You should never trust banks

[MMA]

We cannot say that trusting is bank is the best way to save money. We all know that other bank becomes bankrupt. We should know what are the possibilities will our bank will be bankcrupt? Or our money will earn, we should know what kind of bank will be in the future?

Probably better not to keep the money in the bank, and real things. I mean to invest in a business or real estate, which can be profitable. Banks are very difficult to trust. Although it is a state bank the most reliable of all. True there are other interests.

Banks are in a way trust-able as they are physically available  near you and you can go to them in case you feel there is something wrong with your account balance etc. Courts are also there to help you listen to your appeal. I don't think local Banks in your country can scam you. Its the online banks that need to be taken care of.

yes most of the banks are trusted, actually the act under the government of a start mean the governments have strong observation over them. as in my are NIB have strong check on all the banks over all the accounts and their transaction therefore banks are trusted and reliable. they cannot scam people and if they do, then they can be challenge in court.

[mindrust]

Banks are only as trustable as the countries they reside in.

I wouldn't trust a bank which resides in a third world country. (like Cyprus) Not one bit. I would withdraw every penny i got there and would buy either gold, USD or bitcoins (if that's your  choice) and would bury em into ground.

However;

If i were residing in a country which is developed very well in years like Switzerland (or Germany), I wouldn't worry at all.

As you see, it depends on many things.

[deisik]

We cannot say that trusting is bank is the best way to save money. We all know that other bank becomes bankrupt. We should know what are the possibilities will our bank will be bankcrupt? Or our money will earn, we should know what kind of bank will be in the future?

Probably better not to keep the money in the bank, and real things. I mean to invest in a business or real estate, which can be profitable. Banks are very difficult to trust. Although it is a state bank the most reliable of all. True there are other interests.

That would be applicable to small time investors but to big time investors holding huge amount of money it is necessary to save in the banks. Though it is right not to trust banks but it is true if you applied for loans since the interest will kill you and strip you of your property. But if you just deposit for the safety of your money then it is right to deposit in banks. The only tip is make sure the bank that you deposit your money is a big and trusted bank and far from bankruptcy

There is nothing that can be further from truth

If you really care what big time investors keep their wealth in, it is most likely governments bonds and stock of most reliable companies like Microsoft, IBM, and their likes. If you are a wealthy investor, you would certainly know how to make your money work for you, and sorry, bank deposits are not among these ways. Does Warren Buffett keep his wealth in a bank? If he would ever need that, he could just buy the whole bank himself and get done with that

[LeGaulois]

We cannot say that trusting is bank is the best way to save money. We all know that other bank becomes bankrupt. We should know what are the possibilities will our bank will be bankcrupt? Or our money will earn, we should know what kind of bank will be in the future?

if youre write bank is not the best save money
so what do you think the best save money, where is saving youre money ? another bank and above the best is compare bank

You don't save money in banks, you lend money with a promise they will give you back at any moment if you ask. Once you deposit money in a bank, the money is officially not your anymore. There is a good documentary about how the bank system work, it is called "Money debt" or something similar. It explains how perverse is this debt money system. Another one is from the BBC is "The Money Trap How Banks Control the World Through Debt"
We are just slave of a system created to feed the oligarchy

[deisik]

We cannot say that trusting is bank is the best way to save money. We all know that other bank becomes bankrupt. We should know what are the possibilities will our bank will be bankcrupt? Or our money will earn, we should know what kind of bank will be in the future?

if youre write bank is not the best save money
so what do you think the best save money, where is saving youre money ? another bank and above the best is compare bank

You don't save money in banks, you lend money with a promise they will give you back at any moment if you ask. Once you deposit money in a bank, the money is officially not your anymore. There is a good documentary about how the bank system work, it is called "Money debt" or something similar. It explains how perverse is this debt money system. Another one is from the BBC is "The Money Trap How Banks Control the World Through Debt"

In fact, it is not so

We had a deep discussion with some dude here about this issue, he claimed that you preserve the full property rights over the money in your bank account while I claimed that you necessarily concede some rights to the bank, for example the right to use the money (since the bank obviously can lend this money out or use it as it sees appropriate), but in any case the money still remains yours. Otherwise you wouldn't be able to take it back, which in practice would pretty much amount to losing the money

[Clement Kaliyar]

We had a deep discussion with some dude here about this issue, he claimed that you preserve the full property rights over the money in your bank account while I claimed that you necessarily concede some rights to the bank, for example the right to use the money (since the bank obviously can lend this money out or use it as it sees appropriate), but in any case the money still remains yours. Otherwise you wouldn't be able to take it back, which in practice would pretty much amount to losing the money

It all depends upon the rules and regulations set forward by the government,when demonetization hit the Indian economy people were not even allowed to withdraw their money deposited in banks,so your rights over the money in your bank can change according to the situations and during that phase people were finding it difficult to make ends meet even with money in their account.

