ING Bank Lowers Daily Transaction Limits Fivefold

I just got this account update from ING Bank.

In a few weeks, we're going to change the daily limit for all PIN-based transactions using your Electric Orange Debit MasterCard®. A PIN-based transaction is any card transaction where you enter a PIN or choose 'Debit' versus 'Credit' at checkout. On October 13th, the new daily limit will change from $25,000 to $5,000. Of course, if you're in a bind and need more than $5,000 on any given day, just give us a call at 1-888-464-0727 and we'll help you make it happen.

That's an 80% reduction in the daily limit! Granted, most of us don't spend more than that on a given day, but occasionally it happens, and in a SHTF scenario, I can see a lot of folks needing access to more than 5k of their funds on a single day.

All they need to do is not answer the phone, and then you're (we're all) stuck!

Seems they want to "insulate" themselves from something. I try hard not to be a "Doomer" but this....wow. To me 80% seems a tremendous reduction and really makes me go hmmmmmm!

Something doesn't seem right about limiting access to your own money. Playing devil's advocate, could they be trying to protect against identity theft? If someone gets your card, they can only get 5,000 instead of 25,000? That's the first thing they usually do is go on a spending spree. Agree with you, but, it's just an idea.

Originally posted by DAVID64
Something doesn't seem right about limiting access to your own money. Playing devil's advocate, could they be trying to protect against identity theft? If someone gets your card, they can only get 5,000 instead of 25,000? That's the first thing they usually do is go on a spending spree. Agree with you, but, it's just an idea.

edit on 17-9-2011 by DAVID64 because: punctuation

Identity theft?

TPTB only make the current credit and banking system look legitimate by having laws against counterfeiting and fraud. If someone loses money through identity theft the bank is obliged to compensate the victim. I have had it happen to me twice, both times the theft was through internet transactions. The banks can always replace the lost digits on their electronic accounts through fractional reserve lending.

It's all a shell game. Only the small banks fail. The big banks always get bailed out. The only exception to this in more recent times is Lehman Brothers and Bear Stearns. Their short position in silver was so large that TPTB decided to let it fall over and pass the short position on to JP Morgan. JP Morgan have since taken over the silver price suppression scheme. They need to keep the price of precious metals suppressed to keep the fiat money system afloat, a shell game that is coming to an end.


kingworldnews.com...

I have pulled all of my money out of the banking system. I do still have a small account in a credit union I put in just enough to pay any bills I need paid electronically.

Meh, nothing new, been like that for years over here.

£500 is the daily withdraw limit and if your wanting more than £1000 cash you have to give 24 hrs notice. RBS via Ulster Bank.

Originally posted by michaelmcclen
Meh, nothing new, been like that for years over here.

£500 is the daily withdraw limit and if your wanting more than £1000 cash you have to give 24 hrs notice. RBS via Ulster Bank.

This isn't about cash withdrawl limits, this is in regards to purchasing power. Suppose for some reason you need a $5500 emergency widget "right now". After October 13th, you won't be able to buy it without making special arrangements with the bank.

Your account, Your money, and you can't spend it outright. Better hope they're not swamped with calls and can't get to the phone when YOU call because you can't access enough of your money.