Fight against cash: the bank that ousted Farage no longer wants customers’ cash
Next month NatWest, a major UK bank that serves as many as 22 million current accounts, will impose new limits on cash deposits, fueling the concerns of those who see this as the first move towards abolishing cash. NatWest is the owner of Coutts bank, the same one that took away Nigel Farage's current accounts and for this reason ended up under accusation, complete with the resignation of the CEO.
The maximum amount of cash customers will be able to deposit into their account at a bank branch, post office or Cash & Deposit Machine (CDM) is £3,000 per day and £24,000 in any 12 month period.
In the update sent to customers, the bank stated that: "We monitor these limits, we can change them over time and we will make information about them available to you, unless there are security reasons that prevent us from doing so".
The cash deposit per annum limit is ridiculous in a state where below £85k a year in turnover you don't need to be VAT registered. With limits of this kind, hundreds of thousands of small businesses will be forced
The bank wrote to clients about the changes, which will come into effect on 11 September 2023, stating that: "Protecting you from financial crime and fraud is very important to us."
In a summary of the changes, NatWest said it would "make it clearer" that the bank can set limits on payments to and from a customer's account. These limits can apply to different types of payments, including cash deposits and withdrawals and payments that the bank identifies as being directed to areas of "high risk of financial crime".
The fact that this move comes from NatWest is particularly serious not only because of the size of the bank, but also because it is owned, at the
It is particularly serious that NatWest is trying to impose "cashless" on the British public, which in fact the state still owns almost 40% of the bank. Practically the control of the institution is from the United Kingdom. So the move is understood as a directive to the
The changes to the terms and conditions described are only applicable to private customers, but many small businesses do not have specific business accounts. Some small business associations have urged the Treasury to intervene through the Financial Conduct Authority (FCA), but so far there has been no move from the government, which increases
A NatWest spokesperson said: "We have a duty to protect customers, communities and society from the effects of fraud and financial crime and we have introduced some changes to our terms and conditions to help us do this more effectively." If the problem was protection, why apply it to payouts?
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The article Fight against cash: the bank that kicked Farage out no longer wants customers' cash comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/lotta-al-contante-la-banca-che-ha-cacciato-farage-non-vuole-piu-il-contante-dei-clienti/ on Tue, 08 Aug 2023 13:51:23 +0000.