What don't you like about Banks and Banks controlling your money

[gabmen]

A bank can close withdrawals at anytime, like what happened in Greece a while ago. People could withdraw a maximum of 30 EUR per day.

We dont need banks that why we choose yo have bitcoins. If the OP idea is to have bitcoin bank all controlled by govt. , then there is no point of having a de-centralized system of bitcoins.

Indeed though that would be a possibility once governments adopt and take control of btc. It's good enough already as it is today. We really have no choice with banks as they can pretty much control how the market moves. If you don't trust banks, keep a safe in your house or put everything in online wallets or investments

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[Vaskiy]

Well banks are too centralized that they limit access to my own money through long lists of policies which are intended to shield them up in order to invest my money for profit while I wait for a particular time before I can withdraw.

Yeah the centralized functioning with lots of procedures need to be followed for a simple withdrawal or a transaction. Another thing what every user should accept I that without banks we could have never got such a systematic financial structure. Also now too without banks the usage of bitcoin could be low, so banks are essential but the unwanted service charges make me dislike banks.

[Victorycoin]

I hate the fact they add fees on everything.

Where do you bank? Where I'm at in the UK banking is free and near instant transfers are free too. Elsewhere in the EU you can do intra EU transfers that are almost as fast that cost very little.

Indeed banks are stealth in nature and they so easily add all manners of fees and many of them remain hidden until you make time to scrutinize your bank statement. They are only ready to favor established businesses, startups are usually shown piles of papers and conditions that spells tall order.

[Michhotdog]

I hate the fact they add fees on everything.

Where do you bank? Where I'm at in the UK banking is free and near instant transfers are free too. Elsewhere in the EU you can do intra EU transfers that are almost as fast that cost very little.

Indeed banks are stealth in nature and they so easily add all manners of fees and many of them remain hidden until you make time to scrutinize your bank statement. They are only ready to favor established businesses, startups are usually shown piles of papers and conditions that spells tall order.

The fact is that people themselves have practically created a myth of evil around banks. The fact is that the people themselves are to blame, where they go to the bank. Of course, the banking system, together with the states, makes such circumstances when people are forced to follow you at the bank. But nevertheless, a person has a choice How to use banking services.

[UCHCHILD]

I totally hate having bank accounts when bitcoin was introduced to me and when I learned how to manage bitcoin in life.
I hate that bank is really controlling our money inspite of the fact that it is centralized, it is govern by government and can control the money that you can only have, which in bitcoin is not, because in bitcoin you can truly put good and high amount or value of bitcoin as long as you can.

[digaran]

A bank can close withdrawals at anytime, like what happened in Greece a while ago. People could withdraw a maximum of 30 EUR per day.

I know you'll not see my post, so your loss. in Greece was because of the ongoing financial crisis, in my country banks are good and reliable but it's the international banking system which really sucks, they will do whatever US treasury tell them to do.
In my country you get to send money instantly for 10 cents and zero fees when you are spending and shopping.
It must really suck to be you with your shity banking system.

[agustina2]

A bank can close withdrawals at anytime, like what happened in Greece a while ago. People could withdraw a maximum of 30 EUR per day.

I know you'll not see my post, so your loss. in Greece was because of the ongoing financial crisis, in my country banks are good and reliable but it's the international banking system which really sucks, they will do whatever US treasury tell them to do.
In my country you get to send money instantly for 10 cents and zero fees when you are spending and shopping.
It must really suck to be you with your shity banking system.

In my country, banking industry is good too. And now that confirmation times takes too long while Im doing bitcoin transactions, I now always used online bank transfers in case of urgent money. The process will only take less than a minute and withdrawing is really easy as there huge amount of numbers of ATM that is spreadout to the city. The fees are so cheap way better than 3$ miners fees to bitcoin. No way I will hate banks while at the same enjoying the advantage of having a bitcoin.

Why should I hate them if they both giving me a comfortable service that I want?

[iamTom123]

Banks are not prefect as they are man-made and owned/managed by people just like all of us...maybe one day when banks are managed by robots which are programmable maybe by then banks can be less perfect.

