You should never trust banks

[pitiflin]

The possible reason for why your account would have been closed by the bank is :-
Maybe
1. The bank might have found some unusual activities
2.You might have not used your account for 6 months  or more than that ,which would make your account dormant, and the bank will charge dormant charges till the balance becomes zero.
3.You may not be maintaining the minimum balance of your account.
4.You may have not updated your bank account with your renewed passport, visa maybe trade license in case of a company account or any other important valid documents that you didn't submit even after 1 month prior notice given by the bank.
5.You violated the rules and regulations of a bank which may have caused to close your account.
As per my knowledge, these are the possible reasons, if none of the reasons suit for your case,well consult a lawyer who is well known in your city rather than consulting lawyers online, hope this helps you.

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[guoyu78]

For hundreds of years banks have been the pillar of financial system, billions of people are using and depending on banks every day, there is nothing wrong with the idea of banking, this is the people we have problem with, they're the ones when have their hands on people's money they start to game the system, manipulation and abuses starts from there. Satoshi made the right call, he removed people and replaced them with code now we can trust the code which is providing a trustless system for us.

I don't trust the banks and think they are all scams. I really like the idea of bitcoin, but I am concerned about such a large price increase. This can be a pyramid. And so I'm wary of crypto currencies.

you are right now many people trust on bitcoin more than banks because banks can be hack and can suffer robbing any time but bitcoin has safe and secure wallets to be use for it. bitcoin is common and well used term it is now more famous than banks and draws.

[jaysabi]

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

And yet more than 90% of all bitcoin purchases are made by using banking services.
Kind of funny right?

Would bitcoin survive in it's current state without banks? I doubt it.
Just take a look at the price tanking when an exchange has problem with its bank accounts or deposits/withdraws.

Take a look in the other threads where people are cheering a bitcoin bank.
And they have cheered a lot in the past for a few so called "bitcoin banks" and we know how a few of them went... missing

Right on. Bitcoin has value because there is already a robust international banking system. People think Bitcoin steals value from or competes with banks, but it's actually the reverse- the banking system allows Bitcoin to have value. When the next international financial crisis happens, people will flee Bitcoin for safer assets, and the price will crash hard. Nobody is going to run to a more speculative assets when money is disappearing from the international system. That expectation is crazy

I strongly disagree with this point

And you will have a hard time defending it. Since you will have to explain not some obscure theory but harsh reality. I've been always claiming myself that ideas that the banking system (or, more specifically, the US dollar as many here assert) somehow gives Bitcoin value is outright bullshit, but that was mostly all theory. Now we see this theory proved in practice. Namely, the largest Bitcoin exchange, Bitfinex, has issues with USD deposits as well as withdrawals. In fact, you can neither deposit nor withdraw the US dollar altogether. According to your theory, Bitcoin should crash there since it is no longer supported by the US dollar, right? But we somehow see quite a different picture with Bitcoin steadily conquering new ATH's

You take a small data point and try to extrapolate it to a macro-event and then claim your narrow view of things is proof of your point. In this case, you are trying to claim that one exchange with some technical issues should sink the value of Bitcoin under my theory, which either intentionally misunderstands my point or proves you're incapable of understanding it. See if you can spot the difference between your scenario, and the idea that a robust and stable economic system allows for speculative assets to have value. If you can't understand the difference, ask someone for help. When you understand the difference, maybe you won't post nonsense. Again, to recap, Bitfinex having issues is NOT a global financial crisis, which is the point you directly responded to by quoting it

I guess you should rather try to defend your point

Instead of claiming that I don't understand (or misunderstand) something and should ask for help. You basically claim that Bitcoin has value because there is a working banking system (wtf, I seem to have repeated you words one by one). As to me, this is the point you should specifically address first (before asking me to go for help or elsewhere), namely, how can Bitcoin get its value from an existing banking system if Bitcoin itself is a banking system in its own right? In other words, it can exist even if the fiat banking system dies one day, and this is exactly what happened at Bitfinex. Anyway, this exchange is the largest Bitcoin exchange out there so you can't possibly discard it as a "small data point" (in short, the gods are closer to you than you think). If it really were so (as you speculate), we wouldn't see the Bitcoin price rising half a thousand dollars in a matter of two weeks (and then consolidating there). This you can't discard either and have to address as well. To sum it up, you can't discard reality for your wild fantasies

