You should never trust banks

[pinkpanther03]

Banks don't close a  customer account like that , where have you see this ? "Suspicious" is not enough to decide to close the account of anyone LOL....
There are banking laws and customers rights. It's not the cow boy period where banks talk and you just shut up and obey

That's correct, bank wouldn't do any such thing were the customers didn't do any violation to their rules of course bank have protocol and standard operation procedure that need to be follows before they terminate their clients. it is too impossible that bank will do that without any violation or because if they terminate without any reason their client have the right to file a complaint case.

[1714850730]

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[boyptc]

why should not trust the bank, that the bank has been able to support from the government directly.

Why?

Yes that's right, government really been supportive to the banks because establishing the fiat money system and economy is been able to sustain from financial stability. With bitcoin status to banking, well its really trusted as well through fiat economic exchange rates; and I know it should be trusted through the years of serving bitcoiners.

Because many are against the services and charging of banks when you availed any of their service. And the conception of the people about them is that they will use your deposited money for free, like lending it to other customers. In return of your goodness, they will pay you with a very small portion of interest they'd earn.

[HarringtonStark]

I only stick world renowned banks and take safety measures when I'm transacting or withdrawing money from my ATM.  The actual danger is when you fail to secure your ATM card details from thieves. Again, the bank is following a protocol and will not terminate an account for no reason at all unless the bank went bankrupt.

[delliaerd]

If banks were not there we could be living same as that we lived centuries back. Another thing is that banks serve the community directly though it has got lots of flaws in the system. Importantly without banks we could have never thought of bitcoin or virtual currencies. Just to have an advancement than the other bitcoin is innovated.

not all banks are bad, I still believe in a government-owned bank for services offering that is given quite good and not harm customers and also many programs created for the economic progress of the community. but there are a few foreign banks that bid harm customers. Foreign banks can monopolize the money collected from the public, and will be an advantage for the owners of the bank. whereas if the people using bitcoin there will not be a party to monopolize the public money, because can control the bitcoin is the owner.

[Yanisumin]

 On of the situations I know why we should never trust banks is that it is full of greedy billionaires hungry for money. They will introduced the good sides of having a bank account but slowly eating your money away. One of its great disadvantage is the collaterals, they will squeeze your money when you can't pay the loan, but if they will declared bankruptcy, they don't have something to give in return. Funny and unfair but it's true.

[Kemarit]

On of the situations I know why we should never trust banks is that it is full of greedy billionaires hungry for money. They will introduced the good sides of having a bank account but slowly eating your money away. One of its great disadvantage is the collaterals, they will squeeze your money when you can't pay the loan, but if they will declared bankruptcy, they don't have something to give in return. Funny and unfair but it's true.

Yes, I was a victim of this as well. But thank God I was able to build up again my credit rating from various bank. I can't even apply for a credit card because of my past history. Although I have settled my bills long time ago, it was just like 7 years ago I discovered that my name was tagged. So I have to cleaned up everything, my name and reputation. I was thinking of borrowing again, but then have seconds thoughts.

[grandy]

If banks were not there we could be living same as that we lived centuries back. Another thing is that banks serve the community directly though it has got lots of flaws in the system. Importantly without banks we could have never thought of bitcoin or virtual currencies. Just to have an advancement than the other bitcoin is innovated.

It's hard to compared bitcoin to bank when one does not understand the uses of two, for me I understand it very well and I Know although bitcoin
is very valuable but it is not a legal currency, hence it will never be powerful as fiat. Banks are existing for centuries, so if people does not trust
banks they would not grow that big, we have to accept the fact it is what government are supporting than our bitcoin.

to me i do not think that it is fair to compare banks with bitcoins. as bitcoin is a currency whereas banks is just a method of saving money. i think in preset time online wallet is the best way of saving money as compae to baking system.

[jaysabi]

When a bank closes an account, they don't just get  to keep the money. That would set up a perverted incentive structure to find as many reasons to close accounts as they can so they can just confiscate any funds in the bank. Allowing such a policy would lead to a lack of confidence in the banks. A bank doesn't have to open an account for you, but they can't steal your money either.

[MissGrey]

I don't like the banks of my country and its way of working, in my country the banks are inefficient and have many communication failures. It's tooks me more than a year to open a bank account and I did it just because I need it.

[Taki]

I don't like the banks of my country and its way of working, in my country the banks are inefficient and have many communication failures. It's tooks me more than a year to open a bank account and I did it just because I need it.

I also don't like banks and all their system of working. But my bank account gives me loot of freedom and I like to pay with my card and collect different bonuses. The thing I don't like is credit system, now prevents are so high. I am from Russia and I know when it was USSR the percent was 1% per year! Imagine!

[Forbiddenone]

When a bank closes an account, they don't just get  to keep the money. That would set up a perverted incentive structure to find as many reasons to close accounts as they can so they can just confiscate any funds in the bank. Allowing such a policy would lead to a lack of confidence in the banks. A bank doesn't have to open an account for you, but they can't steal your money either.

Exactly , first if you going to deposit your money you must check the background and authorized papers of respective bank.second they cant close your account without proper reason and documentation and they should give prior notice.if they dont then you have full right to complain or ask about bank through government.

