You should never trust banks

[Finestream]

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!

You just stated here what bank did you, but you never mention why they closed your account. all banks will never close their clients account if they will comply the rules properly. They don't say  nor even single words why they did it to you, sounds very questionable to me actually. But if that is true, its good to know you found Bitcoin as your alternative for you to save your investment once more.

We just need some trust on banks, we should not trust those banks who are not well known. We need to know what we are going to trusted with, or where we will going to invest with. Investing on bank should have a lot of thinking first, before investing, you must know what you are going to transact with.

Big banks are well known but in general banks can be trusted, they will safeguard our assets once we deposit on their bank. Once they are given a license to operate, that automatically mean that they are capable and trusted as the authorities have approved their application to start their business.

[Btc_1856]

Banks are the most trustable one because they will give security for you money.But banks will charge only high amount transaction fee but when compared to other sectors of investment banks will provide little profits on your investment but it will pay on time.

[passwordnow]

Banks are the most trustable one because they will give security for you money.But banks will charge only high amount transaction fee but when compared to other sectors of investment banks will provide little profits on your investment but it will pay on time.

I don't know why there are people that says that you can't trust banks as if that they are using bank services. Let's admit it that we need banking services and you really can trust your money with them as long as they are not the newly operating banks. It's our duty to choose those banks that are more stable enough to keep our money.

[romero121]

Banks are the most trustable one because they will give security for you money.But banks will charge only high amount transaction fee but when compared to other sectors of investment banks will provide little profits on your investment but it will pay on time.

I don't know why there are people that says that you can't trust banks as if that they are using bank services. Let's admit it that we need banking services and you really can trust your money with them as long as they are not the newly operating banks. It's our duty to choose those banks that are more stable enough to keep our money.

Just based upon the transaction fee its not right to say that banks are not good. In my view without banks and banking system we could have never experienced such a big growth in technology as well I see banks were similar to bitcoin wallet in terms of security.

[pooya87]

Banks are the most trustable one because they will give security for you money.But banks will charge only high amount transaction fee but when compared to other sectors of investment banks will provide little profits on your investment but it will pay on time.

I don't know why there are people that says that you can't trust banks as if that they are using bank services. Let's admit it that we need banking services and you really can trust your money with them as long as they are not the newly operating banks. It's our duty to choose those banks that are more stable enough to keep our money.

it is not some people, it is mostly OP in this topic who is saying that, and he is not telling us the whole story of why his bank closed his account, and since in my 30 years i have never heard of any occasion that a bank closes down someone's account without any reason and don't open it (in case it was a mistake) i say he was indeed doing something against their TOS that is not telling us.

[Ipwich]

Banks are the most trustable one because they will give security for you money.But banks will charge only high amount transaction fee but when compared to other sectors of investment banks will provide little profits on your investment but it will pay on time.

I don't know why there are people that says that you can't trust banks as if that they are using bank services. Let's admit it that we need banking services and you really can trust your money with them as long as they are not the newly operating banks. It's our duty to choose those banks that are more stable enough to keep our money.

it is not some people, it is mostly OP in this topic who is saying that, and he is not telling us the whole story of why his bank closed his account, and since in my 30 years i have never heard of any occasion that a bank closes down someone's account without any reason and don't open it (in case it was a mistake) i say he was indeed doing something against their TOS that is not telling us.

I agree with you, they valued their client but when the law required them to do the action they have to follow it. Your account will be close or freeze if you are doing illegal activities and it will only happen when bank receives orders from the central bank to do the same.

[lordquanta]

Banks are the most trustable one because they will give security for you money.But banks will charge only high amount transaction fee but when compared to other sectors of investment banks will provide little profits on your investment but it will pay on time.

I don't know why there are people that says that you can't trust banks as if that they are using bank services. Let's admit it that we need banking services and you really can trust your money with them as long as they are not the newly operating banks. It's our duty to choose those banks that are more stable enough to keep our money.

it is not some people, it is mostly OP in this topic who is saying that, and he is not telling us the whole story of why his bank closed his account, and since in my 30 years i have never heard of any occasion that a bank closes down someone's account without any reason and don't open it (in case it was a mistake) i say he was indeed doing something against their TOS that is not telling us.

