My wife has just gone off at the TV over a news report. In their infinite wisdom, the government has decided to restrict any ATM money transfers to arbitary third-party accounts to only NT$10000 at a time.
Not sure of the exact detail, but it seems you can designate accounts to which ATM money transfers are not so limited, and of course, you can avoid the limit by doing the transfer at a bank teller.
In my view, it’s not a totally dumb law, but what certainly is, is the amount of the limit. It’s way to meager.
On the news, it seems a lot of people are up in arms, as there are few places that rent for less than NT$10000 a month. Those type of transfers will force the inconvinience of designating accounts, or the incurring of additional NT$17 transfer fee per part transfer of rent.
Is there any way around this. What about internet transfers? What about automatic deductions done by the bank for contract accounts without the necessity of going to the bank or even using an ATM?
Maybe you could get your wife to get a checking account?
You know they only do this to protect you right?
Wait a minute, is this about non-contract accounts or contract accounts. If the transfer account is one you transfer to on a regular basis can’t you get over the limit by making your landlord, for example, a contract account. I know now that you cannot transfer too much money to non contract accounts via ATM. You must go into the bank to do this in person for security purposes, but if you have setup the transfer account ahead of time in person at the bank, you can go over the limit set for ATM transfers to that account only.
it’s absolutely amazing how just plain pig stupid the legislators are in this quasi-country… the jackass in question was on the news last night explaining his ridiculous quest to arbitrarily inconvenience people… the reason for his one man campaign to needlessly restrict people’s ATM transfers?..
he says that recently a lot of people have fallen victim to telephone con artists demanding ransoms / deposits on fake lotto winnings, etc. etc. that involve ATM transfers… i mean for f*ck’s sake… if you are so goddam stupid that after years of these lame telephone scams being dragged across the media day in day out, you still actually fall for them and rush off to the ATM to transfer your life savings when some nameless, faceless stranger calls you up and asks you to, then you bloody well deserve to loose your money…
but I digress… so the arsebackwards cretins in govt have identified that telephone fraud and con artists are on the increase… do they act to pass laws to allow / force the police to act on this type of crime?.. nope… do they take a meager fraction of their 52 zillion dollar 2nd hand junk weapons fund and spend it on public education so the ignorant peasants know better than to fall for these feeble scams?.. nope… do they realise the fact that faced with a con artist’s instructions to transfer their hard earned cash into account X, dumb people across Taiwan may actually realize that despite this retarded new law, they can still just go into the bank to piss away their life savings?.. nope…
so in the name of a handful of dolts who got separated from their money by their own greed or gullibility, the minister in charge of harebrained schemes announces this preposterous plan to severly inconvenience the entire country and thousands of angry people call in to complain about this new law, his response?.. “this is a small matter that people shouldn’t concern themselves with… really, if people are going to get worked up over the government making small decisions like this then I really don’t know… how can we legislators do our jobs if people are going to react like this?”
what happened to being the elected representative, there to represent the people’s concerns and interests? They don’t even understand the basic tenets of democracy!.. every time I think Taiwan is making progress, they come up with a new, improved even more ridiculous way to prove they are still an arsebackwards banana republic…
:fume: :fume: :fume:
Actually, I was wrong. After you make a contract account, you can transfer the money on the internet or phone, you still can’t get away with the limits in terms of ATMs.
Before the limit was N$50,000 at once or NT$100,000 per month. Now I am not sure what it is? NT$10,000 at once? What about the monthly limit?
Get checks, setup contract acocunts. Get an internet acocunt. it isn’t that inconvenient and it is to cut down on crime and theft and money laundering.
YingFan: a contract account is one you have gone to the bank in person to setup as an account that you are authorized to transfer beyond the limits on a monthly basis. A non-contract account is one which you have not gone in person to setup with the bank as a regular account you transfer too.
[quote=“Hobart”]Actually, I was wrong. After you make a contract account, you can transfer the money on the internet or phone, you still can’t get away with the limits in terms of ATMs.
Before the limit was N$50,000 at once or NT$100,000 per month. Now I am not sure what it is? NT$10,000 at once? What about the monthly limit?
Get checks, setup contract acocunts. Get an internet acocunt. it isn’t that inconvenient and it is to cut down on crime and theft and money laundering.[/quote]
The limit used to be $100,000 on an individual transaction limit, the daily limit was the same. So in theory if you wanted you could make 5 transfers each for $20,000.
I really do hope as Feiren suggests that this stupid rule will be reversed, especially as they are trying to bring it in with only a weeks notice, does not give the banks much time to change the software on all the atm’s.
Contract account transfers used to be exempt from this limit though, and were useful. A contract account is one that has been setup by you with the bank, so it cannot be done by anybody, hence why no limits apply.
Thanks, then by definition the limit cannot apply to contract accounts.
I never heard of an account you don’t need to set up in a bank though (or post). These non-contract accounts, what is the money tied to, if not a bank? How do you get the account # etc? I’m still a bit confused. I plan to use my postal account for rent-transfers in excess of 10000NTD. I signed up for the account, which I then assume means no limit? Or is the limit also dependant on the reciever’s account status?
[quote=“YingFan”]Thanks, then by definition the limit cannot apply to contract accounts.
I never heard of an account you don’t need to set up in a bank though (or post). These non-contract accounts, what is the money tied to, if not a bank? How do you get the account # etc? I’m still a bit confused. I plan to use my postal account for rent-transfers in excess of 10000NTD. I signed up for the account, which I then assume means no limit? Or is the limit also dependant on the reciever’s account status?
YingFan[/quote]
YingFan, hope this will help your confusion.
All of the accounts are tied to a bank or financial institution. The difference is that a contract account is something you as the account holder has setup with your bank in advance of transferring any monies. You would only normally do this for transfers that will occur regularly. Non contract transfers are the ones where you just walk up to the atm machine and want to make a transfer to an account for whatever reason in a one of scenario.
It would result in the same, as cars do not need to be taxed if not being used on the road, plus you would loose all the tax revenues from petrol sales
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 people 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:
The authorities’ complete disinterest in getting public input.
The lack of warning: It was announced this Tuesday (12 April) and was to go into effect next Wednesday (20 April).
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.
Just a quick point ‘yue1ding4 zhang4hao4’ means something like designated account. You get your landlord’s account number and you designate it as an account to which you can transfer a larger sum.
any news on whether this insanely stupid proposal has been confirmed “dead in the water”?..
or are they going to do the usual and stop talking about it, push back the implimentation date a couple of months and just slip it in later while nobody is paying attention?..
[quote=“plasmatron”]any news on whether this insanely stupid proposal has been confirmed “dead in the water”?..
or are they going to do the usual and stop talking about it, push back the implimentation date a couple of months and just slip it in later while nobody is paying attention?..[/quote]
Oh, I don’t know! I think the Ministry of F*@%ing Stupid ideas and the Council for Recommending and Promoting Patently Outlandish, Ludicrous and Inconvenient Controls (Examination Executive Section) (CRAP POLICEES) are working on it.