[hajimasan]

When a bank closes an account, they don't just get  to keep the money. That would set up a perverted incentive structure to find as many reasons to close accounts as they can so they can just confiscate any funds in the bank. Allowing such a policy would lead to a lack of confidence in the banks. A bank doesn't have to open an account for you, but they can't steal your money either.

Exactly , first if you going to deposit your money you must check the background and authorized papers of respective bank.second they cant close your account without proper reason and documentation and they should give prior notice.if they dont then you have full right to complain or ask about bank through government.

Yeah , true but here it is the terms and conditions of the bank system that we should keep visiting in the bank to see the bank balance or without any reason make deals atleast in the 6 months of the year .
I think here the same rule in the bitcoin/altcoin exchange , I heared once in this forum a exchange freeze the account of the person when he didn't log for some years .
Well here we have the option of the bitcoin where you will never loss or freez or any close of your account , the money in your bitcoin wallet is only your and no one can access and no one can steal and also no one can ban to use , whether there is even any reason exists .

[CoinFoxs]

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!

There should some reason because banks are the most trusty organization, it physically exists and you can claim to someone for your problems while in online wallet you cannot claim your lost money to someone. And how would you leave that much in the hands of other person??

[Edsemen]

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!

There should some reason because banks are the most trusty organization, it physically exists and you can claim to someone for your problems while in online wallet you cannot claim your lost money to someone. And how would you leave that much in the hands of other person??

That is true. If the banks also deal with bitcoin, that is even better.

[tabas]

I don't like the banks of my country and its way of working, in my country the banks are inefficient and have many communication failures. It's tooks me more than a year to open a bank account and I did it just because I need it.

In what country do you live? I know before a bank operates they should pass within the standards that has been set by the central bank of your country. I don't know why there are banks like that or maybe that problem is just unusual and did happened by the time that you visited your bank? What do you think?

[darthmaul]

I think you must have messed up with rules and regulations. Moreover without any prior notice bank may not close your account. Is it really written in their clause that they have rights to terminate agreement without notice? That would be chaotic for all of us. You earn hard money and put it into banks for its safety and if something like this goes on from banks then we will be bankrupt ine day. I believe there is either mistake from bank side or most probably you have done something that misfits banks terms of agreement.

[LeGaulois]

I think you must have messed up with rules and regulations. Moreover without any prior notice bank may not close your account. Is it really written in their clause that they have rights to terminate agreement without notice? That would be chaotic for all of us. You earn hard money and put it into banks for its safety and if something like this goes on from banks then we will be bankrupt ine day. I believe there is either mistake from bank side or most probably you have done something that misfits banks terms of agreement.

Yeah, in my country a bank can close your account for whatever reason they have, but they must tell you 60 days before, as the law require.. You can also fight the decision with customers rights associations but it takes time so at the end it is better to go in another bank to open a new account. This say, it rarely happen and when it's happen it is because of the account owners themselves, doing mistakes, like for exemple use their account for their business activities, ect

[jak3]

that's true banks are already up with their huge empire which is spread over whole world. its still surprises me that many people still now didn't realized about it they where just helping those evil banks with their all properties and those loans. People nowadays can stand against us if they found that we hate banks. Its not that we hate banks in true sense we just love this new monetary system which gives us freedom to do anything

[Yuuto]

Banks don't close a  customer account like that , where have you see this ? "Suspicious" is not enough to decide to close the account of anyone LOL....
There are banking laws and customers rights. It's not the cow boy period where banks talk and you just shut up and obey

That's correct, bank wouldn't do any such thing were the customers didn't do any violation to their rules of course bank have protocol and standard operation procedure that need to be follows before they terminate their clients. it is too impossible that bank will do that without any violation or because if they terminate without any reason their client have the right to file a complaint case.

Try to even imagine going to court, to fight against some big bank LOL that would be senseless, the money they have cannot make them lose this war.

But its true, banks are not some weird websites or exchanges where you hold the money, they simply cannot delete your account without any really important reason because they just dont have such a rights.

Only in specific situations or when some incidents will occur that may justify such an action they can freeze your bank account, but not terminate it.

[iv4n]

Banks don't close a  customer account like that , where have you see this ? "Suspicious" is not enough to decide to close the account of anyone LOL....
There are banking laws and customers rights. It's not the cow boy period where banks talk and you just shut up and obey

That's correct, bank wouldn't do any such thing were the customers didn't do any violation to their rules of course bank have protocol and standard operation procedure that need to be follows before they terminate their clients. it is too impossible that bank will do that without any violation or because if they terminate without any reason their client have the right to file a complaint case.

Try to even imagine going to court, to fight against some big bank LOL that would be senseless, the money they have cannot make them lose this war.

But its true, banks are not some weird websites or exchanges where you hold the money, they simply cannot delete your account without any really important reason because they just dont have such a rights.

Only in specific situations or when some incidents will occur that may justify such an action they can freeze your bank account, but not terminate it.

Fighting with banks on court is mission impossible! They can terminate your bank account or freeze it, they do something and they always hiding behind some bank rules and regulations. I don`t think they are closing accounts just like that for nothing, but sure they make mistakes and thats happen with them sometimes. Bottom line is that no one should believe banks, that is corporation and they don`t care for little man, all they think about is profit and more profit, and if you are rich they will be nice if you are poor you will not be able to enter the bank.