You didn't address anything of substance. You simply continued on without addressing the fact that you are claiming that trouble at bitfinex should tank bitcoin under my theory, which flat out isn't close to what I wrote. I said specifically, "when the next international financial crisis happens, people will flee bitcoin for safer assets, and the price will crash hard." You responded with 'but bitfiniex and price appreciation.'  So would you like to continue propagating the delusion that bitfinex constitutes a global financial crisis so you can try to conclude me theory to be inaccurate, or would you like to let a little more reality color your views?

[jaysabi]

Banks are great when you need some extra money to buy a house or a house, but the only thing is that you will end pay over 30-80% the money you pick. Their service is something you wont find anywhere else, the % they charge is due to those people who ask for the money and dont repay, soo banks need to cover the loss, since the money belongs to the costumers.

It is not great. The bank just give you a loan if you can offer a reliable collateral for the bank itself. With high interest and it makes those loaners gets stressed to pay his interest to the bank.

Don't be fooled by the bank. Bank is not good place.

Well of course, nobody with money is going to lend it to you out of the goodness of their own heart. Lending involves risk that you won't pay them back, and they can reduce this risk by demanding collateral.  Interest is the "penalty" you pay for consuming something in the present you don't have the money to consume. Houses are expensive, so it's common for people to use loans to purchase them. For anything else, you ought to consider if paying interest to consume it now is a better option than waiting until you have the money to afford it.

[PramLooker4]

I see your point, any bank is secure at 100%, but it seems like you were playing with fire somehow. If you have evidence you should have won.

[Cherylstar86]

I see your point, any bank is secure at 100%, but it seems like you were playing with fire somehow. If you have evidence you should have won.

Yes mate, I won't argrue with your idea about banking and as per observations I did; bank is 100% secure due to it's security compliance. The evidence is not concrete from those who speculates and I think they're not certain with their thought of not trusting banks, despite of lots of investors who entrusted their wealth in  banking deposits. For me that's a good evidence to prove how secure bank is, and to those who are negative about it; then it's the time to change your own visions about bank and start to build good trust on banking.

[deisik]

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

And yet more than 90% of all bitcoin purchases are made by using banking services.
Kind of funny right?

Would bitcoin survive in it's current state without banks? I doubt it.
Just take a look at the price tanking when an exchange has problem with its bank accounts or deposits/withdraws.

Take a look in the other threads where people are cheering a bitcoin bank.
And they have cheered a lot in the past for a few so called "bitcoin banks" and we know how a few of them went... missing

Right on. Bitcoin has value because there is already a robust international banking system. People think Bitcoin steals value from or competes with banks, but it's actually the reverse- the banking system allows Bitcoin to have value. When the next international financial crisis happens, people will flee Bitcoin for safer assets, and the price will crash hard. Nobody is going to run to a more speculative assets when money is disappearing from the international system. That expectation is crazy

I strongly disagree with this point

And you will have a hard time defending it. Since you will have to explain not some obscure theory but harsh reality. I've been always claiming myself that ideas that the banking system (or, more specifically, the US dollar as many here assert) somehow gives Bitcoin value is outright bullshit, but that was mostly all theory. Now we see this theory proved in practice. Namely, the largest Bitcoin exchange, Bitfinex, has issues with USD deposits as well as withdrawals. In fact, you can neither deposit nor withdraw the US dollar altogether. According to your theory, Bitcoin should crash there since it is no longer supported by the US dollar, right? But we somehow see quite a different picture with Bitcoin steadily conquering new ATH's

You take a small data point and try to extrapolate it to a macro-event and then claim your narrow view of things is proof of your point. In this case, you are trying to claim that one exchange with some technical issues should sink the value of Bitcoin under my theory, which either intentionally misunderstands my point or proves you're incapable of understanding it. See if you can spot the difference between your scenario, and the idea that a robust and stable economic system allows for speculative assets to have value. If you can't understand the difference, ask someone for help. When you understand the difference, maybe you won't post nonsense. Again, to recap, Bitfinex having issues is NOT a global financial crisis, which is the point you directly responded to by quoting it

