[tor]

I went to the ATM and grabbed a bunch of cash the other day simply because I knew that a lot of places (butchers, fishmongers etc) were going to be crammed full of people and paying cash is easier than using the eftpos machine as they are always in the corner.

Interestingly the ATM only let me get 1K out. I was sure that you were allowed 2K.

Today I log in to my internet banking (st george) and get the following:

Quote

News
Important information

We are taking precautions to safeguard your account against fraud. From December 21, we have reduced the daily ATM maximum withdrawal limit to $1,000. Your daily withdrawal limit via a St.George branch will remain unchanged.

Safeguard against fraud? Yeah right.

[Easy Tiger]

tor, on 23 December 2011 - 10:02 PM, said:

I went to the ATM and grabbed a bunch of cash the other day simply because I knew that a lot of places (butchers, fishmongers etc) were going to be crammed full of people and paying cash is easier than using the eftpos machine as they are always in the corner.

Interestingly the ATM only let me get 1K out. I was sure that you were allowed 2K.

Today I log in to my internet banking (st george) and get the following:



Safeguard against fraud? Yeah right.

Probably because they know they’re (ATM’s) are going to cop a flogging.


My ATM only let me get out $100 but that’s because I’m working poor.

[savagegoose]

and increases usage fees as well i bet. well mobile ph boanking soon, will just sms it to the store owners mobile or some sh*t

[Ruffian]

You are probably right on the paranoia front, but maybe for the wrong reasons.

My bet is that it isn't anything as complex and forward thinking as preventing a potential bank run, but more likely due to a hole in their security they realised they couldn't effectively manage in the lead-up to Xmas. (St Georges doesn't appear to be run by rocket scientists.)

Otherwise why draw attention to their actions by a reducing cash withdrawals at a high demand time of year, when lots of people like Tor will notice it?

If they dropped their limit in mid Jan hardly anyone would know or care... and frankly not even I think a run is that likely in the next three weeks. Not in Australia, where we collectively take the summer off, intellectually and physically.

[tor]

Ruffian, on 24 December 2011 - 12:45 AM, said:

You are probably right on the paranoia front, but maybe for the wrong reasons.

My bet is that it isn't anything as complex and forward thinking as preventing a potential bank run, but more likely due to a hole in their security they realised they couldn't effectively manage in the lead-up to Xmas. (St Georges doesn't appear to be run by rocket scientists.)

Otherwise why draw attention to their actions by a reducing cash withdrawals at a high demand time of year, when lots of people like Tor will notice it?

If they dropped their limit in mid Jan hardly anyone would know or care... and frankly not even I think a run is that likely in the next three weeks. Not in Australia, where we collectively take the summer off, intellectually and physically.

Yeah it was just weird that when I was getting the cash I was thinking "oh this would be handy if things did go crazy during a period when there are so many public holidays and therefore the stock market won't be open and sentiment could go absolutely mental".

[Easy Tiger]

Ruffian, on 24 December 2011 - 12:45 AM, said:

Not in Australia, where we collectively take the summer off, intellectually and physically.

That’s very generous of you Ruffian to say that we only take the summer off.

Very Christmasy of you

[Mr Medved]

It seems to be an odd reason. IIRC there have been reductions in Europe due to their little problems.

It's an example why I almost exclusively withdraw over the counter and usually get at least a few grand out at a time... of course never over 10k because I'd rather the good folk at Austrac become redundant so that Swanny can swing the axe and deliver a pixie dust surplus.

[Kolchak]

You guys know if any there are any problems associated with transferring a large amount of money into an Australian bank account from an overseas one?

No doubt it sets off some alarms somewhere, but is it subject to tax?

[savagegoose]

Kolchak, on 27 December 2011 - 01:29 AM, said:

You guys know if any there are any problems associated with transferring a large amount of money into an Australian bank account from an overseas one?

No doubt it sets off some alarms somewhere, but is it subject to tax?

usa theres a " we may want to tax you something in the future withholding tax. "
ie you ship out 100k cash usa withholds %25 incase they missed anytrhing and dont want you getting away with the cas. its not directly tax, its still your money, its just you aint allowed to take it with you.

This post has been edited by savagegoose: 27 December 2011 - 03:29 AM

[Kolchak]

Savage, are you saying that if you transfer more than $100k (in one hit) from a US bank account to an Australian one, the US govt will hold 25% of it in case you owe them tax; so effectively $25k, and you'll get $75k in your account here? Is that really the case and if so can you get around this by transferring a bit less than $100k and making a few transfers?

If what you say is true where is the money kept? Is it in escrow? Held by the bank, the govt?

This post has been edited by Kolchak: 27 December 2011 - 05:25 AM

[savagegoose]

Kolchak, on 27 December 2011 - 05:18 AM, said:

Savage, are you saying that if you transfer more than $100k (in one hit) from a US bank account to an Australian one, the US govt will hold 25% of it in case you owe them tax; so effectively $25k, and you'll get $75k in your account here? Is that really the case and if so can you get around this by transferring a bit less than $100k and making a few transfers?

If what you say is true where is the money kept? Is it in escrow? Held by the bank, the govt?

i somehow knoew id have to look up where i saw this as proof , and i didnt, ill be back later with a link....

f*ck best i can do , http://www.google.co...iw=1024&bih=596

This post has been edited by savagegoose: 27 December 2011 - 06:43 AM