Topic: Lock your bank balance (Read 707 times)

As the world advances, and civilization is in crescendo, it is expected that some practices will gradually fade away. Everyone is tilting towards freedom and liberty. Even people in the third world countries are beginning to resist centralization. I personally will like to lock my own money and still hold the key than let another man lock it and will not release the key even if I am to die.

There's no kind of investment without risk.
Fiat = depreciation and theft
Real Estate = Over price, dispute, natural disasters.
Crypto = Lose of access, hack, etc.
Just diversify and remain calm.

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 am cautious about advising individuals on the long-term retention of Bitcoin for their family or children. Its security vulnerabilities make it susceptible to theft, with little to no possibility of tracing or recovery. Instead, a portion of such investments could be allocated to cryptocurrency, while the rest could be diversified into more stable assets like fiat currency and real estate. Although these alternatives may offer lower returns on investment, they provide easier and safer avenues for wealth preservation

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

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 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?

I am cautious about advising individuals on the long-term retention of Bitcoin for their family or children. Its security vulnerabilities make it susceptible to theft, with little to no possibility of tracing or recovery. Instead, a portion of such investments could be allocated to cryptocurrency, while the rest could be diversified into more stable assets like fiat currency and real estate. Although these alternatives may offer lower returns on investment, they provide easier and safer avenues for wealth preservation

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.

     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.

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?

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.

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 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'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.

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.

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.