You should never trust banks

[entrepmind23]

Even when I have not known bitcoin yet I already know banks cannot give a good return for our deposits, they are the one who make the most of our money as they use it for their lending services and any other related money generating activities. That is our money but they are getting more return than us, therefore now I just limit my savings in banks and instead I put it in crypto.

When I was still studying, I already learned the lesson about how banks earn money and just like you said they lend our money to others and they are the one profiting from it. They give us an interest of 0.5% annually but let others borrow money from them 5% above annually. The recent issues in banks made me more convince that banks can't be trusted with our hard-earned money and we are lucky cause bitcoin exist wherein we have a choice now where to save it with an interest rate like no other.

[Ziskinberg]

Even when I have not known bitcoin yet I already know banks cannot give a good return for our deposits, they are the one who make the most of our money as they use it for their lending services and any other related money generating activities. That is our money but they are getting more return than us, therefore now I just limit my savings in banks and instead I put it in crypto.

When I was still studying, I already learned the lesson about how banks earn money and just like you said they lend our money to others and they are the one profiting from it. They give us an interest of 0.5% annually but let others borrow money from them 5% above annually. The recent issues in banks made me more convince that banks can't be trusted with our hard-earned money and we are lucky cause bitcoin exist wherein we have a choice now where to save it with an interest rate like no other.

It will only be based on what is your purpose in putting your money, banks can be trusted because they are running a business of trust and if they violate the banking law they will be penalized or persecuted depending on the gravity of offense. But to make it clear, banks are only good if you are saving money because the interest you earn is not worth if you think of getting good profit. In fact in our country, there is a maintaining balance and if your account is below minimum you will have to pay for that dormancy fee which will be directly debited into your account.

[freeyourmind]

Even when I have not known bitcoin yet I already know banks cannot give a good return for our deposits, they are the one who make the most of our money as they use it for their lending services and any other related money generating activities. That is our money but they are getting more return than us, therefore now I just limit my savings in banks and instead I put it in crypto.

When I was still studying, I already learned the lesson about how banks earn money and just like you said they lend our money to others and they are the one profiting from it. They give us an interest of 0.5% annually but let others borrow money from them 5% above annually. The recent issues in banks made me more convince that banks can't be trusted with our hard-earned money and we are lucky cause bitcoin exist wherein we have a choice now where to save it with an interest rate like no other.

The spread on interest between deposits and lending is one part, but the real scam is having a fractional reserve.  That allows them to effectively multiply their lending by a factor of 9.  So if you deposit $100 at 0.5% interest, a bank is able to lend out $900 at maybe 3-5%.  But if you try that same scam, you go to jail 

[bitbob82]

Even when I have not known bitcoin yet I already know banks cannot give a good return for our deposits, they are the one who make the most of our money as they use it for their lending services and any other related money generating activities. That is our money but they are getting more return than us, therefore now I just limit my savings in banks and instead I put it in crypto.

When I was still studying, I already learned the lesson about how banks earn money and just like you said they lend our money to others and they are the one profiting from it. They give us an interest of 0.5% annually but let others borrow money from them 5% above annually. The recent issues in banks made me more convince that banks can't be trusted with our hard-earned money and we are lucky cause bitcoin exist wherein we have a choice now where to save it with an interest rate like no other.

It will only be based on what is your purpose in putting your money, banks can be trusted because they are running a business of trust and if they violate the banking law they will be penalized or persecuted depending on the gravity of offense. But to make it clear, banks are only good if you are saving money because the interest you earn is not worth if you think of getting good profit. In fact in our country, there is a maintaining balance and if your account is below minimum you will have to pay for that dormancy fee which will be directly debited into your account.

i think that for any reason we are putting our money we can trust on banks. i think there is no reason which prevent us not to believe on banks. in fact banks are continue for a long time and they are working under government therefore we can trust on  banks without any doubt.

[jc89]

Even when I have not known bitcoin yet I already know banks cannot give a good return for our deposits, they are the one who make the most of our money as they use it for their lending services and any other related money generating activities. That is our money but they are getting more return than us, therefore now I just limit my savings in banks and instead I put it in crypto.

When I was still studying, I already learned the lesson about how banks earn money and just like you said they lend our money to others and they are the one profiting from it. They give us an interest of 0.5% annually but let others borrow money from them 5% above annually. The recent issues in banks made me more convince that banks can't be trusted with our hard-earned money and we are lucky cause bitcoin exist wherein we have a choice now where to save it with an interest rate like no other.

It will only be based on what is your purpose in putting your money, banks can be trusted because they are running a business of trust and if they violate the banking law they will be penalized or persecuted depending on the gravity of offense. But to make it clear, banks are only good if you are saving money because the interest you earn is not worth if you think of getting good profit. In fact in our country, there is a maintaining balance and if your account is below minimum you will have to pay for that dormancy fee which will be directly debited into your account.

i think that for any reason we are putting our money we can trust on banks. i think there is no reason which prevent us not to believe on banks. in fact banks are continue for a long time and they are working under government therefore we can trust on  banks without any doubt.

