UK Banks Refused 6 Million Citizens Accounts, Bitcoin Doesn’t Refuse Anyone

[OmegaStarScream]

Over the past two years, 6 million residents of the United Kingdom have been denied bank accounts.

According to a study conducted by competing banking service Pockit, since 2014 one in eight adults have been rejected by banks.

Additionally, the study found that six out of 10 of their customers thought that banks did not care to accommodate the needs of low-income workers.


Check out the article : http://cointelegraph.com/news/uk-banks-refused-6-million-citizens-accounts-bitcoin-doesnt-refuse-anyone

[poncom]

That's a gap in the market for Bitcoin to take advantage of. With the Bitcoin ATM infrastructure rolling out across the UK and elsewhere low income people can store their money in Bitcoins, and withdraw it as fiat through an ATM. There are Bitcoin debit cards rolling out too which will assist Bitcoin in taking the place of bank accounts.

[franky1]

i love bitcoin.. but lets be frank, the study didnt say that 6 million brits were denied basic bank accounts..
they were denied 'serviced' accounts that offer things like:
5%  cashbacks
ISA's
overdrafts

which are services which bitcoin does not offer.

where the list require suitable regular income to qualify for.
these 6 million people can still get standard bank accounts with an ATM card.
even people 'seeking asylum' in the UK can open a bank account.. just not accounts that offer extra services (which bitcoin doesnt either)

the situation of UK banks is NOT the same as the african bank situation or the situations of other third world countries.

[Goms]

Hey! African countries do not offer cashbacks all right, but they do not deny their citizens the chance to open a bank account.

Even children can open accounts if they have an adult to stand in for them.

[countryfree]

What? The UK is an easy country to open a bank account in. I tried to open a bank account in France and Germany and they didn't want me as a customer, but UK was much friendlier.

[franky1]

Hey! African countries do not offer cashbacks all right, but they do not deny their citizens the chance to open a bank account.

Even children can open accounts if they have an adult to stand in for them.

the situation of UK banks is NOT the same as the african bank situation or the situations of other third world countries.

the situation in africa's "unbanked" is not about premium services or incomes.. its about availability of banks in remote villages
anyone can get a basic bank account.. but in africa, its location that is the main problem

[icet208]

What? The UK is an easy country to open a bank account in. I tried to open a bank account in France and Germany and they didn't want me as a customer, but UK was much friendlier.

I have moved to UK a few months ago (from a EU country).
I don`t really agree with you that is an easy country to open a bank account . First of all you have to prove you address were you live ,must prove that you pay a rent, and must have a bill on your name on that address. I was paying rent but it had the bills included so I didn`t had any bill on that address with my name. Only one bank wanted to open an account for me. After 1-2 months (didn`t had a job at that time) I tryed to use my debit card attached to the bank account and...found out that they closed my account..without any warning, without any call, email, post (they sayed that they called me several times but they didn`t)
just my experience..

[calkob]

Has already been said everyone in the UK can get some sort of basic bank account they may not get a serviced account.  even those who have been and are bankrupt can get a basic account.

[Wapinter]

That's a gap in the market for Bitcoin to take advantage of. With the Bitcoin ATM infrastructure rolling out across the UK and elsewhere low income people can store their money in Bitcoins, and withdraw it as fiat through an ATM. There are Bitcoin debit cards rolling out too which will assist Bitcoin in taking the place of bank accounts.

People usually keep their savings in bank to earn interest on it.Keeping it in bitcoin would not serve any purpose as most middle class families need to withdraw for their everyday needs

[Raimonn]

Normal bank account are easy to open on european countries, also a child could have an account. The problem is if you want one with a credit card and other financial services, they will ask you for utility bills at your name to prove that you have an address. And you will need to prove that you have a job.

[sbtctalk]

Are there any fall below fees for your bank accounts in your country?

In some banks of some countries, if the daily average balance is less than $1,000, the bank will deduct a $2 maintenance fee.

[7788bitcoin]

Are there any fall below fees for your bank accounts in your country?

In some banks of some countries, if the daily average balance is less than $1,000, the bank will deduct a $2 maintenance fee.

Most countries do not have this. The only one I heard is Singapore, having the minimum amount between $500 to $1000.

