Problems with banks you have faced

[faceoff97]

When people talk about the benefits of bitcoin over Fiat money, one of the biggest advantages is that bitcoin is more secure and the bank has not control over your money. Generally, people talk about the lack of 3rd party.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.

Reading all the problem each of us encountered using a bank summarizes that we don't really need trusted thrid party. It boils down yo fact that we really need cryptocurrency to store our funds without any hassle. We always have to take consideration when having Crypto to really stay away from third party not just bank but also exchanges, and closed source wallet. We need to have the control with our private key which most in crptocurrencies now doesn't provide. Choose wallet like MEW or Hodler wallet when holding couns, it gives you assurance that your funds are all kept safe.

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[baghdatis1990]

     A big problem for banks is high interest rates if you make some money with a loan and low interest rates if you deposit money. You are much more profitable if you invest in cryptocurrency, than if you put your money at the bank. Besides the fact that bitcoin and other important coins are part of a decentralized network and can not be controlled, they can also bring you incredible profits. The difference is that if you put the crypto on the market, it's a long-term investment, while at the bank, you can raise your money when you want it.

[Thyristor]

I find that banks charge high fees. I ever send one remittance overseas and it cost me $300 to remit $15,000. It takes 1 day but because of different time zone, the amount was credited to the beneficiary account on the next day.

I think your 300$ fees is not a too much instead of 15K$ because your amount is huge even you try to cash via bank. Banks always charging big fees even in my country banks asking 50$ fees in every 1000 USD. 22-15 days taken to this transaction.

[Karie_Legend]

I find that banks charge high fees. I ever send one remittance overseas and it cost me $300 to remit $15,000. It takes 1 day but because of different time zone, the amount was credited to the beneficiary account on the next day.

I think your 300$ fees is not a too much instead of 15K$ because your amount is huge even you try to cash via bank. Banks always charging big fees even in my country banks asking 50$ fees in every 1000 USD. 22-15 days taken to this transaction.

Each country has different costs and maybe your country is the best country for the economy there. So it can happen in large numbers.

[samuraijin]

The problem I faced with the Bank, when I was asked about my income, of course everyone had experienced something similar to me, that I was asked where you worked, why did you have so much money that you were just an online entrepreneur, there was no way you could get so much money in your account, when I replied to tell them that I was a Bitcoin player they knew, and didn't talk to me much about my income in Online, because they already knew that I was a Bitcoin trading player ...

[WebTera]

For me, the biggest problem is control by banks. I know that every transaction I make is traceable and it makes me uncomfortable. Bitcoin also allows me to conduct my monetary activities anonymously.

[Elerntta]

I have not experienced any problems with banks yet, but I want to limit myself from them as much as possible. It is important for me that I conduct my monetary activity, regardless of the state of the Bank and other intermediaries. This will give me the greatest financial freedom and independence.

[drumamat]

For me, the main advantage of cryptocurrency from banks is anonymity.I do not need to constantly take pictures in the Bank and tell employees about the origin of my funds.The problem I ran into at the Bank was that I couldn't withdraw my entire Deposit at one time.I had to withdraw a certain amount every day during the week.With cryptocurrency such problems naturally would not be.

[mensahkkofie]

I have many bad experiences with the banking system, especially in the past where I used to do a lot of business transactions with the banks. On one particular day, I went to the bank and I was told that I couldn't cash out my cheque since there was not enough money at that branch to sort me out.

[pundit]

One simple example is the requirement of keeping a minimum balance to maintain an active bank account. In my country, if I want to keep an active savings bank account, I will have to maintain a minimum balance of 10,000 INR. If I fail to maintain that amount, bank will deduct charge of 150 INR for each day and that money will be recovered from your bank account.

Lets assume, your account balance is 9,500 INR on 1st November. Bank will deduct 150 INR non-maintenance change from that same account. So on 2nd November, your balance will become 9,350 INR.

So if you want to refill your bank account on 2nd november, you will have to add 650 INR to your bank account! That's an organized loot!! It's your money but bank will not allow you to withdraw it even in case of an emergency!! If you do, you will have to pay charges for withdrawing your own money!