However, I don't believe that in the birth of Bitcoin we can get away with banks already. They will always have a big role role to play for the economy and even in encashing our Bitcoin to the local fiat money as it is still impossible right now to buy all we want especially basic necessities using Bitcoin (especially in third-world countries).

The most important thing then is that we are moving a little away from the influence and control of the banking system which in turn may push them to work hard and avoid doing shenanigans if they want to maintain their business...but this scenario is still far into the future.

[gracia0023]

What I don't like about banks is when you want to withdraw your money and you need to fall in line first.  What if it is emergency and you badly needed the money? You have to wait until your number be called.  Sometimes you have to take more than an hour before you can withdraw your money.  It is really hassle and wasting of time. 

[Snow Angel]

The main thing is that fiat money is controlled by government and this is not so good for citizens.

[BTCforJoe]

Here's the problem that I have with fiat currency banks: they operate on a private ledger.

In a nutshell, and in layman's terms, when banks first started, they operated by accepting your deposit, putting your funds in a vault or a safe, and then recorded the amount of money that you deposited on a ledger book. This means that your money is no longer in your possession; it is in the bank's possession, with a ledger to state how much of the overall amount you actually own.

This system, over time, has become so diluted, and those ledgers have remained private. Only bank employees can see the ledger, unlike cryptocurrency. Additionally, loans and credit lines are doled out based on the amount of physical and liquid assets that the bank is holding, essentially, creating a debt in order to put YOU in debt by giving you a loan. And this is all based on a ledger system that provides absolutely zero transparency.

And behind closed doors? How do banks make so much money? If they are just simply supposed to be storage for your money, how can they afford to pay so many employees on a global scale, week in and week out? Banks aren't designed to keep your money secure. They are designed to make money off of you. By offering you low interest loans and new credit cards with a low APR. And every time you open a savings account? They can now leverage your money to use to produce MORE money by offering loans based on those secured, no, YOUR secured assets that you trusted the banks with.

Banks will collapse over time... It's a matter of just that... time.

In a nutshell, and as simply as I can state, banks are nothing but huge ponzis. They need new customers in order to keep your money safe. The moment they stop receiving new customers (for loans, credit cards, new accounts, deposits, etc), the bank is fucked. They no longer have the physical storage of assets to pay everyone on their ledger.

Fuck banks.

[phaddie]

For me it is okay for the charges fees because that is the equivalent fee for every transaction we made in the banks in order the bank to move to pay there staff and other bank transactions.

[Dainye_dyep]

What I don't like in bank to be specific here in our town is when my mom will get the money that we have saved for a long time, instead of gaining we lost money for about 5k and upon issuing the check, they transfer it into other bank that the transaction fee is lessen on our own money so instead of getting 100k we only got 88k. I was so upset of what they did. So in total we lost 12k in our money.

[jorneyflair]

Firsty, them deciding what is suspicious and not suspicious

Not everybody is an employee working for someone. Some people are entrepreneurs, and as an entrepreneur, you can have some HUGE days. I don't need a bank telling me that my successful day where i made $20k+ is suspicious if I want to withdraw all of it. (people have been arrested for making large withdraws before).

Also, banks freely allowing their customers to scam business (via chargeback). Instead of blindly chargingback purchases and screwing over merchants, visa applicants should be required to take a course outlining the risks of credit cards, and Visa should do proper investigations when a chargeback is brought up.

If a tracking number and proof of delivery can be proved, why should the customer be given their money back?

ALSO, i recently looked into banking investment options. It comes across as a way to just make more money off customers. Think of it like this. It's like it's just them taking your money so they can invest it in polyniex. I only tried it out cause my family (who doesn't know about bitcoins) encouraged it.

Do you have any gripes about banks

Banks are essentially controlling your future. They get your deposit and they can do whatever they want with it. if you trade bitcoin with your bank account then i have seen countless occasions where people's accounts are suspended for trading bitcoins in my country, and i would suspect in others too. As you said, they have full discretion as to whether your activity is dodgy or not dodgy.

