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Your banks are toast

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Re: Your banks are toast

Postby CBBB » Fri Mar 29, 2013 5:19 pm

Tim Drayton wrote:Does anybody know if the limit on withdrawals applies to deposits made post bank re-opening day of March 28th? If so,it shouldn't. This will discourage people from making fresh deposits and thus delay the return to normality.


People can only hang on to cash, cheques have to be deposited, and its probably not a good idea to hang on to too much cash in these hard times.
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Re: Your banks are toast

Postby B25 » Fri Mar 29, 2013 5:19 pm

Tim Drayton wrote:Does anybody know if the limit on withdrawals applies to deposits made post bank re-opening day of March 28th? If so,it shouldn't. This will discourage people from making fresh deposits and thus delay the return to normality.


Tim, I read somewhere that the Capital Controls do not affect new money, only that, that was there before this all blew up.
Sorry can't find where I read it though.
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Re: Your banks are toast

Postby Get Real! » Fri Mar 29, 2013 5:20 pm

B25 wrote:
Tim Drayton wrote:Does anybody know if the limit on withdrawals applies to deposits made post bank re-opening day of March 28th? If so,it shouldn't. This will discourage people from making fresh deposits and thus delay the return to normality.


Tim, I read somewhere that the Capital Controls do not affect new money, only that, that was there before this all blew up.
Sorry can't find where I read it though.

The Onion? The Pontiki? :?
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Re: Your banks are toast

Postby Tim Drayton » Fri Mar 29, 2013 5:21 pm

B25 wrote:
Tim Drayton wrote:Does anybody know if the limit on withdrawals applies to deposits made post bank re-opening day of March 28th? If so,it shouldn't. This will discourage people from making fresh deposits and thus delay the return to normality.


Tim, I read somewhere that the Capital Controls do not affect new money, only that, that was there before this all blew up.
Sorry can't find where I read it though.


Great.That's the way it should be. Back to business as usual.
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Re: Your banks are toast

Postby Tim Drayton » Fri Mar 29, 2013 5:39 pm

It seems that this is partially true:

http://www.cyprus-mail.com/capital-cont ... d/20130328

Exemptions from the new set of stringent measures include: all new funds transferred from abroad; cash withdrawals or cashing cheques from foreign institutions abroad (likely aimed at tourists); payments authorised by the committee; cash withdrawals from accounts that banks hold with the Central Bank; the Cyprus Republic and the Central Bank.


Only funds from abroad? I really think that they need to get retail businesses to start banking their takings again but business proprietors are obviously only going to do this if they can be sure that they will have access to these funds to pay suppliers. There is a lot to be done, I know, but I think this issue should be addressed.
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Re: Your banks are toast

Postby repulsewarrior » Fri Mar 29, 2013 6:01 pm

...in any case, it would seem to me a good idea to open a new bank account.
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Re: Your banks are toast

Postby apc2010 » Fri Mar 29, 2013 7:51 pm

repulsewarrior wrote:...in any case, it would seem to me a good idea to open a new bank account.


I believe you cannot open a new account til next week........
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Re: Your banks are toast

Postby CBBB » Fri Mar 29, 2013 9:24 pm

apc2010 wrote:
repulsewarrior wrote:...in any case, it would seem to me a good idea to open a new bank account.


I believe you cannot open a new account til next week........


I opened a new bank account today in Hellenic, only way to deposit my pay check, and I will still have to wait till next Thursday to get any dosh out!
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Re: Your banks are toast

Postby apc2010 » Fri Mar 29, 2013 9:55 pm

CBBB wrote:
apc2010 wrote:
repulsewarrior wrote:...in any case, it would seem to me a good idea to open a new bank account.


I believe you cannot open a new account til next week........


I opened a new bank account today in Hellenic, only way to deposit my pay check, and I will still have to wait till next Thursday to get any dosh out!


Cheers .......same problem .......
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Re: Your banks are toast

Postby kurupetos » Fri Mar 29, 2013 10:01 pm

apc2010 wrote:
CBBB wrote:
apc2010 wrote:
repulsewarrior wrote:...in any case, it would seem to me a good idea to open a new bank account.


I believe you cannot open a new account til next week........


I opened a new bank account today in Hellenic, only way to deposit my pay check, and I will still have to wait till next Thursday to get any dosh out!


Cheers .......same problem .......

Rumours say, Hellenic Bank is due to go bankrupt by the end of the year.
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