Bank Account, Here’s What Happens If You Go Over This Limit

Crises of all kinds, especially economic ones, have gradually reduced the confidence of savers in relevant institutions and bodies, such as banks. However, also thanks to the electronic development, the bank account has always been one of the most used and “convenient” ways to store, manage and use our money, which has become less tied to the traditional context and more to the electronic one. This has led to the development of new financial concepts but also many limitations.

Banking regulations

Even within the system supranational How European Union, the latter entity leaves a certain autonomy from a financial point of view to individual states, which allows them to be relatively free to pass laws on banks, and on any limits. So far, the bank account has not changed much conceptually in its basic performance, while the use of related services has certainly changed. Until now, thanks to smartphones and computers, using a bank account has become much easier.

Bank Account, Here’s What Happens If You Go Over This Limit

If there are fairly precise limits regarding daily and monthly withdrawals (the first is managed and determined by individual banks, for the second case, although there is no effective threshold, there is a “virtual” limit of €10,000 that can be withdrawn per month to avoid Falling into checks related to the use of cash), the situation is different with respect to the limits associated with the account. For example, there is a limit associated with average inventory which, if it exceeds €5,000 on an annual basis, results in a stamp duty of €34.20 for individuals and €100 in cash.

All banks operating in our country are also protected by a kind of “guarantee”, developed by the Interbank Deposit Protection Fund, which acts as a guarantor in case of bank failures up to amounts up to 100 thousand euro.