There is no information about OP's country and whether there is any such law which allows Banks to take such action. If such actions like lock account(of course bank will use money from that account for their personal benefit that loan it to somebody else) are allowed then it is very bad.   Not all countries allow such powers to the Banks, many countries have consumer law which protects the consumers exploitation from service providers.
In this case OP is a customer and was using service of a bank.
One such example is laws and regulations from Euro [1]

Max to max a bank can levy charges for account inactivity. The account gets locked only if they receive orders from Govt or Court of Law. Otherwise in many countries a bank account can not simply lock account without any intimation. Doing so would be direct violation of consumer rights.

The way banks conduct their shady business is altogether different subject and discussing it here will be a tangent to the topic. Let's stick to the Original post,

[1]https://www.eba.europa.eu/regulation-and-policy/consumer-protection-and-financial-innovation  

[stomachgrowls]

Banks are the most trustable one because they will give security for you money.But banks will charge only high amount transaction fee but when compared to other sectors of investment banks will provide little profits on your investment but it will pay on time.

I don't know why there are people that says that you can't trust banks as if that they are using bank services. Let's admit it that we need banking services and you really can trust your money with them as long as they are not the newly operating banks. It's our duty to choose those banks that are more stable enough to keep our money.

it is not some people, it is mostly OP in this topic who is saying that, and he is not telling us the whole story of why his bank closed his account, and since in my 30 years i have never heard of any occasion that a bank closes down someone's account without any reason and don't open it (in case it was a mistake) i say he was indeed doing something against their TOS that is not telling us.

I agree with you, they valued their client but when the law required them to do the action they have to follow it. Your account will be close or freeze if you are doing illegal activities and it will only happen when bank receives orders from the central bank to do the same.

They will really froze or hold an account if they know that you are violating their terms and regarding on the situation of OP i do think that he might done something because a bank wont never do such act so easily without any strong reason to do that thing because they know they would be punished or the OP can file a case if they prove out that theres nothing wrong with his account.

[mace15]

A bank will not close the account of depositor if theres no valid reasons. I heard also here in my country, a personal account of a certain regular customer has been freeze the account. The bank reason they had seen a fraudster in that account and theyre doubting of a person credibility to have a large sum of money. Since they found a continous deposits sum large of money.

[deisik]

There is no information about OP's country and whether there is any such law which allows Banks to take such action. If such actions like lock account(of course bank will use money from that account for their personal benefit that loan it to somebody else) are allowed then it is very bad.   Not all countries allow such powers to the Banks, many countries have consumer law which protects the consumers exploitation from service providers

The OP is from the US, and he is (was) a client of the subsidiary of BoA

And I can tell you that in most jurisdictions banks don't need court orders to block or freeze the accounts of their clients. They indeed can't grab the funds but they are still allowed to suspend the account to complete the investigation if they see some suspicious activity on your part. For example, you may send and receive piles of money, and the bank may get interested where all this money comes from and goes to. And woe to you if you can't provide a satisfactory explanation about the source and destination of all these transactions or just go on defensive (like "it's none of your business")

[wahb]

Banks are the most trustable one because they will give security for you money.But banks will charge only high amount transaction fee but when compared to other sectors of investment banks will provide little profits on your investment but it will pay on time.

I don't know why there are people that says that you can't trust banks as if that they are using bank services. Let's admit it that we need banking services and you really can trust your money with them as long as they are not the newly operating banks. It's our duty to choose those banks that are more stable enough to keep our money.

it is not some people, it is mostly OP in this topic who is saying that, and he is not telling us the whole story of why his bank closed his account, and since in my 30 years i have never heard of any occasion that a bank closes down someone's account without any reason and don't open it (in case it was a mistake) i say he was indeed doing something against their TOS that is not telling us.

I agree with you, they valued their client but when the law required them to do the action they have to follow it. Your account will be close or freeze if you are doing illegal activities and it will only happen when bank receives orders from the central bank to do the same.

