You should never trust banks

[mindrust]

Banks are too fragile right now. I've created a thread about this today based on an article on the zerohedge, but either everyone here are already aware of the situation and read the news there or nobody cared about it. Because there weren't any discussions  on the topic.

Article:
http://www.zerohedge.com/news/2017-02-10/cash-no-longer-king-europe-accelerates-move-begin-elimination-paper-money

This article alerts me more than anything. Something big is coming and they think they can avoid it by banning cash. Even if that's true, nobody in the right mind will agree to the so called "cashless world"

Banks are shaking like frightened little girls and trying to convince people to not use cash. They say, it is because the terrorists use cash. They lie. They don't give a fuck about terrorists or drug dealers. They will always exist.

What they are afraid of is that the day when they won't be able to pay their customers in cash when they are asked to. That's why they are trying to ban cash payment and force you to use tour debit/credit cards. In that way, your paper money will never be able to leave banks and banks will be able to rip everyone off forever.

Fuck this shit, I don't care if they decide to ban cash then i will move to gold and bitcoin like everyone else.

And fuck banks.

[deisik]

What they are afraid of is that the day when they won't be able to pay their customers in cash when they are asked to. That's why they are trying to ban cash payment and force you to use tour debit/credit cards. In that way, your paper money will never be able to leave banks and banks will be able to rip everyone off forever

How's that exactly?

As far as I understand how a fiat banking system works, there is no problem to print another few trillion units of paper money. If a shortage of paper money occurs in some bank, the Central bank will always provide enough liquidity to this bank. In fact, they don't even need to print excessive volumes of paper money. It will suffice just to print a few (million) banknotes of bigger denominations and voila, the problem is essentially solved (note that the total amount of money in the economy doesn't necessarily change)



Yes, I know what this bill had been used for but still

[crwth]

Agree,never trust banks thay only want to sucks money from his customers,thay are only interested in making profit.If you have bank account every few days you need to login to accounts and carefully check transactions
It is possible for them to accept bitcoin to lower transaction costs,but thay will never do it

All bank always act the same thing though because they need money to get more money for themselves and without money income they can't pay you some interest. So some banks already apply this bitcoin? I never know that, or do you mean they make an exchange to their own fiat before they make the transaction?

Well the purpose of banks is not to gain money from it anyways. A banks purpose is to save your money, now if I am you who is also cannot afford a safe, guard dogs, security guards, cctvs then opening a bank account is a cheaper alternative for saving your money from any kind of robbery it is common sense people, even in the year 2010 we all know that banks are not good to profit anymore.

Is it about protecting your money right? It's like them safe keeping it with a partial amount of reward when you put it with them. It's always going to be like that. They are creating something out of nothing. Banks always do that that's why they are very rich. They give loans and people start owing them and that's where they get money from.

[bitgoldpanther1978]

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!

When I read your statement, it is sounds that its too impossible the bank will closed your account without any valid reason, isn't you did any foul or violations to their rules and policy? because for not all their clients had the same scenario with you. I'm not saying I'm favor with them I was just thinking about why do they do that? though I hate saving money to them. But I know there policies.

[chrisivl]

It's a shame that an ordinary person would not be able to deal with the banks, even in court. It is simply impossible to achieve justice when the banks can take the latter.

[one-day0]

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!

When I read your statement, it is sounds that its too impossible the bank will closed your account without any valid reason, isn't you did any foul or violations to their rules and policy? because for not all their clients had the same scenario with you. I'm not saying I'm favor with them I was just thinking about why do they do that? though I hate saving money to them. But I know there policies.

You dropped one more very important thing, and this is an opportunity to the citizens to get a fair decision in court. In some countries, corruption is so strong on the banks feel stronger.

[elena-tur]

In civilized countries, in my opinion it is still possible to deal with the banks, and then you need to be careful. All the people now live at the expense of loans, so you need to watch and be careful that you sign.

[eminem90]

Agree,never trust banks thay only want to sucks money from his customers,thay are only interested in making profit.If you have bank account every few days you need to login to accounts and carefully check transactions
It is possible for them to accept bitcoin to lower transaction costs,but thay will never do it

All bank always act the same thing though because they need money to get more money for themselves and without money income they can't pay you some interest. So some banks already apply this bitcoin? I never know that, or do you mean they make an exchange to their own fiat before they make the transaction?

Well the purpose of banks is not to gain money from it anyways. A banks purpose is to save your money, now if I am you who is also cannot afford a safe, guard dogs, security guards, cctvs then opening a bank account is a cheaper alternative for saving your money from any kind of robbery it is common sense people, even in the year 2010 we all know that banks are not good to profit anymore.

