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- Feed Preview Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank : Bitcoin
/u/gr8ful4 on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
I think this would help. Still I would favour a solution, where uservotes are taken more into concern. A 100 upvotes post (under one hour) is not something one should delete without arguments. /u...
/u/SimonBelmond on Swiss bank refuses to let pension fund c...to avoid negative interest rates, recommended by National Bank
Yes you would have to do that. Some employers share the same fund however.
/u/viajero_loco on Swiss bank refuses to let pension fund c...to avoid negative interest rates, recommended by National Bank
> they'd invest in other ventures, right? and NOT lock it in a safe...
/u/SimonBelmond on Swiss bank refuses to let pension fund c...to avoid negative interest rates, recommended by National Bank
Yep fucked up! You are basically paying for the incompetence of some speculators, which have to speculate according to an agenda probably made by more incompetent people. Edit2 is just the worst....
/u/Citadel_CRA on Swiss bank refuses to let pension fund ca...to avoid negative interest rates, recommended by National Bank
Ouch, my sympathies. From your edit would one be forced to change employers if they didn't want to participate in that restructuring tribute?
/u/btctroubadour on Swiss bank refuses to let pension fund ...to avoid negative interest rates, recommended by National Bank
Thanks. It's always interesting to hear how it works in other countries around the world. PS: Is it just me or is what you describe in 'edit2' really fucked up? Mandatory restructuring fees to ...
/u/btctroubadour on Swiss bank refuses to let pension fund ...to avoid negative interest rates, recommended by National Bank
Given that the safe itself doesn't need protection, only the keys to it, and the keys can be split into any M-of-N scheme, I would say it's both cheaper and more secure to store large amounts of ...
/u/usrn on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
One can only be amazed by the problem solving skills of TPTB.
/u/alsomahler on Swiss bank refuses to let pension fund cas...to avoid negative interest rates, recommended by National Bank
> safes have a maintenance cost. So would any security you'd need to keep those keys secret.
/u/b_coin on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
how about, they knew it would happen when a certain set of conditions became true. well those set of conditions came true but what they didn't prepare for was the regulatory impact of their actio...
/u/SimonBelmond on Swiss bank refuses to let pension fund c...to avoid negative interest rates, recommended by National Bank
I would like to add my personal little story regarding my pension fund here in Switzerland: Just to get everyone on the same page. Pension funds are obligatory here and you can not choose which...
/u/SimonBelmond on Swiss bank refuses to let pension fund c...to avoid negative interest rates, recommended by National Bank
haha, never seen that before.
/u/danster82 on Swiss bank refuses to let pension fund cash...to avoid negative interest rates, recommended by National Bank
One of the problems with removing peoples posts is no reason is given, you just notice your posts gone and its like wtf? It would make sense if an auto message was sent to the poster for the reas...
/u/MaxSan on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
Which ironically banks don't allow as this would be full reserve banking. They want deposits in the account.
/u/statist1984 on Swiss bank refuses to let pension fund ca...to avoid negative interest rates, recommended by National Bank
i wonder what they would say if the pension fund were to put the money onto bitcoin instead. safes have a maintenance cost.
/u/TotesMessenger on Swiss bank refuses to let pension fund...to avoid negative interest rates, recommended by National Bank
This thread has been linked to from another place on reddit. ] We really should rethink our community rules! How comes this article has been removed by mods!? Ifyoufollowanyoftheabovelinks,re...
/u/ninti on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
Well, it was the most interesting article in /r/Bitcoin all day, so of course it was removed.
/u/CryptoCoder0 on Swiss bank refuses to let pension fund c...to avoid negative interest rates, recommended by National Bank
The end of cash era. I would have been so glad year ago. Now I understand we will miss cash...
/u/zeusa1mighty on Swiss bank refuses to let pension fund c...to avoid negative interest rates, recommended by National Bank
Negative interest rates are designed to do just this sort of thing, right? I mean, obviously this was an unintended consequence since they won't actually do anything with it once they withdraw it...
/u/zeusa1mighty on Swiss bank refuses to let pension fund c...to avoid negative interest rates, recommended by National Bank
I can't seem to find an English source on this.
/u/mike_hearn on Swiss bank refuses to let pension fund cas...to avoid negative interest rates, recommended by National Bank
I think it's more accurate to say they would have agreed it might happen, but given the low probabilities they could not justify taking vast sums of money into their own vaults as cash without pe...
/u/roybadami on Swiss bank refuses to let pension fund cash...to avoid negative interest rates, recommended by National Bank
The way that a bank keeps cash reserves purely electronically is (normally at least) by depositing it with the central bank (which unfortunately has negative interest rates) I think the only wa...
/u/Bitdrunk on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
Don't apologize to that whiny cunt. Nobody forced her to read it.
/u/FlailingBorg on Swiss bank refuses to let pension fund c...to avoid negative interest rates, recommended by National Bank
I did consider not posting it due to that, but it does say "usually" and news about negative interest did garner quite a bit of interest from the community in the past, so I figured this was a re...
/u/ on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
I didn't think this was new. I always thought withdraws were subject to availability and other policies. You're money is still yours, however, when in the banks position you are not always free t...
/u/xcsler on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
Maybe we will need a few of those trillion dollar platinum coins afterall. :)
/u/AussieCryptoCurrency on Swiss bank refuses to let pensio...to avoid negative interest rates, recommended by National Bank
Ctrl+F "Bitcoin". Nope. Seriously, the sidebar rule about Bitcoin articles applies to everyone but you!
/u/Sugar_Daddy_Peter on Swiss bank refuses to let pension f...to avoid negative interest rates, recommended by National Bank
I thought that's why we're militarizing the police.
/u/5atoshi on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
sure, after the government sets a negative interest rate on deposits everyone suddenly wants out. i bet that before that happened if you told them they are better off being their own bank and t...
/u/mike_hearn on Swiss bank refuses to let pension fund cas...to avoid negative interest rates, recommended by National Bank
Apparently it's not so crazy. They seem to have done their homework with respect to the costs. I wonder at what point it gets cheaper to just set up your own bank, if you're big enough and team...
/u/mike_hearn on Swiss bank refuses to let pension fund cas...to avoid negative interest rates, recommended by National Bank
That's not a good reading of the article. The pension fund in question does want to be its own bank. That's why they want to withdraw all their money in cash and pay for their own safes, their ow...
/u/Nakasje on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
"You can avoid reality, but you cannot avoid the consequences of avoiding reality." They saved the too big too fail organizations, but they will not be able to stop people from distrust and ban...
/u/angel0devil on Swiss bank refuses to let pension fund ca...to avoid negative interest rates, recommended by National Bank
So they can't use their own money? That's what I am reading.
/u/AstarJoe on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
Coming to a Eurozone country near you. If Greece falls, then what about Italy and Spain? Have you ever been in a packed movie theater when it is burning to the ground?
/u/waxwing on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
We will probably see more stories like this. NIRP is effective confiscation of bank deposits. In most cases, large institutions are loth to do something crazy like withdraw cash, but they have a ...
/u/gr8ful4 on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
someone should give them a hint.
/u/5atoshi on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
you didn't want to be your own bank, so enjoy the "regulation"
/u/ on Swiss bank refuses to let pension fund cash out to avoid negative interest rates, recommended by National Bank
Thank you for explaining.
/u/SimonBelmond on Swiss bank refuses to let pension fund c...to avoid negative interest rates, recommended by National Bank
So basically a pension fund calculated that they safe CHF 25000 (including rental cost for a big safe) per 10 million if they withdraw cash and put it in a safe. The bank (name so far undisclosed...