be better off THat way



posted on Jun, 7 2011 @ 03:40 PM
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Originally posted by camaro68ss
This came out just recently and is not sourced So if we have any Frence ATS readers that could verify this That would be great. Here is what came out

I'm in France here too, and this is not a rumour.

As always when it's about money and banks, all of this have been done in silent, far away from the mass media...

The source for this is P.Jovanovic site (in french) and begins with one French bank for the moment: "La Banque Postale".

Here's a rough translation from French :

"As of 1 August 2011, new limits for withdrawal are set up on ATMs from "La Banque Postale" to further secure your withdrawals.

This amendment relates to the whole range of payment cards of "La Banque Postale":

- If you are the holder of the Visa Premier, you can withdraw up to 1500 € (instead of 3000 € until 31/07/2011) 7-day rolling

- If you are a MasterCard cardholder, you can withdraw up to 1000 € (instead of 1500 € until 31/07/2011) maximum 7-day rolling.

- If you are the holder of the Visa Card, you can withdraw up to 1000 € (instead of 1500 € until 31/07/2011) maximum 7-day rolling.

- If you're Realys Cardmember, you can withdraw up to 800 € (instead of 1000 € until 31/07/2011) (3) maximum 7-day rolling ".


Now the can logically ask to ourselves if this "excuse" will be the same for the other banks as well...




If this is true we could be seeing the start of a liquidity problem in France and subsequently all of the Euro Zone

Yes, but it's only "La Banque Postale" for the moment which seems to have liquidity problems here. Let's wait to see how others French banks will react...
"Banque Postale" in France, it's: 11 million giro accounts, 10% of the market for credit cards, third French network of ATMs, third French bancassurance....
edit on 7-6-2011 by elevenaugust because: spelling



posted on Jun, 7 2011 @ 04:54 PM
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reply to post by elevenaugust
 


Thanks for all the info, Star for you



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