In my case, I do trust the banks too because I believe that they are regulated and they follow the laws. I have a bank account and so far the worst experience I had was when I am withdrawing from an ATM and my account was debited. But upon reporting it to their customer service they immediately processed it and return the money to my account. And I also think that the percentage they take from lenders are quite reasonable because they use it to pay for their employees, buildings/branch, machines and so on.

[deisik]

Even when I have not known bitcoin yet I already know banks cannot give a good return for our deposits, they are the one who make the most of our money as they use it for their lending services and any other related money generating activities. That is our money but they are getting more return than us, therefore now I just limit my savings in banks and instead I put it in crypto.

When I was still studying, I already learned the lesson about how banks earn money and just like you said they lend our money to others and they are the one profiting from it. They give us an interest of 0.5% annually but let others borrow money from them 5% above annually. The recent issues in banks made me more convince that banks can't be trusted with our hard-earned money and we are lucky cause bitcoin exist wherein we have a choice now where to save it with an interest rate like no other.

The spread on interest between deposits and lending is one part, but the real scam is having a fractional reserve.  That allows them to effectively multiply their lending by a factor of 9.  So if you deposit $100 at 0.5% interest, a bank is able to lend out $900 at maybe 3-5%.  But if you try that same scam, you go to jail  

Free your mind!

What you say (i.e. fractional reserve banking, FRB) is applicable only to money backed up by hard assets like gold. In today's world, the world of fiat money not backed up by any particular asset, FRB is mostly a meaningless concept (some countries, say, Canada, have 0% reserve requirements). Banks don't need deposits to create loans, they only need borrowers that fit their selection criteria. And there is no problem with that as long as borrowers don't default in massive amounts. Anyway, this is exactly how money is created by banks nowadays, i.e. via credit

[omonuyak]

You should never trust bank with your hard earned money as bank are just there to get from you and never to serve you?  The reason why bank are fighting bitcoin is because banker are afraid of what bitcoin will do to them if it becomes mainstream.  Like op story many of us has received this I'll treatment from our bankers time without numbers.  Bankers are just there for your money and nothing more.

[stompix]

You should never trust bank with your hard earned money as bank are just there to get from you and never to serve you?  The reason why bank are fighting bitcoin is because banker are afraid of what bitcoin will do to them if it becomes mainstream.  Like op story many of us has received this I'll treatment from our bankers time without numbers.  Bankers are just there for your money and nothing more.

Who the hell is fighting bitcoin?
90% of all bitcoin trading happens just because there are wire transfers.

If banks would go after all the traders and people doing business on localbitcoins we would see bitcoin going down like hell.
Stop with the FUD.

Stop will the so called bankers.You don't even have a clue what a banker is.

[freeyourmind]

Even when I have not known bitcoin yet I already know banks cannot give a good return for our deposits, they are the one who make the most of our money as they use it for their lending services and any other related money generating activities. That is our money but they are getting more return than us, therefore now I just limit my savings in banks and instead I put it in crypto.

When I was still studying, I already learned the lesson about how banks earn money and just like you said they lend our money to others and they are the one profiting from it. They give us an interest of 0.5% annually but let others borrow money from them 5% above annually. The recent issues in banks made me more convince that banks can't be trusted with our hard-earned money and we are lucky cause bitcoin exist wherein we have a choice now where to save it with an interest rate like no other.

The spread on interest between deposits and lending is one part, but the real scam is having a fractional reserve.  That allows them to effectively multiply their lending by a factor of 9.  So if you deposit $100 at 0.5% interest, a bank is able to lend out $900 at maybe 3-5%.  But if you try that same scam, you go to jail  

Free your mind!

What you say (i.e. fractional reserve banking, FRB) is applicable only to money backed up by hard assets like gold. In today's world, the world of fiat money not backed up by any particular asset, FRB is mostly a meaningless concept (some countries, say, Canada, have 0% reserve requirements). Banks don't need deposits to create loans, they only need borrowers that fit their selection criteria. And there is no problem with that as long as borrowers don't default in massive amounts. Anyway, this is exactly how money is created by banks nowadays, i.e. via credit

Good name right? 

You're right about th Canadian banking system having a 0% fractional reserve.  Even more bullshit, and I'm Canadian lol. But we're a small player so I was referring to the states @ 10%.

What an insane advantage to give to a small number of private companies.

[deisik]

You should never trust bank with your hard earned money as bank are just there to get from you and never to serve you?  The reason why bank are fighting bitcoin is because banker are afraid of what bitcoin will do to them if it becomes mainstream.  Like op story many of us has received this I'll treatment from our bankers time without numbers.  Bankers are just there for your money and nothing more.