Central bankers are manipulating the monetary supply, interest rates every day. And you're trusting them to make the right decisions, but most of the times they just f*** up. Think how absurd it woudls be for someone to be able to have a secret way to generate infinite bitcoins? That's what central bankers have in their power.

[cafucafucafu]

Firsty, them deciding what is suspicious and not suspicious

That's the major issue with all centralised entities, they have the final say on your assets that you entrusted them with. For example, paypal usually sides with the buyer even though the proof may be stacked up against them because they want to keep up with their policy of "buyer's protection". Good point but definitely not limited to banks only.

Not everybody is an employee working for someone. Some people are entrepreneurs, and as an entrepreneur, you can have some HUGE days. I don't need a bank telling me that my successful day where i made $20k+ is suspicious if I want to withdraw all of it. (people have been arrested for making large withdraws before).

I have never had this happen although i think they don't have the right to withhold your money. As long as you pay your taxes, you shoudl be set to go.

Also, banks freely allowing their customers to scam business (via chargeback). Instead of blindly chargingback purchases and screwing over merchants, visa applicants should be required to take a course outlining the risks of credit cards, and Visa should do proper investigations when a chargeback is brought up.

If a tracking number and proof of delivery can be proved, why should the customer be given their money back?

ALSO, i recently looked into banking investment options. It comes across as a way to just make more money off customers. Think of it like this. It's like it's just them taking your money so they can invest it in polyniex. I only tried it out cause my family (who doesn't know about bitcoins) encouraged it.

Do you have any gripes about banks

Agreed again, however this is more closely related to paypal than it is to banks. Usually banks don't reverse transactions unless it is made with a credit card or a court order is filed. But bitcoin is here to solve every issue you mentioned.

[L00n3y]

It's not like that we don't like banks, some banks have terms and conditions when they are going bankrupt and government offers insurance to what's lost. But some thoughts are popping out our head because banks in the first place can't be trusted because government itself is being poisoned by curruption. Of course they are controlling our money because they can change the rate of dollars to Canadian money or vice versa to other Fiats. The thing here is we have no choice but to have a bank account especially when we are in the professional field because it is being used in all sorts of transactions. We gave block chain technology a try because we are given a path to a much better ways of payment unless block chain no the one who will run the block chain won't be poisoned by curruption.

[Yuhee]

It's not like that we don't like banks, some banks have terms and conditions when they are going bankrupt and government offers insurance to what's lost. But some thoughts are popping out our head because banks in the first place can't be trusted because government itself is being poisoned by curruption. Of course they are controlling our money because they can change the rate of dollars to Canadian money or vice versa to other Fiats. The thing here is we have no choice but to have a bank account especially when we are in the professional field because it is being used in all sorts of transactions. We gave block chain technology a try because we are given a path to a much better ways of payment unless block chain no the one who will run the block chain won't be poisoned by curruption.

Yap but with  my  current money i an ensured that i can trust banks with even just low money. It would be a problem for me if i would withdraw money but i guess being just informed about banks is a right way to trust them. Honestly the onlyy bad on banks is if they would use your money to loan others or they got robbed. And probably that only happens and its hard to pull that of in the real world. I wouldnt say that there is a scam bank but there is a scam finance firm that i am aware of. And they are just the worst.

[stomachgrowls]

I do have different perceptions when i do make use of banks.First on the positive side, its a decentralized storage for our money which we can somehow assure ourselves when it comes to security,knowing banks have tight security but on the negative side i do really hate the limitations or policies sometimes because it will really limit you on the things you do supposed to do in your funds.Once you violate on their slightest terms then expect for some penalties.

[olubams]

Banks have had it's advantage but the major issue I have with them is the control they have on your money after they had cajole you to open an account with them, they then give a list of restrictions on your same money you earned by telling you the maximum you can withdraw, the ban on your account in case you have not submitted some form of ID, they charge your with or without your authorisation and equally with government backing meaning there is nothing one can do about it.

[Amph]

because i can't move my money where i want without stupid limit or money laundering and stuff like that, because removing money abroad cost much more than bitcoin

and because with some bank you are paying too much in fee for deposit withdrawal and monthly fee, now with deutesche bank, but still bitcoin allow me to do shopping with better privacy