Problems with banks you have faced

[javadsalehi]

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.

[avikz]

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!

[guy369]

The fact that if I need to withdrawal over $2-3k I need to call them so they can have the money ready

I tried to take out $5k one day and was told the bank does not have that much cash....

I get it, but I don't like it.

[alex_gr_cc]

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.

On the one hand, this is a true statement. But still there are a lot of people who are not ready to answer for the safety of their money and therefore trust their storage to banks or centralized services and exchanges.

[Crypto one]

Just 5 or 10 years ago my bank offered a free account and a free Visa card, now everything have gone cash less, and now I have to pay to have an account and pay to have a Visa card or any other ATM card. My local bank have closed down its branch and left an ATM. I never used the bank branch so it's ok with me, the bank don't really have any expenses with me as a costumer, but every year they raise the fees I have to pay.

[gantez]

My issue with them is that even while you are not in the bank but has been registered with a particular bank, they still deduct money which they call charges etc but cryptocurrency is not like that as we know.

[Harrisonimo]

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.

The major problems as regards the banking system that I have complained of and similar with those around me is the issue of payment transfer confirmation; network issues! This usually happens most times when one is the heat/peak of urgent transactions. This affects one's credibility when transactions/payments are not made immediately with clients.

[brooklynian]

My major problems with the banks are charges and delay, especially when it has to do with international fund transfers. As a sender, you are required to provide some documents to back up your transfer. Apart from this, there is a heavy charge on this transfer.

[1Referee]

For me the most important aspect is how banks try to dictate the way I use my money.

I had to ditch the bank I was a client of for over 20 years, all because they found it necessary to force me to stop sending and receiving money to and from Bitstamp. They literally told me that if I don't stop transacting with a crypto related party, that they immediately would end the relationship with me as client.

I don't expose myself to any form of debt, so it was only a matter of digitally transferring all the money from bank A to bank B, which took just a business day. My current bank works like a charm and hasn't done anything to annoy me, so there isn't much (yet) negative to say about it. I just hope it stays like this.

The other aspect, which is less pressing, but still important, is how it takes up to 14 business days to move money from one country to another. I'm not really a fan of Brad Garlinghouse (Ripple CEO), but he's right in the way that it is much faster to fly the money over to whatever country in physical form. It's an absolute disgrace for the banking system that it is still like that today.

[a4techer]

Technology has advantages and disadvantages even bitcoin nor banks they are a problem that we cannot avoid that some of disadvantages or problem because they have also a limitations. Some of the problem that I encountered  at the bank was sometimes the system error or just like glitch of the system so that one of the example I've  encountered and I'm bitcoin or cryptocurrency was scam or hacking that are the example of the problem that we are encountering.

[kalstarzz]

I once experienced a cart at the ATM of a bank in my country, accidentally happened a transaction happened twice, it would still be the money I received only once. then I tried to complain and it was received, but it has a very long process (two weeks).

[BitcoinPanther]

One of the problems i faced with the banks in the past is their selective approval of application. Not that it happened to me, but i was with a friend when his application for a bank account was denied simply because he is relatively new in his area of residency. And i really think it is absurd. And that's where bitcoin leverages, being permissionless, surely, no one will deny a person wanting to have a bitcoin wallet.

[airdagon]

monthly fees when we store fiat in a bank, and this is detrimental to every consumer of the bank, in contrast to Bitcoin, when we save the value of bitcoin, our assets follow market volatility and no monthly administration fees.

[timotron]

A lot of waiting time in every bank visit and calls.
A limit on my withdraws.
Limits on deposits.

[ChandraGold]

When dealing with a bank, in addition to having to pay a high premium, especially when dealing internationally, you have to incur more complicated procedures before the transaction is made. That is the disadvantage of the bank. This makes bitcoin more attractive

[Dondont]

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.

I don't know what your basis is to say that bitcoin has better security than a bank, if bitcoin has better security than a bank, of course there is no news about "hacked wallet" and bitcoin itself still needs better security to overcome this. In some cases, the use of bitcoin makes it easier, and a very low transaction fee of up to -90% from the bank

[richminded]

Very poor service especially on their branch and the interest is very low. I know banks are already here for a long time but I’m just wondering why they still not improve their services. Now that cryptocurrency is here, i really think the future is great for our financial system.

[jossiel]

One simple example is the requirement of keeping a minimum balance to maintain an active bank account.

This!

When I opened my bank account when I was younger that minimum balance requirement is quite hard for me to maintain. Like I said, I'm still young by that time and I have to force myself of not going under that or else I'll be charged.

They have also an option that you don't have to go through that maintaining balance requirement but every time you withdraw, you'll be charged. This is the same with bitcoin, we need to pay for fees if we're going to send / withdraw but I just hate the part that banks would do that, yes they have to earn but what kind of option is that?

With the maintaining balance, I'm thinking that its going to be with them forever and considers that it is just a fee for their service to keep my money on their vault safely.

[figmentofmyass]

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.

banking delays and banking seizures. in my online poker days, this was a big issue. the prohibition of unlicensed online poker in the USA created a situation where many sites (or their 3rd party processors) had their bank accounts frozen or seized. this caused weeks and months-long delays for withdrawing money from USA-facing poker sites. in some cases, it drove some poker sites and payment processors to shut down or exit scam.

[kucritt]

i think i dont have a problem with bank, but i know the disadvatages the bank than bitcoin, bank need people to manage all the data and the money, in bitcoin as i know all transaction is managed by blockchain system, for customer its not give any effect, but for institution it give a big effectS