NatWest RBS banking group, which owns Coutts, the bank involved in the debanking of Nogel Farage story, and itself largely owned by the government on behalf of We The Taxpayerssince 2009, has granted itself “sweeping new powers” to limit the amount of cash customers can deposit and withdrawal, triggering warnings that banks are operating as a cartel to force customers towards abandoning cash completely and accepting a “cashless society” which would pave the way to electronic surveillance of our financial activity.
NatWest, one of the UK's major high street banks has advised current account holders it is bringing in new terms and conditions “giving us the right to set limits on inbound and outbound payments”.
In a leaflet it said that could include imposing “daily and annual” cash withdrawal and deposit limits and “limiting the amount of cash” paid in or taken out.The move has aroused concerns that curbs on the use of paper money (legal tender in case the snivel servants at the Treasury have forgotten the laws,) could have negative consequences by allowing banks and government agencies to freeze customer's accounts or defund people engaged in lawful activities the government wished to suppress.
In a classic case of bad timing, the move comes just as the group is under scrutiny over the scandal that erupted after the “de-banking” of Nigel Farage who then revealed that Coutts – which is owned by NatWest Group – had closed his account because it disagreed with his political views.
NatWest said it was making the change to “protect our customers from the risk of fraud” and that it was nothing to do with limiting customers’ access to cash. Banks have been told to do more to tackle financial crime by the City watchdog but claiming that limiting cash will do that is bollocks, far more fraud is done online than in cash now.
The way banks and bureaucrats always cite prevention of fraud and money laundering as justification for their push to abolish cash is so far off the reality as to be laughable. Banks and online payment services are by far the biggest players in the money laundering business and it is far easier to launder large amounts money via computer systems than by carrying briefcases full of banknotes around.
Look up 'Double Irish with a Dutch sandwich' if you doubt me. It explains how banks and corporations launder their vast profits to evade tax.
If we lose cash we lose our freedoms - effectively vassals of the state - a form of feudalism for the modern age. Every penny we possess can be seen by the state, every penny we spend will be monitored.
Some or all of our wealth could be removed at the press of a button if it’s considered we have too much for our needs, if the state considers it could make better use of it or it’s felt we have expressed thoughts the authorities don’t want expressing.
Our ‘money’ if that’s what it would still be called, could be electronically ring-fenced for purchases the authorities approve of and prevented or limited for use on purchases they don’t. Investment would disappear - who would want to save when the state could remove our savings at a stroke?
The possibilities for control are endless.
Nigel Farage, who led the successful campaign to vote the UK out of the European Union and is now organising a campaign against authoritative overreach by banks, said it was deeply worrying that banks are now giving themselves such sweeping powers to dictate how customers’ handle their money.
“The wider de-banking scandal I have uncovered has already demonstrated that banks cannot be trusted to wield such power responsibly, given the way they have closed people’s accounts purely because of the political views they hold,” he told The Telegraph, adding “There will now naturally be fears that customers who fall foul of the corporate thought police could see their access to cash cut off. Jeremy Hunt must act swiftly to make sure that this cannot happen and that legal tender remains legal tender.”
NatWest's new rules, which come into force on Sept 11, state that: “We may apply limits to payments to and from your account, for example, to the amount of cash you pay in or withdraw, or to payment types where there is a high risk of fraud, scams or other crimes.”
Anne-Marie Morris, a Tory MP who sits on the Commons treasury committee, added: “We should not be moving to a cashless society without consumer consultation and consent.
“Of course we must ensure money laundering is not allowed to flourish. But there is a balance and society cannot just be deprived of cash because it suits banks and regulators.
“The fraud and money-laundering rules seem to be wagging the tail of the cash dog.”RELATED: