You should never trust banks

[raven7886]

We should never trust system, they care just about themselves. And its western economy to be clear on this, humans are not important, just profit. We can all die today, its not important, as long as they earn billions and billions on our backs.

Actually we still need banks, due to we live in banking system right now and any cryptocurrency can't replace banks yet.
But I just hate 2 of their policies, too much/high fees and % of interest if you borrowing money to banks , you will suffer under your debts like never end.

But I'm not ready to agree that we still need banks. because I'm able to secure my wealth in cryptography format and I'm able to send and receive funds more securely and more quickly than banks will do and more importantly I'm able to transact very cheaply compared to banks fees. So, the need of banks will get fade away over time IMHO.

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[g2com]

Banks are already dying. They should have all died in 2008, but they were too big so taxpayers were forced to clear up the mess. Tellers and associates have already been being replaced by ATM and artificial intelligence. For the past few hundred years we relied too much on banks because people don't have better choices. But that situation is no longer the case if we see widespread adoption of cryptocurrencies

[deisik]

We should never trust system, they care just about themselves. And its western economy to be clear on this, humans are not important, just profit. We can all die today, its not important, as long as they earn billions and billions on our backs.

Actually we still need banks, due to we live in banking system right now and any cryptocurrency can't replace banks yet.
But I just hate 2 of their policies, too much/high fees and % of interest if you borrowing money to banks , you will suffer under your debts like never end.

Then borrow money then. that's the way they could earn profit by lending their customers' money into someone else and give an interests out of it. if they don't do this then they can't pay every of their employees, i guess charging from monthly fees is not big enough and can't fill up the banks' needs otherwise they could seek as much profit as they can

Lending money is banks' primary business

I think this is the characteristic that distinguishes banks from other financial institutions. In other words, if you can lend the funds (you have a license for doing such business), then you are a bank. If you are not allowed to do that (i.e. don't have such license), then you can't be considered as a bank, only a wallet if we are talking about, for example, Bitcoin

[SpeedyCapo]

To be honest I still trust banks and my bank is even considering making their own cryptocurrency so I think that is already saying enough right ?

[Fatanut]

To be honest I still trust banks and my bank is even considering making their own cryptocurrency so I think that is already saying enough right ?

"Considering" you're right about that. Banks are thinking of making some experiment and trying out to make their own cryptocurrency but that's not enough reason for you to trust. Even when they start accepting crypto or even make their own, they would still have the power to lock your account. There's no point in putting cryptocurrencies in a local bank, honestly,  especially if you know how to make your wallet secure.

[Superways]

A few months ago one of my bank tried to scam me with different ways calling me through phones but luckily I already have cashout all of my money from them I recorded all of their phone call and and after that I informed them that I am going to publish them all on the media/news channel then they started to request that not to do and started their struggle to stop me to do that so I won in that case and they accepted their fault.

[xypos]

You shouldn't. You're right. Banks have the power to freeze your account at any given point in time, and they can take away all your money without saying why or even telling you how it is possible for them to do these sorts of outrageous things.

But also, they use fractional reserve to deceive you that they have all the cash needed to pay out despositors in time. That is... Not true. Thus the bank runs.

[deisik]

You shouldn't. You're right. Banks have the power to freeze your account at any given point in time, and they can take away all your money without saying why or even telling you how it is possible for them to do these sorts of outrageous things.

But also, they use fractional reserve to deceive you that they have all the cash needed to pay out despositors in time. That is... Not true. Thus the bank runs.

Right now it is absolutely true

If a bank doesn't have enough liquidity (so-called cash gap), the Central bank of that country will always provide it. When you say that it is not true, you obviously refer to a system when there was no lender of last resort (i.e. central bank). The concept of fractional reserve banking is meaningless in its original meaning with a banking system which includes a central bank. Some countries, for example, Canada have zero requirements for bank reserves

[Antoshka]

You shouldn't. You're right. Banks have the power to freeze your account at any given point in time, and they can take away all your money without saying why or even telling you how it is possible for them to do these sorts of outrageous things.

But also, they use fractional reserve to deceive you that they have all the cash needed to pay out despositors in time. That is... Not true. Thus the bank runs.

This is exactly the banks always somehow deceived its depositors. We can not even imagine how they perform various operations with our money

[Bestwishes745]

There may be a problem with your verification especially in the verification of source of income . In the time when you create your account ou specify the source of your income and when they notice any income from any other place then they immediately freeze your account after clearance they reopen it but after finding any illegal or unwanted activity in your account the permanently ban you from the bank.

[OROBTC]

You shouldn't. You're right. Banks have the power to freeze your account at any given point in time, and they can take away all your money without saying why or even telling you how it is possible for them to do these sorts of outrageous things.

But also, they use fractional reserve to deceive you that they have all the cash needed to pay out despositors in time. That is... Not true. Thus the bank runs.

Right now it is absolutely true

If a bank doesn't have enough liquidity (so-called cash gap), the Central bank of that country will always provide it. When you say that it is not true, you obviously refer to a system when there was no lender of last resort (i.e. central bank). The concept of fractional reserve banking is meaningless in its original meaning with a banking system which includes a central bank. Some countries, for example, Canada have zero requirements for bank reserves

I think that deisik has it correct when it comes to central banks bailing out banks in a crisis.

