The Looming Irish Bank Run

NoAnimalID

What is the daily limit for withdrawing money from an ordinary deposit account? I have decided to pull my entire 100k savings because of the potential implications of contagion on my savings. I have drained a total of EUR3,000 today but can I go above this?

syklops

Someone with 100k in the bank should know where to get decent information from, and shouldn't need advice from anonymous people on the internet.

Is the 3k under the matress as we speak?

coylemj

syklops wrote: »

Someone with 100k in the bank should know where to get decent information

If they have 100K sitting in a demand a/c I wouldn't jump to that conclusion.

NoAnimalID

coylemj wrote: »

If they have 100K sitting in a demand a/c I wouldn't jump to that conclusion.

It's a joint a/c and we can withdraw like anyone else. We aren't in debt.

AltAccount

Why not get get the whole amount transferred to another account?

Keep withdrawing in that pattern and you'll probably get flagged for money laundering.

Marcusm

What are you doing with it when you withdraw it? Most notes from Irish banks will be identifiably Irish in origin. In the event of a euro break up, most likely they would not be f the same value or treated alike with notes issued in Germany. If you're truly worried, take it all out and buy German Government bonds (physically held if possible) or deposit in a number of German banks (likely to require a trip).

NoAnimalID

AltAccount,

I read that if one withdraws EUR15,000 or more then this automatically tips off the money laundering officer. This will not deter me from withdrawing my own money given my concerns about contagion with the Bank runs in Greece and Spain. Transferring it will entail charges, taxes, levies etc. Withdrawing it is the lesser of two evils.

NoAnimalID

Marcusm,

I am not concerned about a euro break-up because the Euro will always be there. I'm not trying to create any scare but it opens the possibility of our country leaving the EZ thus wiping out my savings if we revert to a weaker currency. I'm not interested in buying German bunds either. I'm simply keeping my cash savings somewhere safe at Home. The Bank is giving me 500EUR notes which mean less ''heaps'' of cash to carry and store.

AltAccount

NoAnimalID wrote: »

AltAccount,

I read that if one withdraws EUR15,000 or more then this automatically tips off the money laundering officer. This will not deter me from withdrawing my own money given my concerns about contagion with the Bank runs in Greece and Spain. Transferring it will entail charges, taxes, levies etc. Withdrawing it is the lesser of two evils.

If you include the security risk of physically holding that much cash versus the charges, how does it measure up?
Do you know how much the charges will be?

NoAnimalID

Withdrawing it is the lesser of two evils. My money matters in case of any scenario. I store it in a secure location near my house. I have a 3 surveillance cameras at my house so obviously no security issue.

wexie

NoAnimalID wrote: »

Withdrawing it is the lesser of two evils. My money matters in case of any scenario. I store it in a secure location near my house. I have a 3 surveillance cameras at my house so obviously no security issue.

Brilliant!!! Absolute genius!!!!

Now if only banks, secure transport companies, jewellers and the likes knew that having security camera's wipes out all security issues in one foul swoop.

Maybe someone should tell them?

AltAccount

So, what currency are you storing it in?

digzy

NoAnimalID wrote: »

What is the daily limit for withdrawing money from an ordinary deposit account? I have decided to pull my entire 100k savings because of the potential implications of contagion on my savings. I have drained a total of EUR3,000 today but can I go above this?

OP i'm gonna take you at face value-though i've my doubts!
You can take it all out at once but you've to give a few days notice.

Your 'security measures' are a complete joke. if the moneys swiped all the cameras wont get it back.

If you're determined to keep it in cash, you ought look at opening a german bank a/c. you can do this by travelling over directly or sorting it here and getting paperwork rubber stamped by the german embassy.
A broker i deal with offered to do this for me waiving his fee.

You really ought approach a broker and get appropriate advice

ffs dont be storing cash in your 'secure location'.

digzy

coylemj wrote: »

If they have 100K sitting in a demand a/c I wouldn't jump to that conclusion.

thats a bit harsh. maybe op needs access to buy property, fund kids in college etc............

I'd say theres plenty lads who bought bank shares and other investments who wish they stuck with cash. it's a pet hate of mine when i hear this 'eddie hobbs' attitude about loosing money by saving it because it's being eroded by inflation. so as opposed to 'loosing' 1% you end up loosing more cos you've invested in a bull sh1t fund.

NoAnimalID

I'm afraid that my savings could evaporate in the wake of the country's debt crisis and political stalemate. I am not the only one pulling a staggering amount of money out of my savings account. Greek banks have been hemorrhaging money lately at the rate of one billion euros a day. Irish Banks are weak and vulnerable in my opinion.

AltAccount

IF you're worried about the banks, move it to a non-Irish bank. If you're worried about the Euro, hiding it in your shed isn't going to protect it.

BuffyBot

See the sticky about speculative threads like this.

For those who want to discuss the broader economic issues, please visit the Irish Economy forum.