This Made Me Angry

[ncentrepreneur.investor]

I always new that banks limit the number of withdraws per month on savings accounts, but I didnt know why. I just accepted it.

What is Regulation D? Regulation D is a federal law that keeps consumers from making more than six withdrawals or transfers per month from a savings account or money market account. The rule is in place to help banks maintain reserve requirements.

What? Case in point.

And I just made about 8 transactions spreading BTC among wallets and didnt get an email notification from satoshi that I was over my withdrawal limit and owe him $25. LMAO
By the way, the federal reserve just lifted this withdrawal restriction, I am assuming due to inflationary pressures. I dont think its a permanent lift.

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[Uang_kartal]

do you complain about 1 product or just the type of savings? if you are so burdened try to have many banks with 1 account it will be relevant and allowed.
maybe from the requested service you don't mind but from the limit, right?
coupled with several emerging and legal financial applications, in my opinion, it is an alternative if the situation is urgent, bro.
if you think inflation may be possible yes.but more than that financial companies have services that they write and execute at the time of transaction

[Darker45]

The banking system is really a rotten system. It is a funny system full of ironies and absurd policies.

I myself wouldn't want to make an over-the-counter withdrawal because of all the hassles involved. It also makes me angry that every time I do this, it seems I am the one who is begging for my own money. It seems I am always treated with suspicion. You'll be asked to sign many times, asked for a couple of valid IDs, asked to get the approval of the bank officer or manager, and so on. For heaven's sake, just give me my money!

Bitcoin doesn't have any of these.

[South Park]

I always new that banks limit the number of withdraws per month on savings accounts, but I didnt know why. I just accepted it.

What is Regulation D? Regulation D is a federal law that keeps consumers from making more than six withdrawals or transfers per month from a savings account or money market account. The rule is in place to help banks maintain reserve requirements.

What? Case in point.

And I just made about 8 transactions spreading BTC among wallets and didnt get an email notification from satoshi that I was over my withdrawal limit and owe him $25. LMAO
By the way, the federal reserve just lifted this withdrawal restriction, I am assuming due to inflationary pressures. I dont think its a permanent lift.

It is their network and since it is centralized they can change the rules whenever they want and the end user cannot do anything else but to accept them, so if you do not like it then vote with your wallet and get your money out of there, if you have some withdrawals left this month lol, and then do whatever you want with that money, you could keep the cash or get gold bitcoin or whatever you want, just do not make the mistake of leaving your money there as it is obvious banks feel that money belongs to them and they can do whatever they want with it.

[NotFuzzyWarm]

Regulation D is a federal law that keeps consumers from making more than six withdrawals or transfers per month from a savings account or money market account.

What country do you live in? I'm in the US and in the 50+ years that I've had bank accounts I have never - repeat NEVER EVER - ran into any restrictions in how often I access and use my savings accounts.

The Money Market ones, again, can't say I've ever had an issues with them BUT I can see and understand restrictions but that is due to what they are intended to be - a reserve and (very low yield) investment vehicle and not an account with frequent inputs/outputs. Banks expect to be able to use those funds to generate revenue through loans/investments/etc so yes it would make sense that they have gov backed rules to control that.

Then there is the issue of Debit cards which some folks love to use instead of carrying cash. When you use one that is a direct withdrawal from the acct it is tied to and that makes it very easy for folks using them to do more than 6 tx's in a single day...

[Smack That Ace]

I always new that banks limit the number of withdraws per month on savings accounts, but I didnt know why. I just accepted it.

What is Regulation D? Regulation D is a federal law that keeps consumers from making more than six withdrawals or transfers per month from a savings account or money market account. The rule is in place to help banks maintain reserve requirements.

What? Case in point.

And I just made about 8 transactions spreading BTC among wallets and didnt get an email notification from satoshi that I was over my withdrawal limit and owe him $25. LMAO
By the way, the federal reserve just lifted this withdrawal restriction, I am assuming due to inflationary pressures. I dont think its a permanent lift.

That's the game they make and run them, you can't do anything but accept it. We can deposit as much as we want, they never give us a hard time, but when we want to withdraw they will find a way to slow down the process. Lol, that's how most banks are doing.

What country do you live in? I'm in the US and in the 50+ years that I've had bank accounts I have never - repeat NEVER EVER - ran into any restrictions in how often I access and use my savings accounts.

