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Cash limit of €10 throughout the European Union
Cash limit of €10 throughout the European UnionInsolentiae – Jan 24, 2024
War on cash.
The big commission in Brussels, the EU, has decided to limit cash payments to 10.000 euros, and it's coming soon!
For us, in France this will not change anything because French legislation was already more than severe in its fight against cash since we have not been able to pay more than 1 euros in cash at a merchant for a long time. We must fight against money laundering and the financing of terrorism, don't we?
But this was not yet the case among certain European neighbors who are much more open to species, particularly Germany and Austria where species are culturally very used.
Using cash and not contactless payments has become an act of resistance and subversive, simple, peaceful, but still subversive.
The modest Norman attic economist that I am remains very favorable to cash (with obviously certain limits) because a note circulates much faster than the same sum coming from account to account. Cash is not really stored, it is used. The speed of circulation of 20 euros in notes is much faster than the same digital amount.
If you understand this message, you are the resistance to the society of absolute control that the psychopaths of Davos dream of.
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SG, BNP Paribas and Crédit Mutuel: Pooling of ATMs
SG, BNP Paribas and Crédit Mutuel: Pooling of ATMsFrance Evening - Jan 17, 2024
Doing better with less: Société Générale, BNP Paribas and Crédit Mutuel Alliance Fédérale (which also owns CIC) announced on Thursday the commissioning of the first joint ATMs, with lower costs and a reduced number of machines.
“Cash Services, the new local banking service offering shared by the four banking brands BNP Paribas, Crédit Mutuel, CIC and SG, is starting the deployment of around sixty sites throughout France,” announces their joint venture 2SF in a press release .
The first automatic teller machine (ATM), dressed in black and displaying the Cash Services logo, has been under test since November 22 at the exhibition center in Mulhouse, in Haut-Rhin. It has since been joined by six other sites, all excluding bank branches.
The customers concerned are those of BNP Paribas, SG, merger of the Société Générale and Crédit du Nord networks, the 14 regional banks (out of 18) of the Crédit Mutuel Federal Alliance as well as two independent banks of the Crédit Mutuel group, Crédit Mutuel Océan and Crédit Mutual of Maine-Anjou and Basse-Normandie.
Concretely, a Société Générale customer will, for example, be invited to withdraw money from a Cash Services ATM attached to a BNP Paribas agency, and vice versa.
After recognition of the card, each customer of these networks will find their bank's own interface on the ATM screen. Any other customer, of Crédit Agricole for example, will operate through a Cash Services interface.
The machines will be able to offer a wide range of services, such as check or coin deposits.
5.000 fewer ATMs
“French banks are evolving to meet the needs of their customers. Also, if the use of cash decreases, they remain vigilant to ensure that all French people have access to it without difficulty,” underlines the French Banking Federation (FBF).
At the end of the deployment of this pooling project, planned for 2026, the Cash Services network will have 7.000 sites (5.000 agencies and 2.000 excluding agencies), or 30% less than the number of current sites, around 10.000.
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Why are banks so reluctant to withdraw funds?
Why are banks so reluctant to withdraw funds?TVLibertes - Oct 21, 2023
Banks: nothing is going well! - Politics & Eco n°408 with Jean-Pierre Chevallier - TVL
Are French banks under threat and why are they so reluctant to accept withdrawals from their customers?
A study of the accounts of BNP and Société Générale shows that they lend their clients' deposits well beyond their own funds. In the event of a crisis, this can cause a sudden withdrawal and bankruptcy as with SVB. In addition to this risk, the accounts show, in the off-balance sheet, masses of derivative products which represent amounts 20 to 30 times GDP in opaque and risky financial operations. However, this behavior contrary to banking prudence did not lead to the banking apocalypse; the banks show strong resilience. What are the reasons: false accounts, disinformation, aid from public authorities? Another problem: bonds subscribed at very low rates are no longer worth anything, savers are getting rid of them. Are we headed for a bond crash?
With the Israel/Hamas war, uncertainty has just increased sharply, which is never good news for the markets. In reality, the bond markets of our democracies have collapsed in the last three years, losing 40% of their purchasing power since December 2020.
To conclude, a look back at the Nestlé/Pfizer transaction led by Emmanuel Macron. We wonder where the amount ($30 million?) of the transaction went.