[pooya87]

this was just a misleading article, i am getting used to these types of news and i don't think too much about them anymore. there is no bank in the world that will reject people to invest (deposit) in their bank. just like bitcoin.
this article is like saying bitcoin rejected me when i asked for a loan on bitcointalk!

[jamalaezaz]

this was just a misleading article, i am getting used to these types of news and i don't think too much about them anymore. there is no bank in the world that will reject people to invest (deposit) in their bank. just like bitcoin.
this article is like saying bitcoin rejected me when i asked for a loan on bitcointalk!

You are right . this is really unbelievable. how banks can reject that much costumers. banks are looking for more costumers. I think it is a probably fake news.. but still this is also true that bitcoin won't reject anyone. no matter if he is kid or adult. 

[Herbert2020]

this was just a misleading article, i am getting used to these types of news and i don't think too much about them anymore. there is no bank in the world that will reject people to invest (deposit) in their bank. just like bitcoin.
this article is like saying bitcoin rejected me when i asked for a loan on bitcointalk!

You are right . this is really unbelievable. how banks can reject that much costumers. banks are looking for more costumers. I think it is a probably fake news.. but still this is also true that bitcoin won't reject anyone. no matter if he is kid or adult. 

it is not a fake news. franky1 gave an explanation about this which i think is true (they deny special accounts). this is just how these news sites work, the title of the news will create some thoughts in your mind which are not true when you think about them or read the article and that is how they intrigue people to click on their news site and get traffic.

[franky1]

it is not a fake news. franky1 gave an explanation about this which i think is true (they deny special accounts). this is just how these news sites work, the title of the news will create some thoughts in your mind which are not true when you think about them or read the article and that is how they intrigue people to click on their news site and get traffic.

part of it is mis-information part of it is advertising the new non-bank.... "pockit"..

which is trying to get people to buy up their prepaid cards(mastercard debit cards).. so the article (cointelegraph which always fails at its sources) is even pretending that pockit is a "competing banking service". when in actual fact is just a prepaid card reseller..

in short i think that cointelegraph has been paid to do some subtle advertising for a card reseller, without even checking the facts (as always)

[Wendigo]

Do the UK banks refuse applications for all kind of bank accounts or only for checking accounts with associated credit cards etc? It wouldn't make sense to not be able to open a savings account in your name because everyone has the right to open such an account even children. With checking accounts the screening process of new customers is maybe more strenuous and if they have a bad credit history or are jobless or are foreigners just moved to the country they may be denied new accounts but I can't believe this pertains to all kind of bank accounts. Can someone from the UK confirm if this relates to both checking and savings accounts?

[sbtctalk]

Do the UK banks refuse applications for all kind of bank accounts or only for checking accounts with associated credit cards etc? It wouldn't make sense to not be able to open a savings account in your name because everyone has the right to open such an account even children. With checking accounts the screening process of new customers is maybe more strenuous and if they have a bad credit history or are jobless or are foreigners just moved to the country they may be denied new accounts but I can't believe this pertains to all kind of bank accounts. Can someone from the UK confirm if this relates to both checking and savings accounts?

I wonder if it is denial of basic human rights if one were not allowed to open a savings accounts. I can understand if it was an overdraft or checking account.

[countryfree]

What? The UK is an easy country to open a bank account in. I tried to open a bank account in France and Germany and they didn't want me as a customer, but UK was much friendlier.

I have moved to UK a few months ago (from a EU country).
I don`t really agree with you that is an easy country to open a bank account . First of all you have to prove you address were you live ,must prove that you pay a rent, and must have a bill on your name on that address. I was paying rent but it had the bills included so I didn`t had any bill on that address with my name. Only one bank wanted to open an account for me. After 1-2 months (didn`t had a job at that time) I tryed to use my debit card attached to the bank account and...found out that they closed my account..without any warning, without any call, email, post (they sayed that they called me several times but they didn`t)
just my experience..

There are different banks offering different services and different accounts. I understand it can be tricky to open a basic current account, but it's sometimes much easier to open a business account.

[BellaBitBit]

1 in 8 is ridiculous.  How do they expect people to get housing, etc while living in a society where we are expected to have a bank account? This is why Bitcoin will be good for the unbanked all over the world. No judgement and no overseer. It cannot come soon enough.