You should never trust banks

[ASICHEAD]

Maybe you have a bad experience on banks. I think they noticed some suspicious activity in you bank account. It is better to scatter your funds in different bank accounts.

I do trust banks because they are now working together with bitcoins. With the help of a bank I can have my coins converted to fiat money on my hand. So there is no reasons to not trust them. They are providing us the services we needed it just like a give and take process; most of here will agree to me

It's not them who are working with bitcoin, maybe there are 3rd party people who are willing to start a business using bitcoin and help us bridge the transaction to our banks with our bitcoin. Bitcoin is a payment system or a currency, but regardless of our own definition, it's a complete opposite with the current banking system because banks are centralized while bitcoin is not, banks can be trusted of course because they are operating under the law of a certain country where they are covered.

No, I do not trust bank, they are robbing our money by the method to manage the economy of the government. If the government can not help the economy grow more, they will decide to hold money of user in bank and wait to until the economy become stable or recover. In that time, you can not withdraw any amount or very small. This is my experience.

[1713570736]

1713570736

[fearcoka]

My bank closed my account last year for no reason, and all money in my account was gone. I argued with the bank, even contacted the local government, no use. I contacted all banking lawyers online, and they were all representing the bank, not the customers. The money I lost can buy a new Mercedes. However, banks around the world now are too powerful. They are too big to fail. When you open an account in the United States, and probably also many other countries, you voluntarily give up the rights to sue the bank under their arbitrage clause. Even worse, they define the financial laws and enforce them. They can close your account, freeze and steal your property and evict you from your house. The more money you deposit into your bank account, the more you helped the evil. I'm glad to see Bitcoin is changing all of these. Let banks die!

why your bank closed your account for no reason? because i know that the bank will closed someone account if the account is on the limit for at least 3 month and then they will send a letter that contain we should give attention for our account and if we are not respond about this, then the bank will closed our account. for now, i still believe my bank because i have 3 account in different bank and they are work properly for my saving money and although the fee for the monthly is high, but i am fine with that.

I don't know if we have the same country but in my country, it is not actually the particular person's account that has been closed infact the bank itself. The bank declared bankruptcy same as the people's account. It happened not just once but many times already with different bank. So that is the reasons why I don't trust banks here my country.

Did you lose money in those banks? In my country, the government just guarantee ~ $35,000 for every case about the bank bankruptcy, even your amount is more than 1 million dollar or billion dollar in that bank, the money you can get back just fixed at $35,000 and it's really unfair.

[szpalata]

It is not correct that we should never trust banks. Millions of banks in the world functioning which is source of transaction of poor to rich in billions. We cant blame because of mistakes done by few banks only. Its like an accident happens and next level it can be corrected. Some how we don't have choice also and we have to run behind banks.

that's right, the banks might al,so have their bad sides but we can't completely ridicule the impact they have in our respective lives across the globe. They might be centralized and have a lot of control but they are good keepers of our fiats and until cryptocurrencies evolved they were all we could resort to as our financial security.

[peopleupsetmeup]

My bank closed my account last year for no reason, and all money in my account was gone. I argued with the bank, even contacted the local government, no use. My bank just stated that "Pursuant to the CMA Disclosure and Agreement, 'THE BANK, at its discretion, may elect not to accept an account, terminate the account agreement and the account agreements of any related parties'. Both parties to the agreements have the right to end the relationship at any time and neither is obliged to provide a basis for such a decision to terminate". No single word explaing the termination was given to me. I contacted all banking lawyers online, and they were all representing the bank, not the customers. The money I lost can buy a new Mercedes. However, banks around the world now are too powerful. They are too big to fail. When you open an account in the United States, and probably also many other countries, you voluntarily give up the rights to sue the bank under their arbitrage clause. Even worse, they define the financial laws and enforce them. They can close your account, freeze and steal your property and evict you from your house. The more money you deposit into your bank account, the more you are helping the evil. I'm glad to see Bitcoin is changing all of these. Let banks die!

By your thoughts you also cannot trust the goverment.

[coinseedco]

No one should be trusted. That's why we have decentralized service.

[dynospytan]

My bank closed my account last year for no reason, and all money in my account was gone. I argued with the bank, even contacted the local government, no use. My bank just stated that "Pursuant to the CMA Disclosure and Agreement, 'THE BANK, at its discretion, may elect not to accept an account, terminate the account agreement and the account agreements of any related parties'. Both parties to the agreements have the right to end the relationship at any time and neither is obliged to provide a basis for such a decision to terminate". No single word explaing the termination was given to me. I contacted all banking lawyers online, and they were all representing the bank, not the customers. The money I lost can buy a new Mercedes. However, banks around the world now are too powerful. They are too big to fail. When you open an account in the United States, and probably also many other countries, you voluntarily give up the rights to sue the bank under their arbitrage clause. Even worse, they define the financial laws and enforce them. They can close your account, freeze and steal your property and evict you from your house. The more money you deposit into your bank account, the more you are helping the evil. I'm glad to see Bitcoin is changing all of these. Let banks die!

Its still depends on who you trust. Maybe your bank has a negative background and you didn't research about it before you put your money in that bank. For me I still have trust in bank because in our country if a bank scammed you or suddenly just closed our government will take an action to return all the money that we lost and besides our bank here is trusted. You can ensure that your money is safe.

[katarin2030]

No one should be trusted. That's why we have decentralized service.

I don't think so, I have been using Banks from long period of time I had never faced any difficulties in handling and managing the account.Almost everything is digitalized now so that I can sit at my place can do transactions. Banks are used by many people they are doing good job here and there may get few problems but that can be solved.

[Bitcoin1216]

Many disadvantages of the banks system, this makes me not interested in saving money in banks, this is because saving money in the banks do not make our money increases but it is down because of inflation.

