Lock your bank balance

[Kavelj22]

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

I know that it is possible to secure a deposit in the bank with any type of asset, but with the possibility of permanent disposal of it, meaning that its owner cannot ask the bank to lock it.
What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.

[1714855585]

1714855585

[1714855585]

1714855585

[mindrust]

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

I know that it is possible to secure a deposit in the bank with any type of asset, but with the possibility of permanent disposal of it, meaning that its owner cannot ask the bank to lock it.
What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.

I don't think we have a product like that here and I find it silly for multiple reasons but I'll get to that.

First, You said "are there central banks that do not allow it?". I can't make the relation here. I don't think you can do business with the central banks as an individual.

Anyway, If you keep your FIAT locked without collecting interest, you will lose massive purchasing power. You don't want to do this. Especially in the long term, it will be a disaster. Even if you collect interest it is still not a good idea as the interest you collect will be lower than the actual inflation.

Do you want to save FIAT or stocks or crypto in a bank account? Who is going to manage these portfolios?

I can't make any sense of what you wrote.

If you want to be a hodler, just forget that you had these assets. It shouldn't be that hard.

[South Park]

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

I know that it is possible to secure a deposit in the bank with any type of asset, but with the possibility of permanent disposal of it, meaning that its owner cannot ask the bank to lock it.
What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.

Why do you want that option? If you want to keep your money in a bank account for a specific amount of time, you only need to avoid touching that money, which it should not be that hard if you are already a bitcoin holder and you are used to not move your coins no matter what, besides such a thing will limit your options, as in the case of an emergency you will not have access to that money, and you may end up facing an economic challenge you could have avoided completely by simply using those savings.

[oktana]

This is not bad but you better not lock the only amount of money that you have. If you have a goal and you’re saving towards it, I hope you know to have emergency funds too, so if something unplanned happens, you will not worry on how to access the locked funds but use the emergency fund. If you don’t plan this way, you could get stuck someday with no one to rescue you. You’d have your funds locked but can’t access it to help yourself.

[2Pizza410000BTC]

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

I know that it is possible to secure a deposit in the bank with any type of asset, but with the possibility of permanent disposal of it, meaning that its owner cannot ask the bank to lock it.
What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.

What you said is absolutely correct and the current situation in my country matches your post. In my country now it is very risky to keep bank money and bank savings. This has happened several times in my country can keep money in bank but not withdraw, can save in bank but can't withdraw that savings, it still remains in my country. I have talked about my Bangladesh here, if you search my Bangladesh banking status you will see that the banking system of this country is most corrupt. People of my country are now collecting money at home without keeping money in the bank, they are also not keeping money in the bank because if money is kept in the bank it is not the owner but the government officials who steal it. And embezzled money from the bank. But we who are involved in bitcoin we don't believe in bank money I always believe in bitcoin that's why I invest in bitcoin.

[Iroh]

I know that it is possible to secure a deposit in the bank with any type of asset, but with the possibility of permanent disposal of it, meaning that its owner cannot ask the bank to lock it.
What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.

Do you mean the safe deposit box service offered by banks and postal services? With the banks, I think there are fewer people each year who use the service although the service could still be available to some paying customers.

I don’t think there’s any central bank that would disallow this particular service as the whole idea of the bank is to safely safeguard and keep customers valuables. Asides money, there are things people consider valuable and would like to safeguard it. The service may not be as used as it once was, but it may very well still be available.

As for online virtual banks, I doubt they would have such service. You literally cannot deposit anything physically.

[dothebeats]

You can do this in a time-deposit bank account if I'm not mistaken. You can still pull out your funds though, but if your contract states that you won't have access to it until a certain amount of time then you don't have any choice but to follow the clause of that contract and not withdraw the funds. It's a concept that others often find nonsense, but if you're looking to keep your funds for a long time anyway, it's a good one. Just make sure though that you're working with a reliable and trustworthy bank that doesn't have any funding issues and you're golden.

