"Tomorrow begins today"
NatWest has announced new limits on cash deposits and withdrawals in the latest move by the bank to force people towards a 'cashless society'. The high-street bank told its current account holders it is bringing in new conditions "giving us the right to set limits on inbound and outbound payments"
In a leaflet it sent to customers it said that these new limits could include imposing “daily and annual” cash withdrawal and deposit limits and “limiting the amount of cash” paid in or taken out.
NatWest claimed it was making the change to “protect our customers from the risk of fraud” and that it was nothing to do with limiting customers’ access to cash. It has been claimed that banks have been 'told to do more to tackle financial crime' by the City watchdog.
Freedom campaigners have pointed to the timing of this as being 'highly suspicious'. The move comes following the banks closing of branches and the removal of thousands of Cash machines, making it almost impossible to get cash if you are a NatWest customer.
NatWest announced the changes in a leaflet first sent in June, entitled “tomorrow begins today”, advising customers of changes to their terms and conditions. The new rules, which come into force on Sept 11, state that:
“We may apply limits to payments to and from your account, for example, to the amount of cash you pay in or withdraw, or to payment types where there is a high risk of fraud, scams or other crimes.”
Anne-Marie Morris, a Tory MP who sits on the Commons treasury committee, said: “We should not be moving to a cashless society without consumer consultation and consent. Of course we must ensure money laundering is not allowed to flourish. But there is a balance and society cannot just be deprived of cash because it suits banks and regulators." adding
“The fraud and money-laundering rules seem to be wagging the tail of the cash dog.”
At present NatWest allows current account holders to take up to £750 out from a cash machine, or up to £20,000 out of a branch without notifying their branch in advance. this will be drastically reduced making it increasingly difficult to live on cash. Despite all the evidence to the contrary, The bank claims that it is "fully committed to access to cash", pointing out it has introduced measures such as a scheme to post cash directly to vulnerable customers, though there is no evidence that is actually being done.
Many banks have also brought in limits on how much cash can be deposited at the Post Office and in cash-deposit machines again supposedly to 'combat money laundering'.
But exactly what type of 'money laundering' are the banks talking about? Is it so serious, so rampant, that the entire country must change its ways on the off-chance that a criminal may be inconvenienced? Money laundering is unlikely to be any big issue with paper money. Financial crime is online.
If the banks really wanted to reduce financial crime then they'd actually encourage the use of paper money. Paper money cannot be stolen through your laptop, Paper money cannot be stolen remotely with just the use of your password, paper money cannot suddenly disappear at the click of a mouse three thousand miles away. Cash is infinitely safer than digital money.
These new rules won't prevent a single crime, of any sort, there is literally no evidence that this will have any effect on crime-rates whatsoever. It is one giant red-herring.
We warned you that there would be a 'reason' why a cashless society would be forced upon us. Some massive 'crisis' which would be used as an excuse to usher-in CBDCs, a cashless society, and a PCCS (Personal Carbon Credit Score). This may not be it, but it's a con nevertheless. The Financial Conduct Authority has been given powers to oversee the new rules. More banks are expected to follow in the coming weeks.