You should never trust banks

[Mirconome]

Why do we need to not trust the banks? Do you have any proofs that banks is not trustworthy? Because i think they are. Banks are trustworthy because they help the economy to have a smooth circulation of the money because that is where the most people put their money. Banks are here for a lot of years and i think that is enough for us to believed that banks are trustworthy.

there is a bank that has made customers lose money when in liquidation. This case in my country. but not all banks are bad, I still believe in state-owned banks, because a lot of financial aid that is given to the people. I just do not believe in banks other than state-owned banks, because most of the deals they give you is a lot of benefit to them but not to the customer. we now have our own wallet so maybe we can reduce the use of banks.

Each client can go to the bank and accepts the bank's terms and conditions. Nobody forces to do so. Of course there are circumstances in life that force to apply to the banks, but it is not the fault of the banking system. We are not so much dependent on the bank as we are accustomed to use their services.

[achow102]

Why do we need to not trust the banks? Do you have any proofs that banks is not trustworthy? Because i think they are. Banks are trustworthy because they help the economy to have a smooth circulation of the money because that is where the most people put their money. Banks are here for a lot of years and i think that is enough for us to believed that banks are trustworthy.

there is a bank that has made customers lose money when in liquidation. This case in my country. but not all banks are bad, I still believe in state-owned banks, because a lot of financial aid that is given to the people. I just do not believe in banks other than state-owned banks, because most of the deals they give you is a lot of benefit to them but not to the customer. we now have our own wallet so maybe we can reduce the use of banks.

Each client can go to the bank and accepts the bank's terms and conditions. Nobody forces to do so. Of course there are circumstances in life that force to apply to the banks, but it is not the fault of the banking system. We are not so much dependent on the bank as we are accustomed to use their services.

Unfortunately it is impossible to abandon the banks services. It's very frustrating, because we have to pay large fees for these services. I hope that, thanks to Bitcoin, we get rid of it

[kidoseagle0312]

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!

All banks as far as I know had their owned SOP rules about terminating the account of their clients, They only applied it once there is a violation happen on which their client did,.can you give us the specific details because you didn't mention in the above what did you do, you just said only they closed your account which is nothing is very much clear on this things.

[Ipwich]

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!

All banks as far as I know had their owned SOP rules about terminating the account of their clients, They only applied it once there is a violation happen on which their client did,.can you give us the specific details because you didn't mention in the above what did you do, you just said only they closed your account which is nothing is very much clear on this things.

Under the situation, I would trust the bank here because they are reputable and that is important to maintain their business. Banks does not close accounts without valid reasons as their reputation is also at risk once they do stupid mistakes, of course they are a big industry and regulated by the
government through central bank. If they make a shady activities, I'm pretty sure the OP is already filing and legal complaint to get his money back.

[DrVaribo]

Do not trust all banks, because the money to keep a house is quite dangerous, there is always a risk of losing them. Electronic money also does not inspire much confidence in the event of a system failure. The main thing is to feel the time of change, to withdraw your funds to another bank or invest in a more profitable operation.

[Xester]

Why do we need to not trust the banks? Do you have any proofs that banks is not trustworthy? Because i think they are. Banks are trustworthy because they help the economy to have a smooth circulation of the money because that is where the most people put their money. Banks are here for a lot of years and i think that is enough for us to believed that banks are trustworthy.

there is a bank that has made customers lose money when in liquidation. This case in my country. but not all banks are bad, I still believe in state-owned banks, because a lot of financial aid that is given to the people. I just do not believe in banks other than state-owned banks, because most of the deals they give you is a lot of benefit to them but not to the customer. we now have our own wallet so maybe we can reduce the use of banks.

When you invest in rural banks invest that if there is a mismanagement it will surely go bankrupt because they have no back-up funds. But if you really want to deposit money in a trusted bank then place them in a big bank and a government owned bank which has big financial back-up and has proven themselves trustworthy as implied in their track records. Not all banks are untrustworthy but just dont make big loans to bank since there interest rates are really fishy.

[Finestream]

Why do we need to not trust the banks? Do you have any proofs that banks is not trustworthy? Because i think they are. Banks are trustworthy because they help the economy to have a smooth circulation of the money because that is where the most people put their money. Banks are here for a lot of years and i think that is enough for us to believed that banks are trustworthy.

there is a bank that has made customers lose money when in liquidation. This case in my country. but not all banks are bad, I still believe in state-owned banks, because a lot of financial aid that is given to the people. I just do not believe in banks other than state-owned banks, because most of the deals they give you is a lot of benefit to them but not to the customer. we now have our own wallet so maybe we can reduce the use of banks.

