Banks, gangsters and the strange resurgence of cash

Re:Banks, gangsters and the strange resurgence of cash by tobyjsullivan on Friday October 22, 2021 @12:04PM (#28958885)

Yeah, it's not a shortage. It's bank policy to mitigate the risk of bank runs. What bothered me was the 24hr (or 48 hr in my case) notice requirement. That day I learned that my money is only actually mine (in the sense that I can use it as I please) if the bank decides to allow me.

As time goes on, those dollar maximums and notice periods are malleable and completely outside my control.

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Re:Banks, gangsters and the strange resurgence of cash by OldHand2018 on Friday October 22, 2021 @09:57PM (#28964951)

> That day I learned that my money is only actually mine (in the sense that I can use it as I please) if the bank decides to allow me.

It’s possible that the kind of account you have with that bank plays a role here. There has been a lot of deregulation over the last 10 years or something, but it used to be that your account had a descriptive name - passbook savings, demand deposit, etc. And those names meant something! A demand account meant you could demand your money any time you wanted, but it was against the law to earn interest. A passbook savings account earned interest, but you were limited in how often you could take money out, etc.

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