ATM transfer limits?

Can anyone confirm the news that bank transfers via ATM are going to be limited to NT$10,000 per day?

That’s got to be a joke, right?

[quote=“KenTaiwan98”]Can anyone confirm the news that bank transfers via ATM are going to be limited to NT$10,000 per day?

That’s got to be a joke, right?[/quote]
I transfer more than that when I pay my rent. I would assume that there is some limit but NOT that low…

That was on the lunchtime news on TTV.

I don’t know what the specifics are…

here’s the news story on Chinapost Website … 1008&GRP=B


[quote]Nobody will be able to have an ATM (automated teller machine) transaction of more than NT$10,000 after April 20, according to the Ministry of Finance.

It was so decided at an inter-ministry conference, called by the National Police Administration, a Ministry of Finance spokesman said yesterday.

The meeting was held to coordinate efforts to prevent ATM fraud.

“However,” the spokesman said, “the new practice will be in force on a one-month try-out basis.”[/quote]
WTF! So, I’ll just have to make more than one transaction to pay my rent. Oh, and if I were a criminal I would just do the same… If you look, it says ATM transaction, that implies ‘cash’ transaction, does it not?

At least its only a one month trial. I wouldn’t want to work in the complaints department of any bank while this is going on, that’s if they even have customer complaints departments.

[quote]The amendment targets falsified personal accounts fraudsters create to transfer their loot.

They use genuine personal data to open such accounts without the knowledge of their victims.

Some poor and needy people may accept a small amount of money to let fraudsters use their personal data to acquire bank accounts for illegal money transfer.[/quote]
So, this is another overreaction to target a minority consequently making the lives of the majority somewhat more troublesome…

Yes, this WOULD HAVE been a stupid law. It was to have been enacted next Wednesday, and means that anyone who pays their rent, credit card bills, plane tickets etc by ATM transfer would instead have had to line up at the bank.

Clearly a lack of neurological activity on the part of policy-makers.

Fortunately, enough TWNese ppl complained (100’s, apparently), and the Ministry Of the Interior has reneged. Weirdly enough, the TPE Times has a huge article on the business pages saying this policy would be introduced. I read the newspaper back to front, so noticed that first. Then, on the front page, there’s a tiny headline saying they have since changed their minds.

A couple of worrying aspects in this all, though:

  1. The authorities’ complete disinterest in getting public input.
  2. The lack of warning: It was announced this Tuesday (12 April) and was to go into effect next Wednesday (20 April).
  3. The arbitrary figure chosen, of only NT$10,000 a day. Less than the average person’s rent. And here is the best part: “A figure that the ministry has received, which was probably from last year, Lin added, illustrated that 460,000 ATM transfers took place per day, 60 perecnt of which wre under NT$10,000.” Taipei Times. his means that 40% of transfers ARE above NT$10,000. That means an extra 180,000 transactions A DAY that would have to be done by taking a number inside the bank. Which rocket scientist chose NT$10,000 as the cut-off figure?

Add this to the other gestapo-like action of the last week - banning Chinese journalists - and the desire in some quarters (including, perhaps surprisingly, in pro-independence quarters) to appoint city mayors etc rather than voting from them, and it seems like democracy is not really something that has taken hold very well in the last 13 years here.

Hey DSN: Didn’t anyone tell you that if you set up your monthly payments as contract accounts then you can still transfer the money to those accounts. Right now the limit is set at something like NT$50,000 or NT$20,000 I can’t remember, but I have to pay for a business rent and it is much more over this limit. But I understand and don’t complain, I just set it up as a contract account.

By the way, this is all safety procedures, just like in the USA where we are not allowed to take out more than say US$500 per day from the ATM. That is even worse, don’t you think. However, I understand as there are theives that when they rob you, if you do not have enough money make you go to the ATM. In Taiwan they are doing this for similar reasons. Not really a big deal at all if you just set up contract accounts for the rent etc.

Regarding the Communist Chinese reporters, not such a bad thing. They do not have press freedoms in China so they are not reporting the truth and it is bad for the image of Taiwan in China. The kind of Communist propaganda that those reporters wrote they can write from an office in Beijing. We don’t want those fake reporters here anyway, China and Taiwan are in an ongoing Cold War you know.

That is really strange about appointing the Mayors, I hadn’t heard that. Can you link to the news in the English press please?

News Flash: it will be a $NT30,000 limit starting in June.

NT$30,000 still won’t be able to pay my shop rent, employees, car payment or mortgage without setting it up for contract accounts, just like prior to all of the fuss, but that is for my own protection so I don’t complain and I understand. Don’t know what all of the riots were about.