Is it safe to keep your money in bank? - page 7.

Quidat

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Quote from: OgNasty on November 07, 2023, 08:18:39 PM

Is it safe to keep your money in banks? I would say that your money is so safely stored in banks that when disaster strikes, it will be so safe you won’t even be able to get at it. How much safer could it be? Sure, that may sound like a joke but it is absolutely the truth. When you need it, you’ll only be able to pull out $200 a day of it…

And thats what i dont like in the first place. In my latest deposit, they've been asking on where the funds came from, and on the time you do make out withdrawal they do ask out several questions
on where it do came from and some other verification on which it is really that a complete shit knowing that you've been able to store up your funds into them.
This is why i have decided that i do only store only the amount on which i do store or save up for emergencies but never ever put up all my earnings or profits in other various sources.
I do have some credit cards on which i do see for it to be a good option in building up your credit score just incase if you do took up some loan.

This is why whenever i do make out some transactions and needing that latest 3 months of bank transactions then i do really always fail
on this one. Tongue

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Is it safe to keep your money in banks? I would say that your money is so safely stored in banks that when disaster strikes, it will be so safe you won’t even be able to get at it. How much safer could it be? Sure, that may sound like a joke but it is absolutely the truth. When you need it, you’ll only be able to pull out $200 a day of it…

oktana

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It is safe to store your money in the bank but safer to store it in your crypto wallet. If you are suggesting that people store their crypto on an exchange, what then is the essence of not storing it in the bank? It doesn't matter if they have 'top-notch security" as they normally claim before getting hacked, they are still in control of your funds than you think. I believe everyone should have a decentralized wallet where they store their funds (and also have complete control over the funds) and only go to Centralized EXchanges when they must. Additionally, one should only send the amount needed for the specific transaction they want to carry out. As the name goes "Centralized EXchange", you can tell it's meant for exchange and not for storing funds.

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Banks are general and available in all develope countries. Stocking our money in the bank, is it safe? Ofocurse it's safe but it's usually stressful to withdraw them from bank due to network problems and the high rate of people who are also interested in the same operation. I've shared my money to different sectors, my savings are kept in banks due to the heavy dump of the crypto market, I won't survived a chance when I will anticipate in the system. I also prefer saving money on exchanges like Binance but the current USDT is really crashing but there's hope for the coin to bounce back, all I have to do is exercise patience.

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Quote from: Mame89 on November 06, 2023, 11:23:39 AM

Saving money in the bank is not the best solution when facing inflation, not to mention if the bank goes bankrupt, just save it as needed for emergency funds and daily needs.

The best crypto market, so you can't invest there for a while. Real estate requires real money that you may not have. And prices may soon fall. Gold never beats the rate of inflation. Do you know what always beats the inflation rate? Education. Use money to improve skills and earn more from crypto especially bitcoin.

There must also be management in place to start investing, if you just invest without knowing how to manage it, then it will just be an investment that will not develop and tends to be suboptimal. The crypto market can be the best assuming that you enter at the right price and a long-term strategy is certainly an option and Bitcoin is the one recommended. for some altcoins there are some top altcoins that can be trusted. and about saving money, saving money anywhere will not be safe as long as the user is careless

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Quote from: devil-soul on November 06, 2023, 06:51:45 AM

In my opinion it is not safe to keep your savings in the bank, banks can fail, freeze their users' funds and the government can make forced withdrawals, it is better to invest in gold or bitcoin on a decentralized wallet

A Well capitalized bank would not fold up easily and made away with depositors funds in fact majority of the credible and trusted banks are monitored in such a way that depositor money is insured in case of the bank folding up thus their monies is safe, however that does not mean that we should not invest or hodl crypto in term of investment, buying of gold as asset is also a very good idea however gold would also be deposited in a bank to ensure it safety that is why bank is also a very important institution that we can't ignore it usage, personally I would divide my funds into three first part goes to savings, second part would be invested on Bitcoin while the third is optional use to buy gold

Bitstar_coin

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Between keeping your money at home and in the bank, I think bank is much safer even though majority of people have a negative view on the banking system. Even if you decided to a step forward and go the crypto way, you most certainly need the required knowledge to store your money in a personal wallet and keep it in a safe place otherwise the out will be similar if not severe than putting in the bank.