When you invest in rural banks invest that if there is a mismanagement it will surely go bankrupt because they have no back-up funds. But if you really want to deposit money in a trusted bank then place them in a big bank and a government owned bank which has big financial back-up and has proven themselves trustworthy as implied in their track records. Not all banks are untrustworthy but just dont make big loans to bank since there interest rates are really fishy.

How did you know that Rural Banks has no back up funds, they are still a bank and they operate under the law using the same manual issued by the central bank. They maybe a small bank but they can compete with bigger bank, some bigger banks as what I have seen happening in my country are getting into micro loans also because they know it's profitable and they can increase their target for better profit.

The only difference between rural bank and commercial bank is their depositors confidence, but int terms of loan, they can compete with each other and most of the borrowers will prefer those who can process the loans faster.

[BeGoods]

Do not trust all banks, because the money to keep a house is quite dangerous, there is always a risk of losing them. Electronic money also does not inspire much confidence in the event of a system failure. The main thing is to feel the time of change, to withdraw your funds to another bank or invest in a more profitable operation.

I think there is no reason not to believe the bank. bank guarantees proven security and also the government is behind the bank. so why should we not believe in banks? even today you and everyone depends on the bank?

[Salazarian]

Do not trust all banks, because the money to keep a house is quite dangerous, there is always a risk of losing them. Electronic money also does not inspire much confidence in the event of a system failure. The main thing is to feel the time of change, to withdraw your funds to another bank or invest in a more profitable operation.

i think we can trust on bitcoin because banks are are mostly supported by government therefore there is very little chance that they will scam us. i think banks will continue up to the time people will stop using fiat.

[coinplus]

Do not trust all banks, because the money to keep a house is quite dangerous, there is always a risk of losing them. Electronic money also does not inspire much confidence in the event of a system failure. The main thing is to feel the time of change, to withdraw your funds to another bank or invest in a more profitable operation.

i think we can trust on bitcoin because banks are are mostly supported by government therefore there is very little chance that they will scam us. i think banks will continue up to the time people will stop using fiat.

If you don’t know this but banks use the money that they take from people and invest it in something god knows what it is without even telling you, the other day I went to check on my bank account and found that they have taken $30 from it and then returned it, so they are using our money to get profit and then they asks us to pay fee, and you still want us to trust them.

[Jasad]

Do not trust all banks, because the money to keep a house is quite dangerous, there is always a risk of losing them. Electronic money also does not inspire much confidence in the event of a system failure. The main thing is to feel the time of change, to withdraw your funds to another bank or invest in a more profitable operation.

i think we can trust on bitcoin because banks are are mostly supported by government therefore there is very little chance that they will scam us. i think banks will continue up to the time people will stop using fiat.

the fact that people have been rely on banks for century can't erase them from the history,
the banks will still exist in the future , digital money just an option ,
for those people who want make their live easier ,
just like when smartphone everywhere right now , there a lot of people who did not use it at all.

[blackhawkeye1912]

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!

That's so bad. What happened with your bank? However, I think you did something against the law. Banks will not close bank account for no reason. I suppose you should contact the bank managers personally to know the reason. I can't stand on your side because I did not see the bank's side yet.

ACtually, they have the authority to close what they want and do what they like. Closing accounts are more comfortable than being stolen money directly from the bank. In my country, there are several issues with banks which people lose their money and the bank reject to solve the problems. I guess that we all hate bank since they are created to against and us

It's not like that, banks will not close whenever they want because they have laws and regulations to follow. They will be held liable if they do it illegally and deposits will be protected by the government. They can only close if such accounts are involved in illegal transactions and they receive the all formalities to close or freeze accounts.

That's right! all banks had their owned SOP  rules that they need to follows. So I don't think they won't gonna do it, if you didn't do something violation to their rules and policy, besides you never mention what you did all you've just said was the bank did to you.

[Bitcotalk]

I don't have any reasons not to trust banks because as far as I know, banking storage of money is reliable and many business owners deposited their assets on a savings accounts they have for fiat cash money. Well if we ignore trusting banks its not worth earning btc because we can use fiat cash money, to exchange it from digital currency to fiat currency by using online wallet which has an option for bank cash-out.