[Churchillvv]

For real I have seen such features in an online banking app here in my country, although it helps to save funds that will be spent in nearest days but not as a life time savings because it's absolutely a bad idea to keep good amount of money in the bank where it will depreciate in value as time goes on.

There are times that one might need this money's and then It becomes stressful to begin to find how to get the money when you have them locked some where, if we want to store a money then I suggest you use crypto (bitcoin) to keep then perhaps it will be very.

[DabsPoorVersion]

What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.

Yes, it is called time deposit in our country. All banks supported it, though they have the same terms when you have decided to lock your funds for a certain period of time, the interest rate differs depending on the bank. There are also some banks that have terms if ever the depositor decides to withdraw their funds before the planned date, but the amount they can withdraw is only up to 25%.

If I remember correctly, my parents did this when I was young, the money they locked in was set to be received once I turned 18 years of age and was supposed to be used for my studies. For some, they use it for their retirement to at least earn interest.

I'm not sure nowadays if they also offer a time deposit using virtual banks but as far as I know, the record of the deposited money that is put on the time deposit is being transferred to a bank passbook which can only be updated if you go directly to the bank.

[btc78]

I think a lot of families do this.

They put in money in a bank account in which they dedicate that to their children usually for their college fund or something like that. I do see the point but honestly I think it would be better if you just put it in to crypto. Even if it is locked, fiat money will still lose value over time unlike in crypto especially in bitcoin.

[Sebas.tian]

For real I have seen such features in an online banking app here in my country, although it helps to save funds that will be spent in nearest days but not as a life time savings because it's absolutely a bad idea to keep good amount of money in the bank where it will depreciate in value as time goes on.

There are times that one might need this money's and then It becomes stressful to begin to find how to get the money when you have them locked some where, if we want to store a money then I suggest you use crypto (bitcoin) to keep then perhaps it will be very.

I think, this banking system is very common with online banking app because they know that it don't has to do with physical transaction before you can withdraw your money or deposit your money which is the reason some users use to allow their funds in the bank, and they have the right to empty their funds from that particular bank. I came to discovered something like that in my formal bank when I wanted to withdraw my money but they where trying to give me some excuses anytime I make attempts to withdraw but trying to withdraw the funds online it was showing network errors which I know is the hand work of the bank. Any funds you know that you are not using now, you don't need to deposit such huge amounts of funds into the bank because it will not bring income to you like the kind income you will achieve when you invest such funds in Bitcoin.

[pooya87]

That's a terrible option for one simple reason: you should not bag hold something that loses value in the long run.
We all know that fiat has no cap and that means it experiences inflation. So it is guaranteed that it loses its value in long term. Locking it up without being able to do anything with it (specially if there is no interest) is a bad idea. You should always invest fiat not bag-hold it. You should already know this as someone in a "bitcoin" forum.

Lets do some quick calculations assuming this is a 5-year lockup.
How much interest would that bank have paid? 5%? 20%? 50%?... How much was the inflation and how much is that same amount of fiat worth today?
Now lets say you had bought bitcoin 5 years ago with the same money (ie. an actual investment) at $5000. Today with price being $70000 that is a 1300% profit.
Do you see the difference between bag-holding fiat and making an investment?

[angrybirdy]

For real I have seen such features in an online banking app here in my country, although it helps to save funds that will be spent in nearest days but not as a life time savings because it's absolutely a bad idea to keep good amount of money in the bank where it will depreciate in value as time goes on.

There are times that one might need this money's and then It becomes stressful to begin to find how to get the money when you have them locked some where, if we want to store a money then I suggest you use crypto (bitcoin) to keep then perhaps it will be very.

That is why if you want to do some locked in savings in your bank, make sure thay you already diversify your money and do not forget to allocate an emergency fund because if you need a money, you can't easily withdraw the money that you've deposited in your locked in account, Take note that if you want to grow your money, you might consider the locked in Investment and saving account in other banks so that even if your money is hold for how many years, you can have some dividends from your own money.

