Sunday, July 19, 2015

Greek Banks Will "Open" Monday BUT Depositors Won't Be Able to Take Their Money Out

Greek banks are reopening Monday after a forced 3-week closure.

Greece has moved from your money is safe, but banks are closed and ATM withdrawal restrictions are in place to your money is safe, banks are open but the same withdrawal limits are in place, Got that?

In a decree Saturday, the Greek government kept the daily cash withdrawal limit at 60 euros ($65) but added a weekly limit. For example, a depositor who doesn't withdraw cash on Monday can withdraw 120 euros ($130) on Tuesday.

Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases. There are also restrictions on activating dormant accounts.

Note well: Governments in desperate situations do desperate things, always have some emergency money under your bed---ideally 3 months worth of expense money.


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