Jean-Pierre Chevallier (https://chevallier.biz/), business economist and independent financial analyst.
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Inflation. People use cash to control their spending
Insolentiae - Sep 28, 2023
There is no overdraft possible in a wallet!
When I was a banker I had access to lots of figures, lots of covered or overdrawn bank accounts.
I drew some conclusions related to my observational studies. This is not worth a double-blind randomized study, but in real life, that's what we observe, so it's worth it!
You know what ?
In the 16th arrondissement of Paris, you have very rich people and very poor domestic staff in the INSEE sense of the term.
The result is very clear.
I had more poor people saving than rich people saving! I'm talking about numbers of people.
If you obviously take the average savings of the rich, it had nothing to compare with the average savings of the “poor”.
BUT… there were more domestic workers who were not overdrawn and saving than “rich” employers who were more often in the red.
The conclusion is simple.
1/ When you are poor you have to save even more than when you are rich.
2/ We lend more easily to the rich than to the poor, so the poor must tighten their belts and cannot spend more than they earn; the banker does not allow them to do so.
3/ Being overdrawn is so costly that it's a rich person's thing, not a poor person's thing.
So… yes, the poor, no offense to the journalists at BFM Business who make the heritage stereotype, save and they save a lot on their scale because they have no choice.
Hence… the return to favor of species of course and this is only the beginning and a very good start!
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Cash is not dead yet: understanding its role
Cash is not dead yet: understanding its roleMr Globalization - Sep 28, 2023
Free, practical, safe and universal, cash still has a bright future ahead of it, despite the development of dematerialized payments.
Used in everyday purchases by billions of individuals, cash – also called “fiat” money – remains an essential cog in the economy, including in the most advanced countries.
There has never even been so much fiat currency in circulation in the world! Since the introduction of the European currency in 2002, the value of euros in circulation has increased sixfold, according to the European Central Bank (ECB), an average increase of more than 8% per year. The American dollar is experiencing similar growth: the total value of dollars in circulation has tripled in twenty years.
THE favorite payment in Europe
Even if bank cards and digital applications continue to gain ground, cash payment remains the majority in France. According to the latest study by the Banque de France, published in May 2023, 50% of purchases were made in cash in 2022, 43% by bank card and 6% by checks, transfers or mobile payments...
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Commonwealth Bank cuts cash withdrawals and deposits
Commonwealth Bank cuts cash withdrawals and depositsInternational Network - Jul 28, 2023
Cash in danger.
In many branches across Australia, Commonwealth Bank has decided to abolish cash withdrawals and deposits. These branches of CommBank have therefore become “cashless”. Earlier this year, ANZ (Australia and New Zealand Banking Group) said it had also phased out cash.
Withdrawing money is getting harder and harder in Australia
Commonwealth Bank has opened a number of 'cashless' branches with customers who can no longer access their money in cash. Cash over the counter transactions are not available at these branches, including Commonwealth Bank Place which is in central Sydney. Same situation in Brisbane and Melbourne. These cashless branches are called “specialized centers”.
Deposits and withdrawals can still be made through on-site ATMs, but for those who don't have their bank card handy, things get much more difficult. "Card-free cash" withdrawals of up to $500 per day using the CommBank app are available, but for those who need more funds or don't have their phone with them, their cash is not accessible.
In March, another banking group did the same: the Australia and New Zealand Banking Group announced that it was cutting some of its services and that some branches would no longer have cash. He did not, at the time, reveal which branches would be affected, but insisted it would be only a “small number”.
This dominance of digital banking raises concerns that society has become too dependent on potentially vulnerable systems
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Good news. Construction of a new banknote factory.
Insolentiae – Jul 25, 2023
The war against cash is not lost!
The war against cash is not lost in advance.
The proof with the construction of this new banknote factory which will see the light of day in Vic-le-Comte, in Puy-de-Dôme.
“The construction of this plant, worth 250 million euros, which had been postponed several times in the past, will finally take place.
In a telephone interview with AFP, the bank's general manager of means of payment, Erick Lacourrège, welcomed the upcoming construction of the new Banque de France banknote factory. "The decision of the General Council was to validate the project, in itself, it is very good news", he, in fact, declared.
Work is expected to start in the near future. A period of two months should now elapse before the “start as such of the construction of the factory”, according to the director general of the means of payment of the Banque de France.