The country I live in also has restrictions on withdrawals during the day and month. For example, I can deposit 1000$ or 10000$ in my account but I can only withdraw no more than 1000$/day. If I want to withdraw more than the specified amount, I have to go to the bank and give them full identification and the reason for the withdrawal. They do the procedure for me to withdraw money.

[raidarksword]

That's why I don't trust banks anymore hence its our money but they put withdrawal limit per day is not good choice at all. Bank system is a mess and controlling people their money which its ours in the first place. Since then I withdrawn all my money and I just put it on investment to generate passive income and invest on bitcoin as well.

[GFDhd]

I can withdraw or transfer money freely, but the bank card will limit my daily consumption amount. If I need a lot of money, I need to go to the counter. Putting money in the bank is not a very wise decision, I prefer to invest the extra money in bitcoin and mining. I'm going to get better returns than depositing in the bank.

[Poker Player]

What country do you live in? I'm in the US and in the 50+ years that I've had bank accounts I have never - repeat NEVER EVER - ran into any restrictions in how often I access and use my savings accounts.

Restrictions on how often sounds very strange to me as well. Restrictions when you want to withdraw or transfer large amounts yes, but not on the frequency, especially nowadays when I do everything online. It is clear that the good thing about Bitcoin is that it does not have these kinds of restrictions. If you want to send money 20 times or send $20B, you can do it without any kind of restriction.

[TravelMug]

What country do you live in? I'm in the US and in the 50+ years that I've had bank accounts I have never - repeat NEVER EVER - ran into any restrictions in how often I access and use my savings accounts.

Restrictions on how often sounds very strange to me as well. Restrictions when you want to withdraw or transfer large amounts yes, but not on the frequency, especially nowadays when I do everything online. It is clear that the good thing about Bitcoin is that it does not have these kinds of restrictions. If you want to send money 20 times or send $20B, you can do it without any kind of restriction.

Not defending the banking system, but this is also the first time that I heard this restrictions. Maybe we are in a recession, however, even in a developing country that I live, never heard of this prior even in the 2008-2009 economic crisis.

But it just highlight was crypto can overcome this traditional system. Nevertheless, there are crypto exchanges at least our local exchange that you have to go to KYC to be able to have a good cash-in/cash out protoocls.

[Iranus]

That's why I don't trust banks anymore hence its our money but they put withdrawal limit per day is not good choice at all. Bank system is a mess and controlling people their money which its ours in the first place. Since then I withdrawn all my money and I just put it on investment to generate passive income and invest on bitcoin as well.

Although it is a limited part of the banking system, but the truth is that we cannot stop using banking, it is still essential to our lives. There is still a lack of acceptance of bitcoin throughout the world, so its use is still somewhat limited.

It is suitable only for profitable investment additionally, it can be used to pay for some products but cannot replace the work that fiat is doing.

[mk4]

After a few years of not going to a bank, went with a friend of mine because he needed to transfer $10,000 to his dad's bank account.

We wasted like 40 minutes in that bank even though the queue wasn't even that long. It boggles me how severely inefficient banks are in 2022. Meanwhile sending money with BTC or stables are easy as hell.

[P2PECS]

After a few years of not going to a bank, went with a friend of mine because he needed to transfer $10,000 to his dad's bank account.

We wasted like 40 minutes in that bank even though the queue wasn't even that long. It boggles me how severely inefficient banks are in 2022. Meanwhile sending money with BTC or stables are easy as hell.

Couldn't he make the transfer online? Banks are digitizing by leaps and bounds, so it is rare what you say, unless it is in a third world country. I do all my transfers online, although depending on the amount per AML policies they may make you fill out a form or do some paperwork before making the transfer effective.

[mk4]

Couldn't he make the transfer online? Banks are digitizing by leaps and bounds, so it is rare what you say, unless it is in a third world country. I do all my transfers online, although depending on the amount per AML policies they may make you fill out a form or do some paperwork before making the transfer effective.

There are transfer limits in most banks in the country I'm currently in, and $10,000 is a good chunk of money when converted to the local currency. Not sure how easy/hard it is to raise the daily limits and to what extent it can be raised, but idk I don't use banks much as you'd have to call them(and sometimes even need to go to the bank physically) to fix most stuff.

[un_rank]

The country I live in also has restrictions on withdrawals during the day and month. For example, I can deposit 1000$ or 10000$ in my account but I can only withdraw no more than 1000$/day. If I want to withdraw more than the specified amount, I have to go to the bank and give them full identification and the reason for the withdrawal. They do the procedure for me to withdraw money.