I have lot of other examples available because I used to work in a closely related sector. That's just a teaser for you!

2nd thing is when are sending or receiving money from other countries, banks charge a quite high fee and take around 3-5 days to deliver cash to the end user and these 3-5 days are only working days that get counted, banks holidays in customer's account. This is not the case with decentralize technology like blockchain, people can send and receive funds whenever they want with very low charges and transfer takes up to few hours, there is no 3rd party involved in such transactions making it easy to carry out.

[treatWy]

Both business area have the same place which is money it simple means business. No one can dictates scammers and bad guys regarding their plans. There is always risks everywhere whether tangible or intangible business. The common problem is scammer/fake area of business.

[West0813]

So far i did not experience any trouble with my money on the banks. For me banks is still more secure when it come in saving your money. And bitcoin are more prone to hacking and scamming.

[Bennix]

In response to this.I have faced so many problems in  banks. I  witnessed that banks have used the money I deposited or fixed to do business without giving me the real interest I suppose to earn.I have questioned some bank worker ,asking them the  reasons they are making billions per year,but at the same time,they are not giving the long term depositors the real interest.To be honest,none of the bank worker answered the question.
On the other hand,banks always deduct a high fees from my account each time I request for my monthly bank statement, the question is,why are the deducting high fees just to give me my monthly bank statement? To make the matter worse ,I  went to a bank to withdraw money via automated teller machine ,but the ATM is programmed in a way that only small amount of money should be withdrawn. The devastating implication is,the more money I withdraw ,the more the bank bank charge me for every amount I withdraw.The implication again is,I will waste more time withdrawing money because the way the ATM machine is programmed.

[Wellyan]

if I'm up to now, of course I don't have a problem with the bank, because all this time I have been careful in transactions in the bank. banks will also not create problems if we are careful in everything.

[badungs]

In my opinion. the bank's security system can be hacked by anyone and the security of transactions is very poor. and the internet network is inadequate so that the transaction process takes a long time so it is not efficient. so crypto currency is needed to support my activities.

[Dudeperfect]

Since we didn't have any other option to transact, banks were the only option to send and receive money. I had the worst experience when I lost my money in a particular transaction and the other party didn't receive the amount when I claimed the refund of the deducted amount from my bank account, the bank refused to do it without any valid justification. I tried to escalate the issue but no luck, the whole system is the same.

On the other hand, when it comes to the Crypto transactions the amount is either if my wallet or the recipient's wallet. If there is an issue then there is a mistake of the sender and not the system as it is completely decentralized.

[Ridwan Fauzi]

So far i did not experience any trouble with my money on the banks. For me banks is still more secure when it come in saving your money. And bitcoin are more prone to hacking and scamming.

Indeed, banks are a safe place to save money (in this context the bank is not an investment place) and everyone can think of it as true cause until now I have never heard an information that there was an account that was broken into.

However, you can think of what you have to spend to pay each tax per month, in my country every person who has an ATM in any bank under the auspices of the government, you are required to pay a tax, otherwise your ATM is not functioning properly.

In other hands, banks also use the money we save for their own purposes, they collect money from each customer and the money is made for someone who borrows. Even though the bank could implement a win-win solution, this is what happens even though you accidentally lend money but what happens is you have to pay a tax, I guess that's a funny thing.

[Amevalentine]

So far i did not experience any trouble with my money on the banks. For me banks is still more secure when it come in saving your money. And bitcoin are more prone to hacking and scamming.

in my opinion, the problem of the bank which is currently in trouble is that the bank has never agreed that bitcoin will save money and take money like real money

[otong]

So far i did not experience any trouble with my money on the banks. For me banks is still more secure when it come in saving your money. And bitcoin are more prone to hacking and scamming.

the problem with banks is that it is quite troublesome for me that the bank should trust bitcoin so that we can take our money there but bitcoin can be saved and taken from the core bank the bank has to work with bitcoin to make it accessible to everyone