Amid increasing tensions between the US and Europe, De Nederlandsche Bank (DNB) is advising Dutch residents to be prepared for payment system outages by carrying cash and having access to multiple banks.
According to RTL Nieuws, DNB has given this advice as a precaution, warning that “society will grind to a halt” if people are unable to make payments.
While payment systems are still functional at the moment, the risk of cyber attacks and service suspension is worrying.
Having access to multiple banks and carrying cash ensures that you will be able to access your money regardless of issues among individual banks or payment systems.
Are these fears overblown?
Short answer, no.
While the payment systems used in the Netherlands are highly functional, they are also often foreign.
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RTL Z also recently reported on the high reliance of Dutch banks on US tech, detailing how erratic political moves from America have flipped US-European banking relations on its head.
If US services were, for some reason, suspended suddenly, the Dutch system would freeze up.
And your money? Well, it would freeze right along with it.
What can you do?
The best way to ensure continued access to your funds in the case of escalating conflict is to move it around, both digitally and physically.
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DNB firstly advises Dutch bank account holders to diversify which banks they put their money into. This way, in the case of one bank being inaccessible, you don’t lose access to all your finances at once.
The bank also advises having “sufficient cash on hand for a period of 72 hours” in case ATM systems go down.
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This allows groceries and basic businesses to continue functioning (at least partially) while negotiations take place.
What the future looks like
While reliance on America for systems and services once seemed a given, the new administration’s tactics show a new era has begun.
According to Steven Maijoor, director of supervision at De Nederlandsche Bank (speaking with RTL Z), the assumption of a good relationship between the nations has played a role in the underdevelopment of European banking services.
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Ultimately, developing independence and, as Maijoor says, ‘sovereignty’ from foreign services is key. The digital euro, which does not yet exist, would help in reaching this goal.
The DNB is also working to implement “offline card-payments,” reports RTL, which would allow payments to be registered but actually paid at a later time.
In the meantime, perhaps look into opening a new bank account, and head to the ATM for some cash.
What do you think of the DNB’s advice? Let us know in the comments!
do the DNB know how hard it is to setup a separate account?… the new bank wants you to shift all your payments to them and you salary… if you have linked spaarsavings accounts… they are linked to your existing account, so if that gets blocked… no access to your savings…
it is kind of a stupid message to broadcast… missed a few details of how things here work.
the suggestion to take cash while the machines works is sensible…but take too much and the Belastingdienst start taking an interest in why you need so much cash
ho hum… life goes on….