Mame89
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April 02, 2024, 08:51:32 PM |
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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.
Yes that's right. This is what often happens to many people who lock their bank accounts to dedicate the money at a later date, in other words they make a deposit. Because for them deposits have better protection than saving money in crypto because they are afraid of scammers or hackers. In fact, if they study crypto well they will benefit in the future and can even achieve financial freedom for the future of their children and grandchildren. That's why they prefer deposits because the system of money parked by the bank and its disbursement must have two layers of security which is definitely more guaranteed. In fact, if they were critical, they would realize that making a deopsitio or locking an account at the bank means the profits will not be worth it in the long run because money will lose value every year due to inflation. So I still recommend investing in crypto rather than locking money in the bank.
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batang_bitcoin
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April 02, 2024, 09:14:01 PM |
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We don't have that here but only a time deposit that locks your balance for a certain period of time and we all knew about that. But for that certain feature, I have never seen one. But with all of the inflation that we're seeing and being projected to be higher in the upcoming years, I don't think that it's a wise decision unless you just want to see your money in the bank so that you have some liquidity that you can withdraw anytime for your personal consumption and needs.
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Rent this sig space so that BTC goes to $100k.
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|MINER|
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April 02, 2024, 10:18:04 PM |
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Yes it was a very good arrangement. Saving money is a good medium for those who cannot save money for a long time. But I think it is better not to keep money in such institutions. Because money can be needed at any time. There are many times when there may be many problems or people may be a victim of an accident when a large sum of money is needed. Even when you have the money to keep money in these institutions, you cannot use that money for your needs. Having money and not having it is the same thing. And you will not be paid till death then what will you do with money after you die. I don't like these banking systems at all though it depends on one's personal opinion.
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Issa56
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April 02, 2024, 10:24:30 PM |
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It would be so much helpful to be honest for someone who has a hard time managing finances.
It’s kind of useful, but if you look at it from another perspective, then you will see that it doesn’t make much senses to me, why do you have to lock your money for some specific period of time? What if after locking the money, something happens and you needed the money to solve the problem, then what are you going to do? Since you already saved the money which you have, and you won’t be able to have access to it till it gets to a specific period of time. Seriously locking your money is not really a good idea to me, it doesn’t make any sense to me, if you don’t want to spend the money you are having, then create a separate account and leave it there.
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Mpamaegbu
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Crypto Casino and Sportsbook
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April 02, 2024, 11:22:36 PM |
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...provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death.
Why would anyone agree to go into such an arrangement if not that they want to make themselves slaves to their savings. It should be the other way round. Money is supposed to be man's slave. That's the essence of saving up so one can recall one's savings when emergencies arise. Even if I would consider leaving huge amount of cash in a bank, I will never succumb to this arrangement of locking up my savings. You make a deposit for a long period (a year or several years) during which you will not be able to withdraw money from the account, where the bonus is higher interest on the deposit. If you withdraw before the end of the deposit, all bonus interest will be lost.
They used to do that in my country a few years ago. I found that out when I cared about what banks were doing with the little cash I had with them. Then it was three months of not making withdrawal on accounts to qualify for the interest. I don't know if banks still do that now or not. This day, the crave for crypto investments has discouraged me (I guess many too) from keeping cash with banks. I'm so much enjoying it. The little I make now goes into investments.
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btc78
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April 03, 2024, 11:56:05 AM |
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It would be so much helpful to be honest for someone who has a hard time managing finances.
It’s kind of useful, but if you look at it from another perspective, then you will see that it doesn’t make much senses to me, why do you have to lock your money for some specific period of time? What if after locking the money, something happens and you needed the money to solve the problem, then what are you going to do? Since you already saved the money which you have, and you won’t be able to have access to it till it gets to a specific period of time. Seriously locking your money is not really a good idea to me, it doesn’t make any sense to me, if you don’t want to spend the money you are having, then create a separate account and leave it there. It would be pretty irresponsible to lock all of your money into one account. If you want to save for something specific maybe an event like a wedding or maybe purchasing a house then I would understand why you would want to lock your account just to make sure that you wouldn’t be spending your money impulsively. Some people can not absolutely control themselves around money. With the presence of money, they always somehow end up spending it all.
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Stepstowealth
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April 03, 2024, 12:31:41 PM |
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It would be so much helpful to be honest for someone who has a hard time managing finances.
It’s kind of useful, but if you look at it from another perspective, then you will see that it doesn’t make much senses to me, why do you have to lock your money for some specific period of time? What if after locking the money, something happens and you needed the money to solve the problem, then what are you going to do? Since you already saved the money which you have, and you won’t be able to have access to it till it gets to a specific period of time. Seriously locking your money is not really a good idea to me, it doesn’t make any sense to me, if you don’t want to spend the money you are having, then create a separate account and leave it there. Some banking apps have this feature and it can be otherwise known as safebox in many of the instances I have seen. These days I don't think those who save really want to have their funds locked up because of the economic hardship already being faced and for sake of a pandemic like the Covid 19 which saw so many persons stranded, I for one don't even wish to use a feature that would deny me access to my saved up funds, permanently. I would rather have my control over my savings because I trust at a certain age one should be matured and disciplined enough to handle some big financial commitment.
