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Why do banks have ridiculous rules?

Few days ago, I was trying to withdraw some money (>10,000) from ‘my’ account to another account. The bank would not allow that as the amount is more than the transfer limit. Who set the limit? In whose interest is the limit? In this day and age of technology, is this model really the best?

The answer is a definite ‘no’. There will soon be a time when you can keep all your life savings in your pocket. There will be no need of a middleman, playing the saviour of our money. The only thing that is standing in the way of this change is regulation. Technology has been ready for some time as can be seen below.

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