The limit on cash from the machine is inconvenient - also we took a small loan to bridge the deposit on a new house between buying & selling - the time & paperwork it took was unbelievable. We also opened an account with Barclays when they opened a local branch in the hope they would operate on more customer friendly (UK type) terms & we were charged a ridiculous amount per month just to have platinum debit card - which we soon cancelled. Now they have stopped sending statements by post.
While fraud, security and money laundering are touted as reasons for limiting withdrawals in size, I think that the bank's true reasons are much more self serving. As the world's fiat currencies become more precarious by the day and the public's awareness of their bad bets increases, the possibility of a bank run increases. With the internet, the risks of bank runs becomes even more problematic for the banksters. If all depositors were able, with a keystroke, to remove their total funds in a panic, a bank could find itself with no reserves (poker chips) whatsoever at the end of the day. Can't have that. Got gold?
HSBC in UK also limit transfers to (10K I think) per day, unless one goes into the branch or send them a letter.
I can see the advantage in protecting against fraud, although I can think of better methods (like sending you a text for example)
I'm disappointed that my French Bank's (CA Languedocs) online banking service only shows the last 2 months transactions and there appears to be way to look at the account historically. It looks very primitive compared to my Isle of Man Bank (RBS/NatWest group) accounts.
Perhaps I'm not using it corrcectly.
Maybe withdrawing restrictions has something to do with security(?).
We are with HSBC in the USA and France and they sometimes go overboard with their security. They no longer will accept emailed instructions to change addresses, etc., only faxes. How many depositors have a fax machine in this day and age? Our other US bank restricts online transfers, to another bank, by a maximum of $6000 per month. Paying for a debit card is outrageous and then to be restricted to the number of transactions and withdrawals is sinful, but what choice is there? None!
As for limits at the atm machines,,, i was told in case of a robbery, the limits per day protect us from the thief extracting all that you have in your account, makes sense, but still can be inconvenient! Cheers
I have other accounts that I resort to using when I'm over my French limit. UK Visa or charge cards for example, those transactions cost me more though and makes things unnecessarily complicated.
It serves no purpose at all! A "French" friend of mine commented that French banks like to think of themselves as capitalist but in fact work in a communist environment! I know that doesn't help with your limits but it helped me to better understand the French banking mentality. Perhaps an offshore account might help....?
It is why I also have a UK account, plus my post office account in Switzerland and the Deutsche Bank where my German pension will eventually be paid in. Stuff the rules here, I just cross whichever border happens to be most convenient. I have no idea why they have the rules and restrictions they do have but French banking remains Neanderthal compared to most other as a result.