Who the hell is fighting bitcoin?
90% of all bitcoin trading happens just because there are wire transfers.

If banks would go after all the traders and people doing business on localbitcoins we would see bitcoin going down like hell.
Stop with the FUD.

Stop will the so called bankers.You don't even have a clue what a banker is

And you don't have a clue what you are talking about

Weren't that you who had been claiming that without fiat Bitcoin (as well as other cryptocurrencies) is doomed and set to die? I remember you couldn't say anything coherent in support of your stance when confronted with Bitcoin prices still rising after Bitfinex had turned into a cryptocurrency only exchange (and it still remains that, mind you). Since then the Bitcoin price almost tripled, wtf, the price TRIPLED (despite all the controversies it had and has to deal with). And the most ironical in all your bullshit that you were spreading back then was the exchange offering fiat withdrawals and deposits that you brought forth as a reference example, that is, Btc-e which has had its fiat reserves recently stolen (well, seized) by the FBI. Did that affect Bitcoin? Most certainly, Bitcoin rose even higher!

[Master_dandosha]

Banks are going to vanish soon if crpto world speeding in the high way with increased speed everyday that why some banks trying to adopt good project as ripple XRP . 

[freeyourmind]

Banks are going to vanish soon if crpto world speeding in the high way with increased speed everyday that why some banks trying to adopt good project as ripple XRP . 

Do you really believe that? Banks aren't going anywhere as their lobbying and access to policymakers will keep them alive and well.  You can't expect billion dollar giants to roll over and die because legit cryptocurrencies are available.  This entire system we have is a result of the banking system, so everything would need to change. The government is going to hang onto the fiat unlimited printing press at all costs, so I don't see banks vanishing anytime soon, regardless of cryptos gaining traction. Majority of people don't even know what Bitcoin is, let alone invest in it.

[dalek]

Banks are going to vanish soon if crpto world speeding in the high way with increased speed everyday that why some banks trying to adopt good project as ripple XRP . 

Banks can't vanish, because we can't use cryptocurrency for saving or keep safe asset as Banks when the price of Bitcoin and other altcoin stable after growth in long time. And the economic every country also depending the funds in national bank too, however in future the system in Bank will be change to use blockchain is possible.

[Bonakid]

All bank accounts are system generated if you cannot handle your account properly it will automatically closed.but your deposit in bank will be safe also the interest they gave it to you.

[Granxis]

All bank accounts are system generated if you cannot handle your account properly it will automatically closed.but your deposit in bank will be safe also the interest they gave it to you.

Interest in many countries, unfortunately, there is also interest to protect the value of money, that is, you do not earn extra money, only protect the value of your money, Ukraine and Mongolia are among the countries with the highest interest rates.

[batang_bitcoin]

All bank accounts are system generated if you cannot handle your account properly it will automatically closed.but your deposit in bank will be safe also the interest they gave it to you.

There are so called system charged, maintaining balance and other stuffs. This is how the banks are earning. For example, you had deposit $100 and in the contract or rule that they had told you that $100 is their maintaining balance, you should maintain it, otherwise you will be charged $2-$3 bucks for not maintaining their balance, it will suck up your balance.

[kafeelniazi]

banks are very old and safe way of protecting our money, we should trust them because from 1500 banks keep working for the surety of his customers.

[stompix]

All bank accounts are system generated if you cannot handle your account properly it will automatically closed.but your deposit in bank will be safe also the interest they gave it to you.

Interest in many countries, unfortunately, there is also interest to protect the value of money, that is, you do not earn extra money, only protect the value of your money, Ukraine and Mongolia are among the countries with the highest interest rates.

Worst way of failing to actually protect the value of your money.
Giving high interest is basically printing money and we all now what this means:
Zimbabwe dollars which aren't even worth the effort of carrying around or the paper they are printed on.

Venezuela Doesn't Have Enough Money to Pay for Its Money
https://www.bloomberg.com/news/articles/2016-04-27/venezuela-faces-its-strangest-shortage-yet-as-inflation-explodes

[futile-resistance]

Banks are going to vanish soon if crpto world speeding in the high way with increased speed everyday that why some banks trying to adopt good project as ripple XRP . 

Banks are well aware of this fact that the increasing popularity of crypto currencies is a big threat to their existence. Soon the banks will be attributed to the past. All wise people known that with the increase in technology, the world economy system will also face a revolution that has already begun in the form of digital currencies.

[Barbarian]

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’m sorry for your experience but unfortunately this is the way things work, that is why I keep as little money I can in my bank account, you are giving them the money and yet they are the ones that out all the conditions in no other industry works like that, if I’m going to buy a car then the car dealer needs to cater to me and try to get my business but that is not the way things work with banks.