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Kelward
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April 03, 2024, 12:56:08 PM |
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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.
I don't have any experience of locked funds in my country, maybe it exists but I've not used the service, what I know in my country is fixed deposit, that is where you keep certain amount in the bank for specific period of time, you can not access the money until after the agreed time and interest will be added to the person. This type of savings applies when someone has a project that they perhaps don't want to touch their funds until the time when they want to use it, aside from this, it's better to invest and leave some money in savings, Incase you need to spend unexpectedly, so you'll not be stranded or looking for where to borrow money.
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jrrsparkles
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April 03, 2024, 05:08:01 PM |
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If I am not wrong some banks are offering such services, locking certain amount for certain period of time or just pay monthly payment and it will give maturity value of certain amount which is higher than a common savings account. But who does want such schemes? Do you like your funds to be locked somewhere and you can't access it even if you want?
I find people don't like such idea that's why it's not available and for someone who look for similar can invest on bonds and gold which is actually better than getting returns in Fiat.
there are some people out there that lock their money in deposits just because they have no idea what should they do with their unused money or they simply try to get more privileges from the bank, such as credit card with raised limits and so on I think it only target that kind of specific people or at least people with money that just don't really like investing by themselves but want to have managed investment and they are fine with the low interests. personally i'm never ever attracted to this kind of investment seems like a waste of time honestly, the interests just aren't worth it for the time its getting locked could easily get that much return within a night just from crypto alone so its no point for me but I can see that sometime if someone's wealth is too much they might want to diversify and its completely fine but honestly even that maybe better off investing in gold or any other precious metal. As said, that investment doesn't really appealing for the new era customers of banks to invest and still such investment is in practice but only used by less people, so it's not rocket science why it's not offered by banks anymore. Locking fiat over a year in bank account as any scheme is stupid idea and should not be viewed as investment in the first place.
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bluebit25
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April 03, 2024, 05:26:39 PM |
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I don't like keeping all my money in the bank at all. It's important to save some money, but if I let all my money sit in a bank account it would be a complete waste. Banks use customer deposits as capital to lend to others and make profits. Why not proactively take advantage of that money to invest or do business, thereby increasing profits for yourself?
I usually do not keep more than enough for my immediate needs and possibly the livelihood of my family in the settlement, the rest I will put into things that can generate profit. profit. This I find quite useful as it not only helps me maintain control of my cash flow but also has the potential to bring in large profits.
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slapper
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April 03, 2024, 06:01:38 PM |
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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.
Yes that's right. This is what often happens to many people who lock their bank accounts to dedicate the money at a later date, in other words they make a deposit. Because for them deposits have better protection than saving money in crypto because they are afraid of scammers or hackers. In fact, if they study crypto well they will benefit in the future and can even achieve financial freedom for the future of their children and grandchildren. That's why they prefer deposits because the system of money parked by the bank and its disbursement must have two layers of security which is definitely more guaranteed. In fact, if they were critical, they would realize that making a deopsitio or locking an account at the bank means the profits will not be worth it in the long run because money will lose value every year due to inflation. So I still recommend investing in crypto rather than locking money in the bank. Bank deposits are like highway lane discipline. Yes, it's familiar and comfy.You going anywhere? Another factor is inflation, which eats into money. Is the bank on your side? Prices growing faster than interest rates make'security' an illusion. Crypto is volatile, I know. Like every new territory, bad players exist. However, fear is the biggest risk. An entire asset class is ignorantly dismissed. Crypto is about controlling your money and financial future. Wealth that can surpass the dependency system is the goal. Generational wealth.
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Dave1
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April 03, 2024, 08:16:22 PM |
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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.
I don't have any experience of locked funds in my country, maybe it exists but I've not used the service, what I know in my country is fixed deposit, that is where you keep certain amount in the bank for specific period of time, you can not access the money until after the agreed time and interest will be added to the person. This type of savings applies when someone has a project that they perhaps don't want to touch their funds until the time when they want to use it, aside from this, it's better to invest and leave some money in savings, Incase you need to spend unexpectedly, so you'll not be stranded or looking for where to borrow money. Well we all know that there are a lot of disadvantage of keeping our money in bank, regardless if it is on locked funds or what we call time deposit. For one it offer fixed rate and it's much lower as we compare it to say stocks. And again, for obvious reasons, your money is locked, meaning yo can't touch it for a certain period of time. What if you have a emergency on your end? And of course, inflation, after the lock in and taxes are paid, the profit you are going to make will not beat inflation.