[LeGaulois]

it's the video i was talking
BBC Documentary - The Money Trap - How Banks Control the World Through Debt Exposing the Truth of Our Devious Financial System

Published on Apr 11, 2013
A senior executive blows the whistle on the banking industry’s usurious lending tactics. This documentary reviews some of the profligate and predatory lending practices of the high street banks in the years of the credit boom which preceded the financial crisis. Indeed this documentary is in a sense chilling given what happened during the global financial crisis; i.e. super easy credit, high pressure to make money, huge incentives for banks to lend easy money. The documentary reviews the sales and marketing tactics, how banks benefited from the lending splurge, and some of the fallout e.g. debt related suicides. This documentary should serve as a case study in banking regulation; not just in terms of procedural regulations but also in terms of higher level macroprudential regulation to curtail excessive credit growth, particularly during unsustainable credit booms.
–
See also (the US version): Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders.
–
The Banking Code Standards Board is to investigate The Royal Bank of Scotland (RBS) after Panorama investigated debt-related suicides. Whistleblower break the banking industry’s code of silence. She says that high street bank lending practices put profits before customers at every given opportunity in order to push borrowing.

source

[deisik]

We had a deep discussion with some dude here about this issue, he claimed that you preserve the full property rights over the money in your bank account while I claimed that you necessarily concede some rights to the bank, for example the right to use the money (since the bank obviously can lend this money out or use it as it sees appropriate), but in any case the money still remains yours. Otherwise you wouldn't be able to take it back, which in practice would pretty much amount to losing the money

It all depends upon the rules and regulations set forward by the government,when demonetization hit the Indian economy people were not even allowed to withdraw their money deposited in banks,so your rights over the money in your bank can change according to the situations and during that phase people were finding it difficult to make ends meet even with money in their account

I agree, sometimes shit happens

In the spring of 2013, the Cyprus authorities openly confiscated parts of deposits opened in Cyprus banks (this event later became aptly dubbed as Cyprus haircut). In 1991, in the last days of the Soviet Union, the Soviet Ministry of Finance started a confiscatory monetary reform which heavily limited withdrawals from local banks (actually branches of the only bank in the USSR, the Savings Bank) and obliged citizens to exchange old 50 and 100 ruble banknotes within a few days and no more than 1,000 rubles per person at that. In essence, the government openly stole the lifetime savings of its citizens. When the Soviet Union collapsed half a year later, no one gave a fuck about that already

[Raimonn]

In my country, the money deposited on your bank is covered till 100.000 euros by the central bank. If you have more than this amount, in case that your bank had a crash you will loose your money (you only will recover the first 100.000 euros) , like the Cyprus financial crisis.

[Ziskinberg]

In my country, the money deposited on your bank is covered till 100.000 euros by the central bank. If you have more than this amount, in case that your bank had a crash you will loose your money (you only will recover the first 100.000 euros) , like the Cyprus financial crisis.

All banks has insurance up to a certain amount of money, and smart depositors should not deposit more than the insurance offered by the bank. You have to spread your deposits to different bank accounts or different bank. In that case, you will be able to recover the maximum amount of insurance if something wrong happens. Banks has insurance, so we should trust banks.

[rizkyhiw]

In my country, the money deposited on your bank is covered till 100.000 euros by the central bank. If you have more than this amount, in case that your bank had a crash you will loose your money (you only will recover the first 100.000 euros) , like the Cyprus financial crisis.

All banks has insurance up to a certain amount of money, and smart depositors should not deposit more than the insurance offered by the bank. You have to spread your deposits to different bank accounts or different bank. In that case, you will be able to recover the maximum amount of insurance if something wrong happens. Banks has insurance, so we should trust banks.

but don't you think if you manage youe own money by yourself will be better?
rather than have to trust it on third party like banks
i do believe in bank previously , but when i know how bitcoin system work
i have a lot of doubt in banks .

[naidray]

All banks has insurance up to a certain amount of money, and smart depositors should not deposit more than the insurance offered by the bank.

No, insurance for deposits is not a common practice for all the banks world wide or at least in my country we do not have any such protections. We need to rely on central reserve banks for the credibility of the banks and their services.