Yeah that's what banks are something which are more thana century old and j think this person is thinking banks should be replaced by bitcoins or some other alternative which is too much. But I don't think bank is the only way to get bitcoins I met a person yesterday who would give me his bitcoins for my phone.

To date, the bank has no alternative. You say it yourself. So there is no alternative and is not. With bitcoin lot of questions and there will be many problems as your desires will be fulfilled. The first is the legalization and the effective recognition of the bitcoin currency, the second control operations and that everyone understands what it means. Bitcoin will lose benefits.

If someone will now the ways of taking care of their bitcoins then he will not need any banks for keeping his money/bitcoin in banks. That is why blockchain on its dashboard tells be your own bank. The banks are better but it will really lack us with some favorable features of bitcoin.

[v1ryspro]

I don't have any reasons not to trust banks because as far as I know, banking storage of money is reliable and many business owners deposited their assets on a savings accounts they have for fiat cash money. Well if we ignore trusting banks its not worth earning btc because we can use fiat cash money, to exchange it from digital currency to fiat currency by using online wallet which has an option for bank cash-out.

Yeah that's what banks are something which are more thana century old and j think this person is thinking banks should be replaced by bitcoins or some other alternative which is too much. But I don't think bank is the only way to get bitcoins I met a person yesterday who would give me his bitcoins for my phone.

To date, the bank has no alternative. You say it yourself. So there is no alternative and is not. With bitcoin lot of questions and there will be many problems as your desires will be fulfilled. The first is the legalization and the effective recognition of the bitcoin currency, the second control operations and that everyone understands what it means. Bitcoin will lose benefits.

If someone will now the ways of taking care of their bitcoins then he will not need any banks for keeping his money/bitcoin in banks. That is why blockchain on its dashboard tells be your own bank. The banks are better but it will really lack us with some favorable features of bitcoin.

Yes, it is better not to use the services of banks. They take a lot of money for services for which using bitcoin can not pay at all. In addition, banks deprive us of anonymity

[batang_bitcoin]

I don't have any reasons not to trust banks because as far as I know, banking storage of money is reliable and many business owners deposited their assets on a savings accounts they have for fiat cash money. Well if we ignore trusting banks its not worth earning btc because we can use fiat cash money, to exchange it from digital currency to fiat currency by using online wallet which has an option for bank cash-out.

Yeah that's what banks are something which are more thana century old and j think this person is thinking banks should be replaced by bitcoins or some other alternative which is too much. But I don't think bank is the only way to get bitcoins I met a person yesterday who would give me his bitcoins for my phone.

To date, the bank has no alternative. You say it yourself. So there is no alternative and is not. With bitcoin lot of questions and there will be many problems as your desires will be fulfilled. The first is the legalization and the effective recognition of the bitcoin currency, the second control operations and that everyone understands what it means. Bitcoin will lose benefits.

If someone will now the ways of taking care of their bitcoins then he will not need any banks for keeping his money/bitcoin in banks. That is why blockchain on its dashboard tells be your own bank. The banks are better but it will really lack us with some favorable features of bitcoin.

Yes, it is better not to use the services of banks. They take a lot of money for services for which using bitcoin can not pay at all. In addition, banks deprive us of anonymity

For me, I will still use the services of bank, they are good when you need them like for saving money, just save your money with them if you don't want to use it. Also they are good with lending once you built up a good relationship with them, you won't be having hard time to ask them money if you need so.

[NEWGOODOUBLE]

Do not trust all banks, because the money to keep a house is quite dangerous, there is always a risk of losing them. Electronic money also does not inspire much confidence in the event of a system failure. The main thing is to feel the time of change, to withdraw your funds to another bank or invest in a more profitable operation.

i think we can trust on bitcoin because banks are are mostly supported by government therefore there is very little chance that they will scam us. i think banks will continue up to the time people will stop using fiat.

the fact that people have been rely on banks for century can't erase them from the history,
the banks will still exist in the future , digital money just an option ,
for those people who want make their live easier ,
just like when smartphone everywhere right now , there a lot of people who did not use it at all.

banks survive and are used by everyone not because their history long but because of the bank system is needed. because we use fiat so the bank will always be needed

[SamsungBitcoin]

Do not trust all banks, because the money to keep a house is quite dangerous, there is always a risk of losing them. Electronic money also does not inspire much confidence in the event of a system failure. The main thing is to feel the time of change, to withdraw your funds to another bank or invest in a more profitable operation.