Is it possible that your account was created with certain restrictions at the time you opened it?
I have heard of limitations like these, but they usually apply when a minor creates an account with the bank, or when someone does so with limited personal information shared, like a student account.
But for a fully functional account, there are no such steep limitations to withdrawals, at least not where I am located.

I am in agreement that banking regulations can be a bit of a hassle and i would rather do away with it, if that was completely possible. Maybe in the future when adoption of alternative payment solutions grow.

[m2017]

The banking system is really a rotten system. It is a funny system full of ironies and absurd policies.

I myself wouldn't want to make an over-the-counter withdrawal because of all the hassles involved. It also makes me angry that every time I do this, it seems I am the one who is begging for my own money. It seems I am always treated with suspicion. You'll be asked to sign many times, asked for a couple of valid IDs, asked to get the approval of the bank officer or manager, and so on. For heaven's sake, just give me my money!

Bitcoin doesn't have any of these.

More and more people who know how to think are angry and annoyed at the design of banking systems. Banks are not for such people. For such there are bitcoin. All the rest, satisfied with the way banks work, give them their money with reverence and, as you rightly noted, then beg with humiliation for their money back. It is impossible to call it otherwise than a humiliation with all these begging, confirmations and evidence that it is you who have the right to your money. Banks have double standards: they carefully check the account owner, block transfers and create a bunch of various obstacles, but when scammers rob bank users (not a rare occurrence in my country), they shrug their shoulders, unable to help. Then why are they needed at all? Owner transactions are blocked, but fraudsters are not. It's not a normal practice. It is like a lock that the owner cannot open, but unlocks at the sight of thieves. Why is it needed.

[franky1]

the next lesson to ruffle your feathers and get you angry.. is
..
that the banks notes you have in your back pocket are not yours.
they are patented products of the bank.

they can
set any rule they like.
decide one day to inflate it,
deflate it
negotiate with government to only offer $2 of it per hour as minimum wage or offer $20 for min wage.
take a bit, some, majority, all of it out of circulation, or change the design making 'old' notes defunct
introduce a bit, some, majority more, causing notes to buy less and have less value

as well as all the terms and conditions and limits of banks notes you give to banks in their custody to manage 'on your cough behalf' cough

they control the inflation rate and the circulation rate.
and there is no 'public vote'/consensus to decide on such changes

[Kakmakr]

This is exactly why we Bitcoiners talk about "Financial Freedom"..... we are not bound to Banking hours to do financial business. We do not have to visit a Bank when your debit card chip malfunction.... or when you get red flagged for making too many large transactions. 

I have had so many bad experiences with Banks that I was forced to look for alternative payment options that are not linked to centralized authorities. (My credit card account was maxed, when someone fraudulently used my credit card) - Cloned card!

[DaveF]

I always new that banks limit the number of withdraws per month on savings accounts, but I didnt know why. I just accepted it.

What is Regulation D? Regulation D is a federal law that keeps consumers from making more than six withdrawals or transfers per month from a savings account or money market account. The rule is in place to help banks maintain reserve requirements.

What? Case in point.

And I just made about 8 transactions spreading BTC among wallets and didnt get an email notification from satoshi that I was over my withdrawal limit and owe him $25. LMAO
By the way, the federal reserve just lifted this withdrawal restriction, I am assuming due to inflationary pressures. I dont think its a permanent lift.

Or you could always get a checking account. Also there are no dollar amount limit for withdraws just a maximum number of withdraws.
It was put in place years ago to differentiate account types and never changed since most people don't care. 
Not a big deal unless you don't pay attention to how you spend money.

-Dave

[Baofeng]

Couldn't he make the transfer online? Banks are digitizing by leaps and bounds, so it is rare what you say, unless it is in a third world country. I do all my transfers online, although depending on the amount per AML policies they may make you fill out a form or do some paperwork before making the transfer effective.

There are transfer limits in most banks in the country I'm currently in, and $10,000 is a good chunk of money when converted to the local currency. Not sure how easy/hard it is to raise the daily limits and to what extent it can be raised, but idk I don't use banks much as you'd have to call them(and sometimes even need to go to the bank physically) to fix most stuff.

This, we have limits in our country, and perhaps this was a red flag for banks to see that huge amount being converted to PHP.

I also totally stay away from banks, I mean even opening accounts in our country is hard as hell. Lots of questions on where the money is coming from and that was 2018, so not sure how banks have change throughout the years here.