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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Sun Jan 13, 2008 9:41 am Post subject: Credit Crisis Deepens - ATM Withdrawl Limits Next? |
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By: Anthony_Cherniawski
Citibank is now limiting ATM withdrawals in New York City , blaming it on “isolated fraudulent activity.” If the fraudulent activity is isolated, why punish all your clients in a given region? This is certainly causing distress among New Yorkers because of the high cost of living in that city. Why not simply increase security on the ATMs? It looks an awful lot like Citibank is experimenting with rationing their cash outflows.
By the way, the people interviewed in the linked article made the statement, “Its our money. We should be able to take out any amount we want, when we want.” This statement tells me how ignorant the general public is regarding their accounts at a bank. Depositors are really lending their money to a bank. The deposit (loan) to the bank then becomes an asset of the bank, a unique power granted to banks alone. These “assets” are then used as the basis for loans through credit cards, auto loans, commercial loans and mortgages.
Where it gets dicey is that banks are on a fractional reserve system where they may lend up to ten times the amount they have on deposit. So, in reality, the money may not be there. George Bailey, played by Jimmy Stewart in “ It's a Wonderful Life ” had this to say, “ [ during the run on the bank] You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's house...right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and a hundred others. Why, you're lending them the money to build, and then, they're going to pay it back to you as best they can. Now what are you going to do? Foreclose on them?”
http://www.marketoracle.co.uk/Article3268.html |
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