i think we can trust on bitcoin because banks are are mostly supported by government therefore there is very little chance that they will scam us. i think banks will continue up to the time people will stop using fiat.

the fact that people have been rely on banks for century can't erase them from the history,
the banks will still exist in the future , digital money just an option ,
for those people who want make their live easier ,
just like when smartphone everywhere right now , there a lot of people who did not use it at all.

banks survive and are used by everyone not because their history long but because of the bank system is needed. because we use fiat so the bank will always be needed

Bank is always there and it is very trusted they keep our money safe and it has an insurance for every cents of you money kept there.
But for now i choose to put my money but not all in bitcoin than to put savings in the bank.
Bank will only offer small interest on your savings while in bitcoin you can generate of much higher that you expected.

[Harlot]

I don't have any reasons not to trust banks because as far as I know, banking storage of money is reliable and many business owners deposited their assets on a savings accounts they have for fiat cash money. Well if we ignore trusting banks its not worth earning btc because we can use fiat cash money, to exchange it from digital currency to fiat currency by using online wallet which has an option for bank cash-out.

Yeah that's what banks are something which are more thana century old and j think this person is thinking banks should be replaced by bitcoins or some other alternative which is too much. But I don't think bank is the only way to get bitcoins I met a person yesterday who would give me his bitcoins for my phone.

To date, the bank has no alternative. You say it yourself. So there is no alternative and is not. With bitcoin lot of questions and there will be many problems as your desires will be fulfilled. The first is the legalization and the effective recognition of the bitcoin currency, the second control operations and that everyone understands what it means. Bitcoin will lose benefits.

If someone will now the ways of taking care of their bitcoins then he will not need any banks for keeping his money/bitcoin in banks. That is why blockchain on its dashboard tells be your own bank. The banks are better but it will really lack us with some favorable features of bitcoin.

Yes, it is better not to use the services of banks. They take a lot of money for services for which using bitcoin can not pay at all. In addition, banks deprive us of anonymity

For me, I will still use the services of bank, they are good when you need them like for saving money, just save your money with them if you don't want to use it. Also they are good with lending once you built up a good relationship with them, you won't be having hard time to ask them money if you need so.

A bank's purpose as of this present moment is just really about saving your money and not gaining anything from it because we all know that the interest right now is the lowest of the low. Also people complaining about the fees on using services of the bank, I think it is better and cheaper compared to buying your own Personal Security Safe which can cost you thousands of dollars ( the security/protection you are getting in a banks is better compared to keeping your money at your home).  Also some banks offer collateral if a bankruptcy ever happened which is a nice feature that protects your money being lost and also we can take advantage of creating several bank accounts with different banks  so that we can diversify and maximize the collateral that each bank is giving.

[taxmanmt5]

Why do we need to not trust the banks? Do you have any proofs that banks is not trustworthy? Because i think they are. Banks are trustworthy because they help the economy to have a smooth circulation of the money because that is where the most people put their money. Banks are here for a lot of years and i think that is enough for us to believed that banks are trustworthy.

there is a bank that has made customers lose money when in liquidation. This case in my country. but not all banks are bad, I still believe in state-owned banks, because a lot of financial aid that is given to the people. I just do not believe in banks other than state-owned banks, because most of the deals they give you is a lot of benefit to them but not to the customer. we now have our own wallet so maybe we can reduce the use of banks.

Each client can go to the bank and accepts the bank's terms and conditions. Nobody forces to do so. Of course there are circumstances in life that force to apply to the banks, but it is not the fault of the banking system. We are not so much dependent on the bank as we are accustomed to use their services.

Banks are the integral part of the system and there are no other option available to store money securely. This situation is exploit by the banks and they often charge a lots of taxes etc.

[centralbanksequalsbombs]

Why? What's so wrong with them?

They can terminate your account? They can freeze your money? They can evict people from property?

You mention rules, regulations, arbitration clauses, etc, now you dont think it's possible these are pushed down for a regime of monopolistic controlling Central Banks around the world, do you?

The central banks, they are good standing, doing good deeds as institutions, right?

You can read some very interesting info on central banks and how to strategize your dealing with banks in this post, please reply if you find helpful:
"Hacks & puppets & forks - how to destroy bitcoin": https://bitcointalk.org/index.php?topic=1834310.0