Cash payments over $10,000 to be banned on July 1 2019

Austrac were no better

 

Guardian Vaults have now gone cashless:

https://www.silverstackers.com/foru...-vaults-no-longer-accept-cash-payments.94098/

 

Just thought I would share an experience I had related to this topic:

I was in Perth for 2 days Thursday & Friday, on Thursday afternoon I went to the Perth mint to purchase 10oz of gold approx $23,500 at current spot.
The mint would accept cash / card / direct deposit / cheques (personal and bank)
Cash and card gold will be released right away, direct deposit and cheque have a 3 day clearance time(even on bank cheque) I would no be there to make the collection.

ANZ limits their cards to $2500 when spending your own money(eg from savings / chq accounts)
But will allow much larger purchases on credit (visa/MasterCard) but the mint would charge a % for these transactions.

so I taxied to the local branch, to withdraw the funds to be told I can only withdraw $3,000, after talking with branch manager he lifted this to $5000 as it was close to closing time. They recommend a bank cheque for $30.

I had to order $20,000 in for the next day, so I could finalise my purchase.

this all seemed very hard for someone to spend their own money.

with this new law coming in, I would have lost the ability to make the purchase without committing a criminal offence! This is insane!

thanks for read my rant!

 

I would have ripped the managers head off
My $ my pocket

 

I'm no defending the bank/s in any way but I suspect this branch must of had a low cash float available and thus may not of even had AUD20k on hand to give you or if they did, it may have reduced their cash float to a near nil etc.

If someone comes across the same issue...ask them that question and make them squirm a bit, then say "ring the next closest branch and ask them how much of my money they have on hand to give me etc"......by this time, security may have been called on you.

 

Just remember to ring the bank a day or two in advance to order your cash.

My bank want that for 10k or more.

 

If near closing time even if the branch had $100,000 in cash most of it might be already in time-delay safe

People wanting $20,000 cash near closing time usually try to withdraw with a gun

 

You want your Money (currency)? GRETA says "HOW DARE YOU!"
You have saved the excess of your earnings over your expenses & these MOTHERPLUCKER$ have the hide to tell you that you cannot have it when you want it.
Tyranny & big-brother at its finest. RANT OFF. _JOHNLGALT.

 

If they won't give you the $20K+ you want, close the account on the spot! Then you get your money.

 

Ive done that (it was the end of term deposit) and the branch didn't have enough cash so had to settle for a cash plus cheque or wait a day. The manager did say I could go to the city branch and they would have enough.

You will also find that the fine print clearly states this ie amount of cash on hand and it's not like the banks did not provide a service or pay interest.

 

They likely won't have it, banks don't work like that.
You'll have to wait a day for them to get it delivered.
Not happy about that? You can sue them. But one things for sure, you won't be walking out of there with your $20k when they don't have it.

 

This is really interesting and possibly ties a few threads together. The girl was the one who made a comprehensive submission to the public hearings on the cash ban.

 

I've tried to withdraw some money from my bank on the day when the computer was down. I was told no-you can't until the problem is fix. Then I've told them ,that I was willing to deposit some money,but because your computer is down it won't happen. To my surprise ,they told me -we can take your money sir and process manually. So the Bank can take money from the clients and process manually when the system is down,but the bank don't want to process manually when the clients want to withdraw the money-what's the crap...
Edit: is there any banking law which says-you can deposit but not withdraw/in case like above/ ?...

 

‘they are basically saying they are honest and will deposit into your account when the system is up.... but they don’t trust you as far as they can kick you, nor to be honest ie they don’t know you have the money you say that’s in the account.

 

in case synchronization failed
mobile phone allowed funds to be transferred out and back up system was not updated live
just like a glitch on the screen, matrix failed...there is a black cat
system got virus infections

 

Thanks BuggedOut been out of the loop for a bit and forgot about nuggets news. love it for current policy critique.