They will really froze or hold an account if they know that you are violating their terms and regarding on the situation of OP i do think that he might done something because a bank wont never do such act so easily without any strong reason to do that thing because they know they would be punished or the OP can file a case if they prove out that theres nothing wrong with his account.

yes that is right, they actually knows the rights of the customers, and they will take care about that. they cannot banned any account without any solid reasons other wise they themselves will charge for it.

[dearbesz1219]

As we all know, wherever we go all countries bank company was spread out all around the world. I don't think I can do what your trying to intend me to do with the bank. Though there is risk anyhow by putting our money for thinking we can save it there in the bank outlet. Not all people or client will agree to you, But the big question is for sure there is a big reason why they closed your account. Maybe you did something a big deal to their rules and policies.

[Docnaster]

Good thing I haven't started my own account yet, but I think not all banks are like that. The best ways to prevent this is try to do a little research about the bank that you will put all your savings into because you will never know what might happen. But for me most of the banks my parents are using are pretty much legit and reliable, you just have to be careful on which to trust.

[marcoman22]

Usually, bank accounts are banned when they atre not used for long period of time or else if the government asks the banks to freeze the accounts due to illegal activities of that account holder. I dont know under which category your account is banned. Not for this one reason alone, even for more reasons, banks should be replaced.In this matter, bitcoin is doing a revolutionary change and banks have started suffering revenue loss which they used to get from money transactions.

[passwordnow]

Banks are the most trustable one because they will give security for you money.But banks will charge only high amount transaction fee but when compared to other sectors of investment banks will provide little profits on your investment but it will pay on time.

I don't know why there are people that says that you can't trust banks as if that they are using bank services. Let's admit it that we need banking services and you really can trust your money with them as long as they are not the newly operating banks. It's our duty to choose those banks that are more stable enough to keep our money.

Just based upon the transaction fee its not right to say that banks are not good. In my view without banks and banking system we could have never experienced such a big growth in technology as well I see banks were similar to bitcoin wallet in terms of security.

Yes, we should be thankful to banking system and I will still trust them no matter what. Because it is one of the financial industry that is governed and covered by the law. And there are a lot of advantage if I will going to use banking services with its rebate and other benefits that I can get for being a loyal customer of them. But still it depends if there are people who are really sicked with banks.

[dearbesz1219]

For me in my assessment, Though I'm a bitcoin enthusiast, In some other way, I think we still need to give trust to any banks who is legit. Because we know majority of the people all around the world still had a doubt in bitcoin, And besides for so many years all bank outlets helped many community too. In your case, bank will not closed your account if you didn't violate any of their rules. Because not all their clients have the same experience like yours. Why don't you double check or follow up them.

[Idrisu]

Give us more information about the closing of your bank account, I guess they will not do that without any valid reasons though I don't have bank account yet but it's really normal if you do something illegally and don't respond to them about that issue   
Don't just post a thread here that you want to tell and convince us that having account bank account now is not good or investing in the bank are in a big risk this time.

I think op must have done something very bad or he might breaks some banking terms and conditions. After I read op written i keep on wonder why op decided to post this here. I think op what us to undermined the important of bank in our society but bank still play a very big roles in economy. No matter how blockxhain development it cannot replaced conventional banking roles

[zuyfg888]

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!

This is why we all support bitcoin.

I don`t trust banks, but unfortunately they are too powerful and sometimes you don`t have choice and

you need their service.

Bitcoin will change all this.

Just like any other banks that has been bankcrupt, as we can see all the bank who lose their money, will lose their own customer. Others who are saving money on banks will lose their money, because banks cannot pay their money. Just like on bitcoins, if the server or the value of bitcoin becomes low, either or money will also lose, or we cannot get all our money on our bitcoins

[frendsento]

your experience should not sum up all the banks around the world , I trust bank more than bitcoin because it exist before bitcoin was even created , I am sorry for your bad experience with your bank but I am pretty sure that there more happy stories when it comes to banking maybe you should research first the bank your going to put your money on before you make transaction with a certain bank

[margarete11]

I believe that bank is the most secured way to store your money , without this it is difficult to save and secure money ,Not all banks should closed because of one faulty transaction maybe you should ask for legal advises other than making people think bad about banks , I have saved by the bank many times so I know what I am saying.