Shamm

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For me I'll not prefer to put my money in the bank for long term cause there's a chance that our bank we use is bankrupt or else they will freeze, even though not all banks but much better if we keep ourselves safe . so it's better to get our money from them and yes some of us claim thier salary through thier bank accounts but always remember that it's better to secure our fund's.
Anyways it's better to invest in crypto if we have enough money. Than investing in tye bank .

Zigabel

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Keeping your money in banks can't be regarded as unsafe because in every region, there are regulations that are always in place to follow before the establishment of any bank except for illegal establishments which the government may not be aware of, and you keeping your money with such people is putting yourself at risk and having no one to blame.

One know disadvantage is that your money may loose it's value staying in the bank especially when there's inflation, but that doesn't mean it's unsafe in the bank, it's very much safe. Your money may gain value if invested on some reputable investment platforms where you probably buy stocks and other financial investment instruments.

GeorgeJohn

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Keeping money in the bank for years is opportunity you give to the bank manager and bank team to make more money through your money and bank will be debiting you monthly for maintenance whereas you are not making use of the money you kept with them, secondly they use our money to trade in forex in most times, so we Keeping money in the bank is to enrich the bankers and you that owns the money will be at disadvantages side of, so therefore it's better you trade with the money you invest in bitcoin instead of dumping the money in your bank account.

Mame89

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Quote from: devil-soul on November 06, 2023, 06:51:45 AM

In my opinion it is not safe to keep your savings in the bank, banks can fail, freeze their users' funds and the government can make forced withdrawals, it is better to invest in gold or bitcoin on a decentralized wallet

Saving money in the bank is not the best solution when facing inflation, not to mention if the bank goes bankrupt, just save it as needed for emergency funds and daily needs.

The best crypto market, so you can't invest there for a while. Real estate requires real money that you may not have. And prices may soon fall. Gold never beats the rate of inflation. Do you know what always beats the inflation rate? Education. Use money to improve skills and earn more from crypto especially bitcoin.

devil-soul

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In my opinion it is not safe to keep your savings in the bank, banks can fail, freeze their users' funds and the government can make forced withdrawals, it is better to invest in gold or bitcoin on a decentralized wallet

Kelward

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Quote from: Apocollapse on March 21, 2023, 11:40:56 PM

Quote from: FMCPAY_GLOBAL on March 21, 2023, 09:50:27 PM

To avoid the risks of losing your funds, you should find a reliable crypto exchange that provides high security and trustworthiness. And that should be FMCPAY Exchange.

Why FMCPAY is a safe place to store your funds?

FMCPAY Exchange takes security seriously and has put in place a number of safeguards to protect your payments and personal information:

Two-factor authentication
KYC
Email verification

As the most trusted platform for cryptocurrency exchange by digital securities registered in the USA, FMCPAY can ensure your assets will be protected whenever you invest in this exchange.

You're give a misleading information that will trick any newbie who doesn't understand about centralized exchange, they will think it's secure enough to store their coins on centralized exchange rather than on non custodial wallet.

Centralized exchange is worse than bank because there's no insurance company will back up every single customers' coins and it's vulnerable getting hack or going bankrupt like banks.

2FA, KYC and email verification has nothing to do with your coins security, it's just to secure your account. I advice you to correct it and act accordingly.

I totally reason with what you said, because some of the things that were said by the OP can be misleading. I believe that the best place to store your coins is in a none custodial wallet, where only you have the access to your coins, no third party whatsoever to interfere in the safety of it. The only risk involved in a none custodial wallet, is when your passwords or seed phrase is lost or compromised, and that will be the fault of the holder for being negligent. What about the phrase "not your keys, not your coins", centralized exchanges can not be more secured for your crypto coins than your none custodial wallet. It's even advised that you should not store all your coins in a CEX, only what you need for transactions. An exchange can go bankrupt but coins in your none custodial wallet, can not go bankrupt, it remains in your custody as long as you have the sole access to it.