Is it about protecting your money right? It's like them safe keeping it with a partial amount of reward when you put it with them. It's always going to be like that. They are creating something out of nothing. Banks always do that that's why they are very rich. They give loans and people start owing them and that's where they get money from.

They are not rich. Banks never had the money. This money clients. Just the interest they take themselves and put in their pockets. And in fact the person paying the money to the bank and they dispose of them already on the. Can someone give a loan may still something. And so the circle.

[maister77777]

As if we were not opposed to the banking system and the banks themselves, it is still necessary to understand that we are not forced to go to the bank and used to take the credit, or give their money to the account. This is purely our decision each. And if there were problems, it is only because of our own.

[Viscore]

As if we were not opposed to the banking system and the banks themselves, it is still necessary to understand that we are not forced to go to the bank and used to take the credit, or give their money to the account. This is purely our decision each. And if there were problems, it is only because of our own.

We are not all borrowers, but banks is very important for us if we have money to save, they are safe and they provide insurance. Whatever we think about the future of bitcoin, it cannot be denied that we are still relying on bank for our money.

We cannot trust bitcoin with all our money as  it's too risky, the value will move and hacking is possible, we could lose the value and lose our money and we cannot go after it as there is no specific law to protect us in this specific possible incident.

[agamasrori]

As if we were not opposed to the banking system and the banks themselves, it is still necessary to understand that we are not forced to go to the bank and used to take the credit, or give their money to the account. This is purely our decision each. And if there were problems, it is only because of our own.

We should not trust bank. I think bank system could advers us. But to close an account, the bank must have its own considerations about the decisions they make. The consideration which involve many parties.

[Kasabus]

As if we were not opposed to the banking system and the banks themselves, it is still necessary to understand that we are not forced to go to the bank and used to take the credit, or give their money to the account. This is purely our decision each. And if there were problems, it is only because of our own.

We should not trust bank. I think bank system could advers us. But to close an account, the bank must have its own considerations about the decisions they make. The consideration which involve many parties.

If you do not understand how the bank works, definitely you will not trust it, the same with bitcoin. It is better if we know what banks can offer us before we say that we do not trust it, the fact that they can close or freeze a bank account, we must understand that they are doing it based on the law, otherwise they will be penalize.

[anavuajna]

As if we were not opposed to the banking system and the banks themselves, it is still necessary to understand that we are not forced to go to the bank and used to take the credit, or give their money to the account. This is purely our decision each. And if there were problems, it is only because of our own.

We should not trust bank. I think bank system could advers us. But to close an account, the bank must have its own considerations about the decisions they make. The consideration which involve many parties.

If you do not understand how the bank works, definitely you will not trust it, the same with bitcoin. It is better if we know what banks can offer us before we say that we do not trust it, the fact that they can close or freeze a bank account, we must understand that they are doing it based on the law, otherwise they will be penalize.

I agree. You just have to follow the rules, and then everything will be fine. If a person has decided to cooperate with the bank, he must study the contract concluded between the bank and the customer

[d@nte]

As if we were not opposed to the banking system and the banks themselves, it is still necessary to understand that we are not forced to go to the bank and used to take the credit, or give their money to the account. This is purely our decision each. And if there were problems, it is only because of our own.

We should not trust bank. I think bank system could advers us. But to close an account, the bank must have its own considerations about the decisions they make. The consideration which involve many parties.

If you do not understand how the bank works, definitely you will not trust it, the same with bitcoin. It is better if we know what banks can offer us before we say that we do not trust it, the fact that they can close or freeze a bank account, we must understand that they are doing it based on the law, otherwise they will be penalize.

Banks in fact have the power to close bank accounts at any time, but the worst thing about it is that banks are heavily influenced by governments. I have seen cases of banks that have been restricted by governments so that such banks would not allow users to withdraw money for a long time.

[JC btc]

Banks in fact have the power to close bank accounts at any time, but the worst thing about it is that banks are heavily influenced by governments. I have seen cases of banks that have been restricted by governments so that such banks would not allow users to withdraw money for a long time.

That is true. One of the most I hate whenever I want to withdraw my money to buy something is there is always a limit, so worst thing is you have to go to a bank to withdraw over the counter because of a limit per day. So, you have no choice if you need more than the limit, no choice but to suffer in their line while waiting for your number. Such a waste of time.

[praboso96]

Banks in fact have the power to close bank accounts at any time, but the worst thing about it is that banks are heavily influenced by governments. I have seen cases of banks that have been restricted by governments so that such banks would not allow users to withdraw money for a long time.

That is true. One of the most I hate whenever I want to withdraw my money to buy something is there is always a limit, so worst thing is you have to go to a bank to withdraw over the counter because of a limit per day. So, you have no choice if you need more than the limit, no choice but to suffer in their line while waiting for your number. Such a waste of time.

