Servicing existing accounts would be easier, at least for routine deposits and withdrawals.

ECONOMIST: Savings

But banks send federal regulators some 600, 000 alerts a year about potentially suspicious withdrawals, deposits, transfers and money laundering.

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Within just a few months, the Argentine government restricted withdrawals of bank deposits, defaulted on its debts and broke the link with the dollar, allowing the peso to devalue.

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Mr Nadir denies the charges and says legitimate withdrawals to circulate cash around the business were matched by deposits at the northern Cyprus end of the operation.

BBC: Asil Nadir

In addition to limits on ATM withdrawals, the measures allow authorities to restrict noncash transactions, freeze check cashing, limit withdrawals from bank accounts and even convert checking accounts into fixed-term deposits.

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The Financial Times newspaper quotes Athens-based bankers as saying withdrawals exceeded 1.2bn euros on Monday and Tuesday - 0.75% of deposits.

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Egyptian officials are becoming worried as savings account withdrawals increase in the face of a depreciating pound and public rumors of central bank confiscation of deposits.

FORBES: Egypt Imposes New Cash Controls At Border

They could also argue that retail deposits can be as flighty as the wholesale markets: just ask Northern Rock and IndyMac, both of which suffered rapid withdrawals.

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