I guess you should rather try to defend your point

Instead of claiming that I don't understand (or misunderstand) something and should ask for help. You basically claim that Bitcoin has value because there is a working banking system (wtf, I seem to have repeated you words one by one). As to me, this is the point you should specifically address first (before asking me to go for help or elsewhere), namely, how can Bitcoin get its value from an existing banking system if Bitcoin itself is a banking system in its own right? In other words, it can exist even if the fiat banking system dies one day, and this is exactly what happened at Bitfinex. Anyway, this exchange is the largest Bitcoin exchange out there so you can't possibly discard it as a "small data point" (in short, the gods are closer to you than you think). If it really were so (as you speculate), we wouldn't see the Bitcoin price rising half a thousand dollars in a matter of two weeks (and then consolidating there). This you can't discard either and have to address as well. To sum it up, you can't discard reality for your wild fantasies

You didn't address anything of substance. You simply continued on without addressing the fact that you are claiming that trouble at bitfinex should tank bitcoin under my theory, which flat out isn't close to what I wrote. I said specifically, "when the next international financial crisis happens, people will flee bitcoin for safer assets, and the price will crash hard." You responded with 'but bitfiniex and price appreciation.'  So would you like to continue propagating the delusion that bitfinex constitutes a global financial crisis so you can try to conclude me theory to be inaccurate, or would you like to let a little more reality color your views?

It is not me who should address anything (in the first place)

It is you who said that "Bitcoin has value because there is already a robust international banking system" (as can be seen above). This is what I disagree with and which I made clear in my reply. Now you flip-flop and start claiming that "when the next international financial crisis happens..." and so on. I don't think you can jump from your first claim to the other as easily as you do (since this is not what my point is about). For example, it is like claiming that stocks derive their value from fiat (while it should be clear that their value comes from the success of the companies behind these stocks) and then proceeding to claim that when a crisis happens, the stocks will plummet. They will certainly do (and Bitcoin will likely crash too), but this, first, doesn't in the least prove that their value all of a sudden depends on "a robust international banking system" (at least, not in any meaningful degree). Second, fiat itself will likely get heavily wasted in such circumstances (in terms of its purchasing power) with the "international banking system" disintegrating (in the extreme case). And, finally, this is not what I challenge. Anyway, stocks had existed long before there was any international banking system (or just banking system, for that matter), so there is no reason to claim that "Bitcoin has value because there is already a robust international banking system". This is what you should prove, not that Bitcoin will crash in case of an economic meltdown. Hope this helps

[bajing]

On the one hand, they are needed, but you can do without them

Simply there needs are much in most of the time. We can say banks are providing worse service, but the same is not happening with the every banks. Also people could have never grown to this extent in financial aspect if banks were not available. So in my view that play a big role in growth.

Everyone banks are providing worse service according to bitcoin services. If we look at the history. Banks have destroyed people but didn't give them a extra income. But if we look at the history of bitcoin. It has changed the life of people. Convert poor into rich. So, in everything Bitcoin has a good history against banks.

Indeed bank does not give us extra income like bitcoin but the bank can guarantee your money is safe, that's the reason why people still believe put their money in the bank. I agree bitcoin has the ability to fight the bank but we still need time for it to happen.

[mornabo]

On the one hand, they are needed, but you can do without them

Simply there needs are much in most of the time. We can say banks are providing worse service, but the same is not happening with the every banks. Also people could have never grown to this extent in financial aspect if banks were not available. So in my view that play a big role in growth.

Everyone banks are providing worse service according to bitcoin services. If we look at the history. Banks have destroyed people but didn't give them a extra income. But if we look at the history of bitcoin. It has changed the life of people. Convert poor into rich. So, in everything Bitcoin has a good history against banks.

Without banks we wouldn't have modern trade and economics as we know it. So I dare say that the good outweights the bad. Bitcoin so far is only a blip in economic history. Let's hope it will become more than that.