Your none custodial wallet, don't need KYC verification, its decentralized all the way, as crytocurrency is supposed to be.

letteredhub

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Quote from: Hewlet on November 05, 2023, 04:06:02 PM

The bank has been the most popular place known for the saving of funds although it has its limitations both from the angle of the management and policies from the government that affect these financial institutions

The bank provides convenience to users and although it often experiences some sort of attack on a certain occasion, you can't deny the fact that they've played a great role in fostering ease in the transaction and most banks have set out modalities that ensure that the funds of there customers are safe and secure.

The bank has been a safe harbour for people's valuables such as money, gold, valuable documents, and other financial instruments you can think of and over the years they have served in this position which has given them the trust they have earned from society that people can without an atom of fear hand over their valuables to the bank. But with time we observe that the government are now using the banks in their own might trying to cage and control the financial freedom of the citizens through crude policies as a result of centralized control and a percentage of people that gives so much priority to their privacy and financial freedom are uncomfortable with those centralized policies and this is what brought about the need for an alternative financial system that's decentralized in nature. Although the bank still serve a purpose which can't be overemphasized, it's important that people have open options.

batang_bitcoin

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Quote from: Spaceman1000$ on November 05, 2023, 01:26:30 PM

Same here, the bank is just where I go to get my fiat. I don't store or save too much amount in my bank account nowadays, because I've heard instances where people's money just disappear without any explanation, sometimes huge amount for that matter.

We're all the same about the banks. They're our just biggest commercial storage for our fiat regardless of the amount that we'll keep there. Although you can use their service and get access through it by owning an account there which is nice. About the money that disappears, I've got some problems like that in the past but I was able to ask help to their desk and my money was refunded.

Quote from: Spaceman1000$ on November 05, 2023, 01:26:30 PM

So what I just do is to keep few amount for my daily use if the need arises for me to get cash at hand.

Yeah, like a channel to get our money through cash outs and profits from the crypto market. Cheesy

Hewlet

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The bank has been the most popular place known for the saving of funds although it has its limitations both from the angle of the management and policies from the government that affect these financial institutions

The bank provides convenience to users and although it often experiences some sort of attack on a certain occasion, you can't deny the fact that they've played a great role in fostering ease in the transaction and most banks have set out modalities that ensure that the funds of there customers are safe and secure.

Spaceman1000$

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Quote from: GreatArkansas on March 22, 2023, 09:10:52 PM

My experience now on banks right now is I really don't store a lot of money there. I am treating banks nowadays as just storage of my daily used funds or some money that I can use and have access to anytime like if I need fiat to buy something from our local, I will just withdraw some of my money from the bank.
But for my investment in the future, I don't trust it with banks anymore.

Same here, the bank is just where I go to get my fiat. I don't store or save too much amount in my bank account nowadays, because I've heard instances where people's money just disappear without any explanation, sometimes huge amount for that matter. So what I just do is to keep few amount for my daily use if the need arises for me to get cash at hand.

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Quote from: Biznesmen on November 05, 2023, 11:54:43 AM

I believe it's safe to put money in a bank, and it's easily accessible for daily use. But there are some exceptional cases where the bank will go bankrupt. When the bank was in a crash or crisis, what would happen to our money? Only a small amount will be gotten from the bank, and the rest will be crashed with the bank. So what can we do to avoid this crisis?First, improve personal financial knowledge.Second, keep track of your bank status.Thirdly,distribute your money into different bank accounts. and Fourth, make a long-term investment in the market.

well our money is insured for when the bank fails or the bank will try to get loans to pay their clients or basically get another bank your money will be transferred to

storing money in the bank is generally safe compared to if you stored your money outside the bank where it will be vulnerable to theft or natural disasters but keeping all your money in the bank for a really long time won’t be doing you any favors so i agree that we should all make long-term investments in the market instead

Biznesmen

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I believe it's safe to put money in a bank, and it's easily accessible for daily use. But there are some exceptional cases where the bank will go bankrupt. When the bank was in a crash or crisis, what would happen to our money? Only a small amount will be gotten from the bank, and the rest will be crashed with the bank. So what can we do to avoid this crisis?First, improve personal financial knowledge.Second, keep track of your bank status.Thirdly,distribute your money into different bank accounts. and Fourth, make a long-term investment in the market.

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I only use a bank so that I can pay for things using a debit card or QR code. As soon as I can, I will switch to using crypto instead and be my own bank.

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