Now, I prefer to stay away from the doom and gloom and sky-is-falling tactics that many talk about when discussing the modern War on Cash. You would think that monetary authorities could do better than repeating the same tired lines that are thrown around so carelessly as to be largely unbelievable, but the average citizen laps it up as they move to credit card and touchless and mobile payments. For years, the European Central Bank talked about killing the 500 euro banknote, claiming the usual prattle about “terrorism” and “drug running” and “money laundering”. In fact, while the United States has such an aversion to cash that law enforcement often seizes large sums of it from innocent parties, it is not even the worst country in the world in executing the War on Cash. This is not limited to the United States. The last US business I invested in dealt in a minimal amount of cash, and I would get reports that depositing the occasional $1,000 cash payment into our own bank account would raise the eyebrows of bank tellers.Īnd yet another friend of mine once tried to withdraw $5,000 in cash from his US bank to buy a motorcycle, only to be told that his local branch didn’t keep that kind of cash on hand, only to ask why he would need such a sum in hard currency anyway. Of course, this story wasn’t news to me I’ve been aware that banks have been cracking down on cash for years now.
#LARGEST BANK NOTE FREE#
The teller explained to him that while he was free to use their mobile app to transfer money to his friend electronically, cash deposits to third-party accounts were no longer allowed.
Just recently, a friend of mine in Chicago called me with what he thought was a weird story: he was trying to deposit $500 into his friend’s bank account at a local bank branch, and the bank wouldn’t allow him to. All around the world, the War on Cash is intensifying.
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