Thats true, without the bank you can not do the transaction quickly and instantly. Without a bank you can only do traditional transactions that may take a long time to several days. Even bitcoin still depend on the bank? There is no reason to hate the bank

[Eclipse26]

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.

Exactly bank will not closed your account without any balid reason. Maybe you did something wrong in your account. Not just because your bank got closed banks is not trusted now.

[Pattart]

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.

Exactly bank will not closed your account without any balid reason. Maybe you did something wrong in your account. Not just because your bank got closed banks is not trusted now.

Unless the bank you choose is an aborted bank that is not protected by the government. I'm sure government-owned or under government banks will not commit fraud such as freezing accounts or closing accounts for their benefit. Banks are still as trustworthy as ever

[Sled]

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.

Exactly bank will not closed your account without any balid reason. Maybe you did something wrong in your account. Not just because your bank got closed banks is not trusted now.

Unless the bank you choose is an aborted bank that is not protected by the government. I'm sure government-owned or under government banks will not commit fraud such as freezing accounts or closing accounts for their benefit. Banks are still as trustworthy as ever

Not all the times, the banks are trustworthy because there is some banks that will freeze your account even they don't have valid reason and they just think suspiciously about your bank because for an example, you have a lot of money and they think that it is from illegal activities so they will just freeze your account without seeking for your permission and that is why i never trust banks.

[oegarod]

I trust in bank to some extent, because even private banks were under the control of the government. Their service might make people feel bad about it, but in reality the country and the money management would have been highly risky if banks were not there.

[deejhay]

you should read the terms with the bank before trusting them with your money. im sure the reason for closing your account is there and also they will send notice before closing any account if they are legal.

[GoodLuck2]

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.

Exactly bank will not closed your account without any balid reason. Maybe you did something wrong in your account. Not just because your bank got closed banks is not trusted now.

Yes I am agree with you without any reason bank can't close our account. To me I think he was transfer in high amount of money in your account due to this bank was closed your account. So in next time he have a lot money you need to save in bitcoin because bitcoin is also a bank your money will be very secure and also increasing in its amount.

[Sweetbtc]

For hundreds of years banks have been the pillar of financial system, billions of people are using and depending on banks every day, there is nothing wrong with the idea of banking, this is the people we have problem with, they're the ones when have their hands on people's money they start to game the system, manipulation and abuses starts from there. Satoshi made the right call, he removed people and replaced them with code now we can trust the code which is providing a trustless system for us.

I don't trust the banks and think they are all scams. I really like the idea of bitcoin, but I am concerned about such a large price increase. This can be a pyramid. And so I'm wary of crypto currencies.

The government decided a while back that stability was less important than public confidence.  This is something that can actually protect most consumers for a while

[taxmanmt5]

The government will bail out and buttress most foundational businesses, including banks and keep them afloat in almost any situation, for the purpose of maintaining the appearance to the public that everything is ok and will be ok.  This is fine and it keeps panic selling and panic financial behavior down while giving people the confidence to buy and sell with ease.

[Kaiser72]

If you are not getting any decent returns on interest, why keep excess funds in the bank??? 

[Finestream]

If you are not getting any decent returns on interest, why keep excess funds in the bank??? 

We all did not get a decent return in putting our money in the bank, our only interest is just to make our money safe as most banks have an insurance policy when you entrusted your money to them. I have a different way of making money and that is by investing, not in a single moment I think bank interest income is worth for my money, what I can earn in a year can be achieve in day in trading.

[virasog]

On the one hand, they are needed, but you can do without them

Simply there needs are much in most of the time. We can say banks are providing worse service, but the same is not happening with the every banks. Also people could have never grown to this extent in financial aspect if banks were not available. So in my view that play a big role in growth.

Banks cannot be trusted and relatively are a slower way to make any transaction. Bitcoin on the other hand is one of the fastest way to secure and make payments with p2p (peer to peer) method It's confidential among two parties and nobody can steal this currency in anyway.

Exactly, this is how bitcoin make advantage with bank transaction fastest and secure system of bitcoin. But i cannot deny the fact that bank is really needed by the whole world because that is the way of government know how much money circulates in one country. In the current situation one cannot think on how the country will run with banks but in future i know there will be only bitcoins and no banks.