You have to spread your deposits to different bank accounts or different bank.

This is one of the method, some people do follow to avoid taxation. But my question is why we need to struggle with our hard earned money. Just switch over to bitcoins and enjoy all the freedoms.

[Reid]

There should be an explanation for this. It wont just vanish like that if they want to. That is unfair and unjust, you have your rights also and they will pay more if you can prove they did something wrong. This is all a effed up government, they can pay every lawyers that they want just to accomplish their lies. You should do aomething. Then after all that put it to bitcoin.

[ivanst776]

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 never trust them, but what to do I have to, I know that the funds that people have in the banks are not 100% safe and these money can be lost if the bank bankrupts or something in politics happens.

We should remember the situation in Greece where people where not allowed to have access to their money, to withdraw all the money that they had in the bank but only a small amount as a daily or weekly limit, this sucks.

[lordquanta]

We had a deep discussion with some dude here about this issue, he claimed that you preserve the full property rights over the money in your bank account while I claimed that you necessarily concede some rights to the bank, for example the right to use the money (since the bank obviously can lend this money out or use it as it sees appropriate), but in any case the money still remains yours. Otherwise you wouldn't be able to take it back, which in practice would pretty much amount to losing the money

It all depends upon the rules and regulations set forward by the government,when demonetization hit the Indian economy people were not even allowed to withdraw their money deposited in banks,so your rights over the money in your bank can change according to the situations and during that phase people were finding it difficult to make ends meet even with money in their account.

It is a corner case. Cash crunch was a temporary situation. Demonetization doesn't happen on yearly basis. And restrictions were due to lack of legit cash available in  the initial days. Banks didn't willy-nilly stopped handling out cash. There was legitimate reason. Here mainline idea is whether banks conduct their business with customer (us the people)correctly or not.

Correct situation is the situation in Greece. Where people are facing real problem for quite a long time.

[deisik]

In my country, the money deposited on your bank is covered till 100.000 euros by the central bank. If you have more than this amount, in case that your bank had a crash you will loose your money (you only will recover the first 100.000 euros) , like the Cyprus financial crisis.

I guess that is applicable to almost all countries and that's why many people are trusting the banks. As long as you are going to be covered by the law then you don't have to think about having problems in the bank and even their system is going to be penetrated by intruders and stoles almost all the depositors money, they will be liable for it

Yes, the government (basically, the population of the country in question) covers the risks of some rogue bank doing something nasty, for example, running away with their clients' money (there are many way of doing that). But this still doesn't in the least diminish the systemic risk of the government itself stealing money from its population if it chooses to walk the path of a confiscatory reform. And the money locked in bank accounts is most susceptible to this kind of risk or "attack"...

As the Cyprus haircut has arguably proven

[Mbah Slamet]

whatever happens I still believe with the bank. We all know that the economy really depends by the bank, all financial transactions performed by the bank and the bank are protected by the State. While I believe the course I also believe with the bank.

[Electra01]

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!

The problem is that a lot of people buy Bitcoin via banks. Therefore Bitcoin is not totally independent of banks in my opinion. There are places to get Bitcoin with cash in hand but you usually pay a higher fee. Cryptocurrency exchanges are also getting regulated and, I believe, they have the power to sieze or freeze your Bitcoin. If you want to be totally safe, you need to store Bitcoin in the core wallet and keep it offline and only go for cash in hand offers (watching out for counterfeit).

[boyptc]

Keeping cash at home is not even going to help the economy of your country. It's like you are burying something like a new toy and when you returned into it, the value of it depreciates. Banks are one of the best to trust our fiat money and our online bank is our own bitcoin wallet which is making it as a good one.

It is not advisable to keep cash at home, if you plan to save it is better if you store it in bank much safer compare to your home. Just hold the cash that you need, and save the others or invest it. Yes, bank has sometimes occur error but it doesn't mean that they should not trust when in fact bank is more trusted than saving it in your home that other people can easily seen and stole.

Yes that's why I said it has nothing to contribute to the economy of your country. But we can't deny that there are people who are storing their money on their own vault and doesn't trust banks at all. I did that before when I was young but that isn't a big deal because I was small and the money that I'm holding is too small, right now I do trust banks.

[BeGoods]

In my country, the money deposited on your bank is covered till 100.000 euros by the central bank. If you have more than this amount, in case that your bank had a crash you will loose your money (you only will recover the first 100.000 euros) , like the Cyprus financial crisis.

I think the government would do best to help banks experiencing collapse, or when the government crisis surely they will be responsible to the customers, I think it was the form of bank trust