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Old 05.10.2016, 18:47
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Shortage of CHF 1000 banknotes ??

Today I went into Basel and withdrew money from my bank and my wife's bank via their ATMs. The sums were round sums of several thousand each. As most of you know there is the option to choose either 'mixed' or 'large' denomination banknotes. I chose 'large' notes but interestingly BOTH banks' ATMs paid out in 100er notes only.

Many will think that this is not significant but it is. In the past if I ever requested larger notes I would get mainly 1000ers and maybe a few 200ers.

It looks like there is possibly a run on the larger banknote denominations in Switzerland. Make of this what you will. Has anyone else noticed this?
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Old 05.10.2016, 18:57
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Re: Shortage of CHF 1000 banknotes ??

Yes, that's it. It's happening now due to the illuminati lizard men shedding their skins in preparation for the next phase!
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Old 05.10.2016, 18:59
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Re: Shortage of CHF 1000 banknotes ??

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Today I went into Basel and withdrew money from my bank and my wife's bank via their ATMs. The sums were round sums of several thousand each. As most of you know there is the option to choose either 'mixed' or 'large' denomination banknotes. I chose 'large' notes but interestingly BOTH banks' ATMs paid out in 100er notes only.

Many will think that this is not significant but it is. In the past if I ever requested larger notes I would get mainly 1000ers and maybe a few 200ers.

It looks like there is possibly a run on the larger banknote denominations in Switzerland. Make of this what you will. Has anyone else noticed this?
About 85% of Swiss currency by value is 1000 notes, with negative interest rates for deposits of 10,000,000 or more it's hardly uprising that more money is being held as cash as their is no counter party risk that occurs with a Bank.
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Old 05.10.2016, 19:07
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Re: Shortage of CHF 1000 banknotes ??

Does this ATM actually spit out 1000? There is normally a sign which shows the denomination the ATM has loaded.
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Old 05.10.2016, 19:22
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Re: Shortage of CHF 1000 banknotes ??

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Does this ATM actually spit out 1000? There is normally a sign which shows the denomination the ATM has loaded.
Are there smaller notes than 1000 CHF?

What would anybody use such small notes for?
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Old 05.10.2016, 19:32
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Re: Shortage of CHF 1000 banknotes ??

The CHF 1'000 note shortage goes back to January when the Americans withdrew CHF 400 million in Swiss banknotes in Zurich, transported them to Geneva and handed the cash over to the Iranians:

"an initial $400 million cash payment to Iran was wired to the Federal Reserve Bank of New York (FRBNY) and then converted from U.S. dollars into Swiss francs and moved to an account at the Swiss National Bank, according to a copy of the communication obtained exclusively by the Free Beacon.

Once the money was transferred to the Swiss Bank, the “FRBNY withdrew the funds from its account as Swiss franc banknotes and the U.S. Government physically transported them to Geneva” before personally overseeing the handover to an agent of Iran’s central bank, according to the documents."

http://freebeacon.com/national-secur...ed-euro-banks/

http://freebeacon.com/wp-content/upl...som-Iran-1.pdf

And that's the rest of the story.
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Old 05.10.2016, 19:49
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Re: Shortage of CHF 1000 banknotes ??

Yeah. Sorry. I need to stand on my wallet to reach the top shelf of the pan cupboard and the extra width of the 1000s offers a bit more stability.
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Old 05.10.2016, 19:54
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Re: Shortage of CHF 1000 banknotes ??

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Are there smaller notes than 1000 CHF?

What would anybody use such small notes for?
In Basel (at the Coop Bank), the lowest note was the 20 sfr note , you get from the ATM(here in zurich it starts with the 50 sfr note), at the euro is starts with the 10 euro note(here in zurich it starts with the 50 euro not as well).
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Old 05.10.2016, 20:07
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Re: Shortage of CHF 1000 banknotes ??

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Are there smaller notes than 1000 CHF?

What would anybody use such small notes for?
Wiping backside, but they are a bit on the rough side, absorbent qualities aren't brilliant either.

Handing out to poor people maybe, but many don't accept anything under Chf 200.-- now, spoilt for chice i say.
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Old 05.10.2016, 20:56
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Re: Shortage of CHF 1000 banknotes ??

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About 85% of Swiss currency by value is 1000 notes, with negative interest rates for deposits of 10,000,000 or more it's hardly uprising that more money is being held as cash as their is no counter party risk that occurs with a Bank.
If someone robs one's deposit box in a bank, then whose loss is it?
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Old 05.10.2016, 22:12
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Re: Shortage of CHF 1000 banknotes ??

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If someone robs one's deposit box in a bank, then whose loss is it?
The insurance company if you have insurance, if not your self insured so you loose out.
The safe we had in the studio in Geneva had a 1,000,000 CHF cash rating, had we fitted an alarm we could have had higher cover.
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Old 05.10.2016, 22:23
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Re: Shortage of CHF 1000 banknotes ??

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The insurance company if you have insurance, if not your self insured so you loose out.

The safe we had in the studio in Geneva had a 1,000,000 CHF cash rating, had we fitted an alarm we could have had higher cover.
Was the insurance cover lower than the negative interest of 0,75%?
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Old 05.10.2016, 22:28
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Re: Shortage of CHF 1000 banknotes ??

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Was the insurance cover lower than the negative interest of 0,75%?
Way lower for cash held in a safe deposit or private safe of adequate cash rating. 1 person will never be able to get access on their own, we are not talking about a safe you can buy in Jumbo for chf 200. Those will have a cash rating of about CHF 500
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Old 07.10.2016, 12:38
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Re: Shortage of CHF 1000 banknotes ??

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About 85% of Swiss currency by value is 1000 notes, with negative interest rates for deposits of 10,000,000 or more it's hardly uprising that more money is being held as cash as their is no counter party risk that occurs with a Bank.

In that case your logic would suggest it's big businesses and maybe insurance companies that are vacuuming up the 1000s and holding them in secure safes on their premises instead of holding cash deposits in the bank.
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Old 07.10.2016, 12:46
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Re: Shortage of CHF 1000 banknotes ??

I usually withdrawal gold out of the ATM
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Old 07.10.2016, 12:48
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Re: Shortage of CHF 1000 banknotes ??

I also observed the shortage of 1000chf notes this morning!

Curious, I wanted to see what these banknotes look like and try to withdraw one at the ATM. The machine rejected saying "insufficient funds"!!

They don't have enough 1000chf banknotes!
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Old 07.10.2016, 13:19
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Re: Shortage of CHF 1000 banknotes ??

An interesting article on the trend towards holding cash due to negative interest rates:

http://www.swissinfo.ch/eng/cash-in-...-bite/42424816
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Old 07.10.2016, 14:54
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Re: Shortage of CHF 1000 banknotes ??

I wish to personally apologize for the lack of 1000chf notes. Unfortunately I ran out of toilet paper.




(Waits for some smart dick to comment - "Why can't you use 100chf notes like everyone else?")

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Old 07.10.2016, 15:53
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Re: Shortage of CHF 1000 banknotes ??

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I also observed the shortage of 1000chf notes this morning!

Curious, I wanted to see what these banknotes look like and try to withdraw one at the ATM. The machine rejected saying "insufficient funds"!!

They don't have enough 1000chf banknotes!
If you are a customer of Deutsche Bank, the "insufficient funds" message may not simply be referring to your personal account
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Old 07.10.2016, 16:45
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Re: Shortage of CHF 1000 banknotes ??

Usually the ATM has the notes that can be withdraw and I didn't see yet one that has the 1000CHF note written on it. Normally you'll see 200, 100, 50, 20.
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