[Solosanz]

This thread reminds me with TimeLock for 40 years payday?

There's no banks offer this, what they offer is just like time deposit, but the owner can still unlock it by paying penalty fees if they want to withdraw earlier. Fortunately Bitcoin offer this feature, if you want to lock your coins for specific times, you can use timelock transactions.

Lets do some quick calculations assuming this is a 5-year lockup.
How much interest would that bank have paid? 5%? 20%? 50%?... How much was the inflation and how much is that same amount of fiat worth today?
Now lets say you had bought bitcoin 5 years ago with the same money (ie. an actual investment) at $5000. Today with price being $70000 that is a 1300% profit.
Do you see the difference between bag-holding fiat and making an investment?

Moreover the inflation rate we see on bank central is fake because they combine from many sectors. The real inflation rate should be calculated from primary sectors, instead of including many important sectors e.g. television, industrial, communication services etc.

[pinggoki]

I think it's called a time deposit, you store a certain amount of money in the bank and it will never be moved in a certain span of time, it's probably the most awesome way of ensuring that you've got a money at a certain time that it becomes available to be taken out, that's what a lot of rich people in my country do, they put in a time deposit for each of their kids and even themselves so in the case that they ever need money at some point in time, they would have it without any worry. Another benefit of time deposit is that it grows at an annual rate but the rate is too low to matter but then again, most of them store that money for about 10 to 20 years so that growth might be negligible right now but when that 20 years passes, you'd be thankful and wished that you've got more annual rate in that time deposit.

[Reatim]

In my country, as far as I know this is possible

It would be so much helpful to be honest for someone
who has a hard time managing finances. Though it might
prove to become an inconvenience since you can’t just
take it out whenever you need something for emergency so it will
be better to just specifically allocate the money to something instead
of putting all your money into it

[Fortify]

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

I know that it is possible to secure a deposit in the bank with any type of asset, but with the possibility of permanent disposal of it, meaning that its owner cannot ask the bank to lock it.
What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.

This sounds ridiculously stupid and makes no sense. From the way you've described it, 95% of the benefit would be going to the bank and the person who's money is being frozen gets very little from the situation. When first reading the headline, I though you were referring to the ability to temporarily freeze your account if you thought you were a victim of fraud and were alerted to that fact. The way that banks operate commercial, in this context, is nothing to do with central banks - why do you think it is? I don't know any saver that is looking for the sort of functionality that you've described because it puts them in a worse situation in most cases, people who have savings will tend to be better planners and financially sound anyway.

[God bless u]

As far as I know, this is that you can lock your amount for periods of time tunure. For example If you want to lock your savings for a year you can lock it but I don't think so it's a better option to lock it under the condition that no matter what happens taking your savings out is prohibited. It can lead to some serious complications.

You can sign with the bank that under these conditions allow me to take the money out e-g under severe medical conditions etc. The other way is that you can limit your transactions amount for a month or even for a year that this much amount can only be credited out of the account. Thats also a very good approach to Secure your savings.

[Darker45]

What do you mean postal institution? Is your country's postal agency offering financial services like savings account? Because here in mine, it seems the purpose of the postal institution is to provide delivery services.

Anyway, such a service might seem interesting to some. But I think this is already in existence, although not exactly as you've described. Time deposits are like this. Your funds will be locked for a certain period of time. But the banks cannot just keep them indefinitely. The longest term that I know is only 5 years. And I guess there's also that option to terminate it anytime.

[Wind_FURY]

Make your bank deposits safe, BUT everyone should remember that saving our money entirely in fiat gives the government an opportunity to "steal" from us. Everyday you work for your salary, but it's also everyday that your salary is worth less and less because of inflation. Plus they're printing money at a higher velocity during every new cycle, making its value diminish faster than previous cycles.