I would only add that some countries (Cyprus and Greece) when faced with a crisis, but not a deadly systemic one, can "Bail-in" (make the depositors pay, one way or another) to get some funds.

But, if there is another Big Crisis (like 2008), then the central bank(s) will bail-out everyone important bank.  By QE or money printing.

Count on it.

[x4]

Bank will never close your account without any reasons, before closing someone's account they always do inform the owner of that account that they will close the account if you will never do this amd that. So don' just tell that banks cannot be trusted, how come those big personalities especially business man that have bank accounts if they never trust those banks 

[Johansson6]

I think that some banks can be trusted and to be honest I still trust them, without banks the bitcoin would also not be something, the whole economical system are based on banks..

[Positid]

I think that some banks can be trusted and to be honest I still trust them, without banks the bitcoin would also not be something, the whole economical system are based on banks..

All Banks can be trusted as long as it complies with the government regulations and operating legitimately, remember this, Bank is a business of Trust.

[deisik]

Bank will never close your account without any reasons, before closing someone's account they always do inform the owner of that account that they will close the account if you will never do this amd that. So don' just tell that banks cannot be trusted, how come those big personalities especially business man that have bank accounts if they never trust those banks 

You are living in a dream world

But reality is not a Disneyland. I personally know a few cases when banks blocked accounts without prior warning altogether. You may not believe me, but it doesn't matter. Just in the post above yours, OROBTC mentioned the events that had attracted a lot of attention in their time when banks outright expropriated (read openly stole) their clients money without warning, consent, or whatever, and these were not some rogue Zimbabwean or Chinese banks (and I'm not sure about the latter). It is really surprising that people still continue to believe that banks are warm and fuzzy, while in fact they are ruthless cold-blooded predators. And have always been that

[Watershin]

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!

I think you are not telling the full story behind the closure of you account because as per my knowledge in my country if a bank have to close the account they have to give a description of why they are closing the account, like if the account is not operated more then 6 months , or else the account is found of using transaction for illegal work, like this their are so many reason they can give to close your account. From which country you are telling that bank dont give any description for closing you account. Their will be some reason but you care not clearing it here fully.

[btcdevil]

Bank will never close your account without any reasons, before closing someone's account they always do inform the owner of that account that they will close the account if you will never do this amd that. So don' just tell that banks cannot be trusted, how come those big personalities especially business man that have bank accounts if they never trust those banks 

You are living in a dream world

But reality is not a Disneyland. I personally know a few cases when banks blocked accounts without prior warning altogether. You may not believe me, but it doesn't matter. Just in the post above yours, OROBTC mentioned the events that had attracted a lot of attention in their time when banks outright expropriated (read openly stole) their clients money without warning, consent, or whatever, and these were not some rogue Zimbabwean or Chinese banks (and I'm not sure about the latter). It is really surprising that people still continue to believe that banks are warm and fuzzy, while in fact they are ruthless predators. And have always been that

Ya it is true that Bank with out giving any warning they just debit your account with all useless charges without warning you and when you ask about it they even wont tell full details and just a single work for all your queries will be "Banking Charges" no more then that. About closing or blocking accounts is in most of the cases they due it only when they found some suspicious transaction in the account, then only they take this steps

[Pattart]

To be honest I still trust banks and my bank is even considering making their own cryptocurrency so I think that is already saying enough right ?

Lol where the bank makes cryptocurrency? if true of course they would have no control over the cryptocurrency users, but I think it is impossible if the bank does not control user?
I might be more amenable if they make virtual money

[brian_23452]

Bank can trusted but as for bitcoin is one currency that can not be trusted with the bank because they can always have their way in control of it so i really can not  trust the bank over some a month of money but i trust bitcoin over all transaction of money  it is fast and is very easy anywhere you can do your transaction

[deisik]

We should never trust system, they care just about themselves. And its western economy to be clear on this, humans are not important, just profit. We can all die today, its not important, as long as they earn billions and billions on our backs.

Actually we still need banks, due to we live in banking system right now and any cryptocurrency can't replace banks yet.
But I just hate 2 of their policies, too much/high fees and % of interest if you borrowing money to banks , you will suffer under your debts like never end.

Then borrow money then. that's the way they could earn profit by lending their customers' money into someone else and give an interests out of it. if they don't do this then they can't pay every of their employees, i guess charging from monthly fees is not big enough and can't fill up the banks' needs otherwise they could seek as much profit as they can

Forget about what you have been told in school and academia

Banks can create deposits from loans just as easily as they create loans from deposits. And that process is notoriously known as creating money out of thin air. Their profits only limited by the amounts of borrowers willing to take a loan from a bank. In other words, banks are neither limited by nor required to attract deposits at all. In fact, bank clients' deposits cause a negative cash flow for the banks since they have to pay interest on them, while loans, on the contrary, bring profits to the banks, since interest is paid by the borrowers