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Bank Holidays




The bank holidays represent a period during which the banks don't operate (keep their offices closed). Generally there are several bank holidays during a year - like for instance, during public holidays.
Bank holidays also occur when bank offices, perhaps ATMs as well, close.

Bank deposits are private property, but during government-imposed bank holidays (for instance, but they could also be imposed by the banks themselves), it's impossible or (in the best case) strictly limited to the deposit holders to withdraw their money in physical form.

The Cyprus bank holiday in March 2013 has demonstrated us that bank deposits are no longer secure and nor the governments, nor the banks guarantee that you have full access to your money savings all the time.

During these times of crisis, events such as the ones on Cyprus will happen more and more often. Governments will impose bank holidays in order to block people from withdrawing their money. Then, the money in the bank accounts will easily be taxed.

Bank holidays are used by governments as a preventive measure when imposing taxes on them - for stopping people to withdraw their money. First they block you from being able to withdraw, then they tax your wealth.

This can be prevented if you don't hold large sums of money in your bank. And, if you invest in precious metals.

But some, the bank holidays come as a surprise. Solutions do exist... We'll elaborate in our article dedicated to preserving savings during a bank holiday. It is possible, yes! But it's always better to prevent the problem!





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