[Japinat]

Many disadvantages of the banks system, this makes me not interested in saving money in banks, this is because saving money in the banks do not make our money increases but it is down because of inflation.

Why would you expect your money to increase when you are just saving it, there is no risk in saving our money therefore we cannot expect great reward, otherwise if there is big reward then people will just choose to save rather than to invest. I trust our banking system as it let's me save my money without a problem, if the bank closes because they violate the law or they are not profitable anymore, I am sure my deposit will not be affected as it's covered with insurance.

[Derrick]

I don't use banks right now but I trusted it like mother did because she always show me how useful the banks and if you don't trust banks maybe because you made a wrong thing that the banks gets disappointed to you. That's what happens to my friends father he made a wrong thing that his bank account makes it close.

I trust banks because I need them to store my money, I am earning bitcoin and I think putting it everything in my wallet will make it risky for me.
Bank can protect us through their insurance system and as long as we do not only trust one bank, there is no risk because we can avail of the maximum insurance. I put my money for savings and not for investment, that's is the only activity I am transacting with banks.

Nope I have a big trust on bank because I am using from last five years and I have never faced any problem still. Bank system is most secure and strong system throughout the whole world yes I have just small issue from bank that they are charging more transection fee and other taxes also.

[GregH37]

I don't use banks right now but I trusted it like mother did because she always show me how useful the banks and if you don't trust banks maybe because you made a wrong thing that the banks gets disappointed to you. That's what happens to my friends father he made a wrong thing that his bank account makes it close.

I trust banks because I need them to store my money, I am earning bitcoin and I think putting it everything in my wallet will make it risky for me.
Bank can protect us through their insurance system and as long as we do not only trust one bank, there is no risk because we can avail of the maximum insurance. I put my money for savings and not for investment, that's is the only activity I am transacting with banks.

Nope I have a big trust on bank because I am using from last five years and I have never faced any problem still. Bank system is most secure and strong system throughout the whole world yes I have just small issue from bank that they are charging more transection fee and other taxes also.

The inflation is on the rise all over the world. So this is the good idea not to keep your money in the banks for the longer duration, because the banks use this money and make big profits and keep themselves out of any loss but, in the longer run the owner of the money is in the loss.

Also its better to invest your savings in some running thing so that money do not stay in few hands but in circle, and that’s how you can also double up the savings.

[thisappointed]

I don't use banks right now but I trusted it like mother did because she always show me how useful the banks and if you don't trust banks maybe because you made a wrong thing that the banks gets disappointed to you. That's what happens to my friends father he made a wrong thing that his bank account makes it close.

I trust banks because I need them to store my money, I am earning bitcoin and I think putting it everything in my wallet will make it risky for me.
Bank can protect us through their insurance system and as long as we do not only trust one bank, there is no risk because we can avail of the maximum insurance. I put my money for savings and not for investment, that's is the only activity I am transacting with banks.

Nope I have a big trust on bank because I am using from last five years and I have never faced any problem still. Bank system is most secure and strong system throughout the whole world yes I have just small issue from bank that they are charging more transection fee and other taxes also.

Maybe you could say that because bank in yoir country doesn't give a shit bout bitcoin and supporting bitcoin, but the situation here in our country is different, if the bank would know that the money that you are depositing in them is from bitcoin, they will close your bank account immediately, and it is so annoying, thanks to those scammers online and narrow minded government that we have.

I don't know how they could easily just something that easy without knowing the whole story about what is happening really with bitcoin, it is not bitcoin's fault if there are scammers out there and there are people who are victims of scams.

[sevendust777]

One of the banks here in our country was forcing peoples bank accounts to close due to related bitcoin transactions. They said that if you have bitcoin related transactions they will have to close their accounts from the bank. The staff told them that it was ordered from the central bank and their branch manager.

[elitelongbowman]

No one should be trusted. That's why we have decentralized service.

But banks are presented for the economy of a country. They should be the most trusted service ?

[arichikato]

i'm sorry for that terrible news. In my country banks still do a quite good jobs though.

[Creepings]

No one should be trusted. That's why we have decentralized service.

But banks are presented for the economy of a country. They should be the most trusted service ?

That is right, banks should be trusted since it is their duty to serve and be trusted or trustworthy to people but there are some greedy people working behind all of it that will really corrupt the whole group. I am not saying that all of the bank in the world are corrupted but most of them are. Banks are really important, especially to a country.

[King Sastro]

This is strange, I think all the governments give guarantee a full business bank and there is no reason not to trust the banks, and I've never found a problem with banks.

[djangocoin]

I agree with the concept of not placing trust in them, but in practice (at the moment) you kind of have to if you want to use cash machines, make prevalent online purchases, for most jobs it's also required.

[Gabrieelle]

I agree with the concept of not placing trust in them, but in practice (at the moment) you kind of have to if you want to use cash machines, make prevalent online purchases, for most jobs it's also required.

Banks are already part of the people's daily life and I think we don't have any coice but to trust them with our money, though you shouldn't entrust all of it to them. Bitcoin don't have physical machine yet where you can withdraw here in our country but I don't know in some other countries.

[MS.LAWLIET]

Same case happened with my friend, the bank gave the reason that she has not maintained minimum average balance during some period. Bank not only deducted all of her balance but when we checked the balance, it was showing negative. Fortunately, she was having less than $100 in it but still it was her money and deducting it without notice is a pure steal, she said. Would  like to learn more about your case, are you still fighting it?

That's the main reason why i'm not a fan of depositing my money on banks. My mother is asking me to open a bank account even though i'm still a teenager but i think its a hassle i have to deposit and withdraw unlike when i have it in a secret place in home there is no interst and it will never go to bankruptcy.