Yes, it is very inconvenient. But those who use the services of banks, there is simply no other choice. Bitcoin is more convenient to use

[deisik]

As if we were not opposed to the banking system and the banks themselves, it is still necessary to understand that we are not forced to go to the bank and used to take the credit, or give their money to the account. This is purely our decision each. And if there were problems, it is only because of our own.

We should not trust bank. I think bank system could advers us. But to close an account, the bank must have its own considerations about the decisions they make. The consideration which involve many parties.

If you do not understand how the bank works, definitely you will not trust it, the same with bitcoin. It is better if we know what banks can offer us before we say that we do not trust it, the fact that they can close or freeze a bank account, we must understand that they are doing it based on the law, otherwise they will be penalize.

Banks in fact have the power to close bank accounts at any time, but the worst thing about it is that banks are heavily influenced by governments. I have seen cases of banks that have been restricted by governments so that such banks would not allow users to withdraw money for a long time

That seems to be inevitable

Previously, banks weren't regulated so heavily, in the times when there hadn't yet been a central bank sticking around (at least, as we know it today). Say, in the 19th century banks were basically creating their own money in the form of gold receipts, but many of them inexorably ended up by issuing too many receipts, i.e. above the amount of gold in their vaults, which eventually caused massive bank-runs. It is not surprising that the average life span of a bank in the US was less than 5 years back then. Now imagine what we would see today if banks weren't regulated by governments and were "on their own"

[dunfida]

Banks in fact have the power to close bank accounts at any time, but the worst thing about it is that banks are heavily influenced by governments. I have seen cases of banks that have been restricted by governments so that such banks would not allow users to withdraw money for a long time.

That is true. One of the most I hate whenever I want to withdraw my money to buy something is there is always a limit, so worst thing is you have to go to a bank to withdraw over the counter because of a limit per day. So, you have no choice if you need more than the limit, no choice but to suffer in their line while waiting for your number. Such a waste of time.

Yes, it is very inconvenient. But those who use the services of banks, there is simply no other choice. Bitcoin is more convenient to use

but in bitcoin we cant still be assure to be safe on our money it might be the one of the best investment and storage as of now but we should really not forget the risk on it.We do still trust banks no matter what specially on the security of our local fiat money and in the case of OP for sure he have done something wrong why bank did such action on him regarding to his account.

[lordquanta]

As if we were not opposed to the banking system and the banks themselves, it is still necessary to understand that we are not forced to go to the bank and used to take the credit, or give their money to the account. This is purely our decision each. And if there were problems, it is only because of our own.

We should not trust bank. I think bank system could advers us. But to close an account, the bank must have its own considerations about the decisions they make. The consideration which involve many parties.

If you do not understand how the bank works, definitely you will not trust it, the same with bitcoin. It is better if we know what banks can offer us before we say that we do not trust it, the fact that they can close or freeze a bank account, we must understand that they are doing it based on the law, otherwise they will be penalize.

Banks in fact have the power to close bank accounts at any time, but the worst thing about it is that banks are heavily influenced by governments. I have seen cases of banks that have been restricted by governments so that such banks would not allow users to withdraw money for a long time

That seems to be inevitable

Previously, banks weren't regulated so heavily, in the times when there hadn't yet been a central bank sticking around (at least, as we know it today). Say, in the 19th century banks were basically creating their own money in the form of gold receipts, but many of them inexorably ended up by issuing too many receipts, i.e. above the amount of gold in their vaults, which eventually caused massive bank-runs. It is not surprising that the average life span of a bank in the US was less than 5 years back then. Now imagine what we would see today if banks weren't regulated by governments and were "on their own"

Some thinks it is other way round when influence is considered. Big Banks influence the Govt.  Fiat currency had been backed by 'full faith and credit' of the U.S. Government and not by gold, silver. [1]  There are some scenario where even currency backed by debt has been observed.

[1] http://buygoldandsilversafely.com/gold/what-really-backs-the-us-dollar/

[royalfestus]

Depend on what bank do you save. If the bank still unknown and brand new, then you shouldn't save there since they may bankrupt ( as my experienced said that even long life bank still can bankrupt )

I don't think bank will close your account without reason, for example in my country, you have to have a minimum balance in your bank account. If your balance are below the min requirement for 3 month, ....

So what do you mean without a reason ?

Bank shut down your account because " you have to have a minimum balance in your bank account. If your balance are below the min requirement for 3 month, " as you mentioned

I think banks had gone beyond the minimum account balance, we have zero account without being close but for the period of inactive account it is need with a longer period( possibly 1 year), for cases of death of the account owners. However, If bitcoin remain unacceptable by the government, with fewer store accepting bitcoin, fiat will be a legal tendency in most of our transaction and to avoid money laundering, bank will still remain the solution