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lizarder
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April 03, 2024, 09:01:39 PM |
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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? There is a term for freezing personal savings, for example if you make savings for a child and you can give an order to the bank to freeze the money in the savings so that no one can ever take it before they unblock it. I don't know if that's what you're asking because I did it for my children even though the amount of savings in it wasn't that big. 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 doubt banks don't provide this service because as far as I know they are quite sensitive to people's fund issues. In fact, what makes people no longer believe in savings is because their value continues to decrease because money is unproductive. Whether there is a law or not we have to look on their website and now we are too lazy to find out about the problem.
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oktana
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April 03, 2024, 11:00:37 PM |
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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.
I don't have any experience of locked funds in my country, maybe it exists but I've not used the service, what I know in my country is fixed deposit, that is where you keep certain amount in the bank for specific period of time, you can not access the money until after the agreed time and interest will be added to the person. This type of savings applies when someone has a project that they perhaps don't want to touch their funds until the time when they want to use it, aside from this, it's better to invest and leave some money in savings, Incase you need to spend unexpectedly, so you'll not be stranded or looking for where to borrow money. Yes. That is technically the same thing that I am talking about. The fact that you cannot access your money till the agreed time means that it is locked away from you. And all I’m saying is that while you participate in this, have some actual emergency funds so if something were to happen, you wouldn’t be stranded or left to borrow money. The way I know this idea works is that you can get the money if you really persist, but you’ll lose some of it. So avoid having to lose some of it by preparing ahead.
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Volimack
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April 04, 2024, 12:04:50 AM |
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I don't think locking the bank balance would be the right decision. If you can't use the money for your own needs then what will happen with the money. People who are good at saving save thinking about future security but don't agree with locking up. We have direct personal expenses no one can say when we will need them if there is no security then there is no need to keep them in the bank. You cannot withdraw money transfer money or access your account during the lockout period.
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Ben Barubal
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April 04, 2024, 04:35:47 AM |
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Lock our balance in the bank? Isn't this like having a time deposit where we choose when we can withdraw it? Is that right? It seems that there is no such service in the bank that you are referring to.
Although I don't have a bank account at any bank, first of all, I don't trust them. Maybe even if I open a bank account, it's just because of the requirements for other things. But in the end I still I don't trust it to deposit all my fund.
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Strongkored
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April 04, 2024, 05:09:30 AM |
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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?
Maybe the system you mentioned is the same as what is available in my country's banking system, usually called term deposits or time deposit, where customers can save their money and choose how long they will keep it and will get interest, but it is clear that the interest on all banking products is small, even it's can be said not worth it at all unless you save it in a very large amount, but a large amount will certainly provide more benefits when invested than just being kept in the bank with a small interest rate. In my opinion, virtual banks are much less safe than conventional banks, and maybe that can be done, but the government will definitely implement strict regulations to protect customers, but to be honest, I don't really trust virtual banks and only use them as a means of transaction, not saving because this is just as dangerous by saving our coins in CEX.
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Kakmakr
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April 04, 2024, 05:44:22 AM |
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There might be several reasons why Banks do not offer that option, namely :
1. There are no huge demand for such an option. 2. Banks generate profit from the fees that they charge you to make transactions, not to lock it indefinately. 3. Passive accounts is a administrative burden to them. 4. Dormant accounts are vulnerable to fraud, because it is easy targets. (Less monitoring)
These are just some of the reasons why Banks might not want to offer something like this to the public, but you can do this with smart contracts or multisig wallets in Bitcoin.
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South Park
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April 06, 2024, 10:59:38 PM |
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Lock our balance in the bank? Isn't this like having a time deposit where we choose when we can withdraw it? Is that right? It seems that there is no such service in the bank that you are referring to.
Although I don't have a bank account at any bank, first of all, I don't trust them. Maybe even if I open a bank account, it's just because of the requirements for other things. But in the end I still I don't trust it to deposit all my fund.
You do well to not trust banks, I do have a bank account but I only keep there some money to pay my bills and other random stuff that I may buy from time to time, but I do not keep any large amount of money there, and the reason for this is that it does not really makes sense to keep large amounts of fiat anyway, if you can save a great deal of your monthly pay then you need to invest it in something, it does not have to be bitcoin by the way, there are other assets which are priced cheaply enough and that could allow a person to preserve their wealth by investing in them.
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topbitcoin
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April 07, 2024, 01:26:54 PM |
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OP description of the system is akin to saving instruments called "term deposits" in some countries, whereby savers make a commitment not to withdraw any amount of their balance for a specified duration with restricted cancellations. Yet, these rules and regulations also differ from one country to another based on their central banks and banking regulations.
While some central banks might not allow these kinds of instruments because they have a focus on liquidity policies in the financial markets and other consumer protection issues, some savers may find freezing funds for an irreversible period unfavorable as it affects their financial flexibility. In terms of the availability of such products in the virtual banking system, it should be said that it would vary with respect to each bank's set of rules and regulations. There are virtual banks which may have different products with similar functionality while others could be totally unavailable.
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