The new factory in Puy-de-Dôme will replace the current factory in Chamalières, near Clermont-Ferrand. Its construction had initially been decided last summer.
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The Great Exodus of American Bank Deposits
The Great Exodus of American Bank DepositsPlanetes360 - June 27, 2023
The great exodus of American bank deposits: a record flight of 79,16 billion dollars in one week.
A recent financial analysis indicates that US citizens are withdrawing huge sums of money from their bank accounts. According to updated statistics from the Federal Reserve System of Economic Data (FRED), as much as $79,16 billion left US bank accounts between the start of the month and June 7. The flight of deposits is a real turnaround after two weeks of inflows.
An unprecedented wave of withdrawals
In fact, the United States is experiencing a veritable wave of cash withdrawals from its banks. Indeed, last year saw a staggering $803,73 billion withdrawn from customer accounts. This is a real record in the history of American finance.
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Europe: the digital euro project underway
Europe: the digital euro project underwayStraight Line - May 06, 2023
Straight Line: Daylight with Guy de la Fortelle
Guy de la Fortelle was a guest on the Ligne Droite program on Radio Courtoisie to discuss finance-related topics, including cash and crypto-currencies. During the show, he challenged the listeners: “I invite all your listeners to go and withdraw 5.000 euros in cash from the bank. We will not give them, not easily in any case”. This statement raises important questions regarding the availability of liquidity that is supposed to be available to bank customers.
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Cash remains the first method of payment in France
Cash remains the first method of payment in FranceEquality and Reconciliation - 22 Apr 2023
With 50% of the number of payments made in 2022, cash remains the method preferred by the French, but its share has continued to decline over the past three years.
he health crisis has not killed coins and banknotes but their use continues to decline. This is the conclusion of the Banque de France, which unveils its new study on French payment methods on Thursday.
In 2022, the number of cash transactions represented 50% of total purchases in France. A share that is still greater than those made by credit card which was 43% last year. Small daily expenses such as those incurred at the bakery, tobacco shop or newsstand.
[...]
Traders called to order
But if the evolution continues at this rate, in the next study by the Banque de France, the card could have supplanted cash. France is, moreover, one of the countries in the euro zone which has abandoned cash the fastest since on average among our neighbors cash payments are 20 points higher than their proportion here.
However, the French, especially the over 55s and vulnerable households, remain attached to cash. On the one hand because it is a payment method that is not traceable and above all because it allows you to better manage your budget, especially in this period of inflation. You only spend what you have in your pocket.
[...]
At the end of last year, the Banque de France had called merchants in France to order, a certain number of which, such as Carrefour or Casino, require payment by card, in particular at automatic checkouts.
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How much money can you keep at home?
How much money can you keep at home?Jacob's Ladder - Apr 14, 2023
A Compiègnois was withdrawn by the court the 400.000 euros he kept preciously at home.
How much money can you keep at home without fear of being caught by the courts? Answer.
Cash under the mattress is not just a myth. Distrust of banks or feeling of security? Some keep tidy sums at home.
The extreme case is that of this Compiègnois sentenced to a two-year suspended prison sentence for having stored nearly 400.000 euros in cash at his home. An amount that came from his parents and which was confiscated from him after his appearance in court.
Indeed, without prior declaration to the administration, possessing such a sum is considered as money laundering.
It is legal to keep cash at home (as long as it comes from income or savings). But the amount is capped at €10 per person.
The Customs website specifies: "Cash (...) of an amount equal to or greater than 10 euros (or their equivalent in foreign currency) must be declared to the customs administration, in order to combat money laundering. from illicit trafficking, in particular the trafficking of narcotics. Undeclared work is also targeted.
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World's Largest CBDC Trial
World's Largest CBDC TrialDigital Dawn - March 24, 2023
A glimpse of the elite's vision of being cashless for you.
eNaira is Africa's first Central Bank Digital Currency (CBDC).
Central bankers, academics, politicians, and an assortment of elites from over 100 countries hoping to launch their own CBDC have been watching eNaira's development closely.
They have used Nigeria – Africa's largest country by population and size of economy – as a trial balloon to test their nefarious plans to eliminate cash in North America, Europe and elsewhere.
Are you concerned about CBDCs?
So you should pay attention to what is happening in Nigeria.
Indeed, chances are your government will use the same playbook when deciding whether to tax CBDCs in your area, which could happen soon.
