Topic: Dutch government/banks „ban“ cash money? (Read 335 times)

Banks are rapidly ditch savers.

Savings have become so unattractive to banks that they are increasingly rejecting savers.
Aegon stopped using savings accounts altogether.
ING is reviewing strategic options for the consumer segment in France.
This previously led to divestments in Austria and the Czech Republic.

Savings have become so unattractive due to the negative interest rate that banks are rapidly saying goodbye to savers.
Aegon Bank will even stop offering savings products altogether. The customers, good for about 90,000 savings accounts,
were informed on Thursday that their savings account will be closed as of 1 September.

On the same day, ING announced that it was examining the consumer branch in France, a division that mainly has many savings customers.
"All options are on the table," said a spokesperson. This could mean a sale, but a partner could also be sought for the branch with a million private customers.

Low yields

While Dutch banks enthusiastically plunged into foreign savings markets ten years ago, they are now one by one.
The yields are too small due to the low interest rates and the competition is too great.
Banks only seem to keep savers in core markets.

Earlier this year, ING announced that it would divest the consumer bank in Austria for this reason, forcing more than
half a million Austrians to look for another accommodation. Before that, the consumer branch in the Czech Republic met a similar fate.

ABN Amro and Rabobank also discontinued their services to private customers in various countries.
For example, Rabobank will bid farewell to 228,000 Belgian and 285,000 German savings customers this year
and ABN Amro pulled the plug on Moneyou, the online savings and payment subsidiary, last summer.

Insurer Aegon is also not completely withdrawing from the savings market.
Knab, the other banking label Aegon, will continue to offer banking products.
Savings customers of Aegon Bank are being offered the opportunity to switch to Knab, a spokesperson said.
'But other options are also mentioned that may be more attractive, such as paying off the mortgage or investing.'

Sell ​​savings activities

Finding a buyer for the savings business to be divested is often difficult.
The majority of customers are savers, and most other banks are not eager for extra savings either.
After all, 0.5% has to be paid on all surplus credits to the European Central Bank, which banks can only partially
compensate by charging customers a negative interest rate.

On Thursday, for example, Rabobank announced that it was unable to find a buyer for the Belgian internet bank.
'Over the past few months we have searched intensively but in vain for a suitable buyer', the website states.
The savings accounts will therefore be closed on 1 July 2022, the payment accounts at a later date.

ING previously concluded a deal in the Czech Republic with the local Raiffeisenbank, which is prepared to take over the ING employees.
The consumer bank in Austria must be divested before the end of the year. A spokesperson cannot say when there will be more clarity
about the fate of the French branch for private individuals. Nor whether ING wants to close consumer branches in even more countries.

The bank has been active in the French consumer market since 2010.
The institution still offers payment accounts, mortgages, consumer loans and investment products there.
About seven hundred employees work in France, two-thirds of whom are in the consumer branch.
ING emphasizes that the bank will continue to serve large corporate customers in France, Austria and the Czech Republic.

But only a (very) small portion of that cash is moving towards crypto (and a whole lot wil get burned in the next correction and move away again as a result)...

[...]Exactly.
Why should you pay interest when you have it available yourself at any time and can send it globally?

Danske Bank (Denmark) recently lowered the threshold for negative interest rates to ~$16,000/€13,300, which is by no means a wealthy level. I wouldn't be surprised if other banks follow their example in the next 24 months.

EDIT: Source - https://www.nasdaq.com/articles/danske-bank-lowers-threshold-for-negative-interest-rates-on-deposits-2021-04-26

All ‘smart money’ is moving away from cash...

It's like the banks want you to buy bitcoin . We all knew these times would come but it still seems surreal. Banks literally don't want your money anymore because it's costing them money to store it. ING recently even suggested their customers to store their money at other banks:

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WTF!?! 

[...] Danske Bank (Denmark) recently lowered the threshold for negative interest rates to ~$16,000/€13,300 [...]

That's exactly what I meant. I know it on a wealthy level. But for ordinary citizens, it will probably be a monthly increase in the fee. That sells better than a percentage that you might have to raise over time.

A lot of European banks are now introducing negative interest rates on savings accounts, all related to the fact that they're forced to pay the ECB for storing funds.

It is meant the savings account. Cash is more likely to be stored privately in a safe.



Thank you for the answer. Then this is not news, but something normal. I thought there was a major change and that worried me.

Storing cash = savings account. You can't physically store cash at a bank, unless he means storing it in a safety deposit box.

The first message has nothing to do  with interest rates, but for storing cash / withdrawal cash.

When you have a business you have pay for both storing cash and withdrawal cash.
When you are a person this normally is free (sometimes only a few times per year)

But this is the case for many years now.

Storing cash = savings account. You can't physically store cash at a bank, unless he means storing it in a safety deposit box.

The first message has nothing to do  with interest rates, but for storing cash / withdrawal cash.

When you have a business you have pay for both storing cash and withdrawal cash.
When you are a person this normally is free (sometimes only a few times per year)

But this is the case for many years now.

The negative interest rates have nothing to do with a (possible) ban on cash. Banks are forced to store their money at the ECB, for which the banks are paying a negative interest rate. TLDR; Banks have to pay the ECB for storing money, so they're charging customers that are storing €100K+ to cover those costs.

Hello everybody. i'm not dutch, that's why i write in english. I just got a message i can't believe. Can anybody confirm this?

„Dutch government/banks getting crazy and like to ban the cash money.
0,5% for storing money on bank and Withdrawal in cash, 0,75% transaction fee.“

If that's the truth, wouldn't that be a major change?