Topic: Lock your bank balance - page 3. (Read 624 times)
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Okay, below is just a screenshot I took right now from a microfinance bank pp I am using. The microfinance bank has three saving plans, as you can see in the picture. The fixed saving and locked saving are almost the same thing, but for the locked savings, you have to keep the specific amounts locked for a stipulated period of time that you want the savings to last. The interest rate is very small, just 16% per annum. Although you can break the safe if you want, you will lose all accumulated profit if you break the safe when the savings period is not yet due. I don't totally like that pattern of saving because, despite the fact that it's a lock savings, the annual percentage profit is too cheap. The only benefit of it is to prevent oneself from spending the money they were not supposed to or to save the money towards a goal they are planning to achieve in the future. In my country, some other banks have such savings plans too, while for some, you can not brake the safe until the time is due.
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 am not certain if that's legally possible in ways you are desribing, unless you move your rights to a legal guardian, and even that could be in trouble if there's no legit reason not to give you your 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.
Financial institutions have legal duty to give you access to your funds if you change your mind. Thing about consent is that you usually can withdraw that at any time. Even most products that you buy, customer has a right to change their mind for a time period and cancel the trade.
That said, i am not an expert in this and there might be workarounds that i don't know of, as there are all sorts of weird tax avoidance tricks that rich people use and i am sure that many of them rely on not moving money from their account.
And in EU we can set bank accounts for our kids that only they can only access when they are certain age, but that's because parents are their legal guardians and their word have more weight then their underaged kids.
I think there are some ways that you can lock your funds in usdt or eth or some other crypto to smart contract with a lock that opens only after certain time has passed, but i wouldn't recommend that ever. You never know what's going to happen and access to that money could save your life.
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?
Product or services like this one might not be attractive anymore. The world is full of uncertainties that even when you plan there are always unforeseen occurrences. One might assume that anyone who subscribed to this package should have emergency funds that will serve as backup but sometimes these funds are not enough. So you expect someone with health problems to die because of a lack of finances while they have money locked up in a bank or post office. Savings are for the living and not the dead. We all know that it is important to save but there should be an avenue for people to access these funds in times of emergencies. This is why banks provide services like fixed deposits and other savings plans. 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 think any bank offers such a service except it could be a personal or special agreement with the local bank. I don't know if the central bank of my country approves such service but I think it it might affect the monetary policy of the country especially if it is in foreign currencies like the dollar. I would never advise anyone to engage online virtual banks for these services. Most of these online banks are not under the supervision of the central banks and they can easily scam customers.
I already keep relatively little money in the bank. In addition to the amount of money that I can spend in a month, in case of some emergency, I keep some money in the bank and the rest of the money I do not use in my business or invest. It is a bit stupid for me to keep a lot of money in the bank because I am depositing money with the bank but the bank will not deposit that money of course they will lend that money in various ways and by lending my money they will earn profit. Why don't I use the money that the bank will lend to others for my business or investment, if I use my money for investment or business then the profit that will come is my profit. Basically, thinking about these things, I keep some amount of money in the bank only to meet my needs and with the rest of the money, I make some other plans.
in the country I live in it was possible and you got interest on the amount. Not much though.
The bank worked with the "frozen capital".
The bank worked with the "frozen capital".
~snip
I believe something similar still exists in banks in my country. 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. Perhaps this is not exactly what you are talking about, because it is not a complete freezing of the account for a certain period of time, but I can’t remember anything more similar.I am not a supporter of using banking services and such deposits don't seem profitable to me at all, because you lose control over your assets (the impossibility of profitable investment that suddenly arises), and the accrued interest is simply ridiculous (lags behind inflation).
If you want a profitable concept with freezing money, beneficial for you and without the temporary opportunity to use this money, then maybe you should pay attention to investments? Like in the securities market or cryptocurrencies? The invested money is frozen until a profit is made. This will certainly be more profitable than storing money in bank deposits.
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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?
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 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.
Well. There is little chance you or any of us will ever be able to see financial tools like that in traditional banks. Things have changed in these last twenty years in the global economy, banks do not longer see as many profits as they did bank in the early 2000s with the holding of savings of the population, the main strategy today is to capitalize out of the credit people ask to buy either things they do not need or things to survive in a daily basis.
This current economy relies much on people constantly consuming with their money and if banks gave more tools for people to be more responsible with their money, then it would be one less likely for them to need credit.
Besides, in the eyes on the holders of saving accounts, there would be no benefits from being locked out their savings. I would only consider to lock my money out my reach if their offered my extra interest for locking it all, when compared to having free access to one's capital.
Take for example what cryptocurrency exchanges do (like Binance) they have got two kinds of Earning/Saving accounts or products: flexible and locked. Locked savings always offer better annual interests than the flexible options.
Though, because of the culture of consumerism we are going through and the greed of big banks, you will never see those tools coming back, in my opinion.
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.
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.
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.
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.
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.
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 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.
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
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
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.
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.
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. 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?
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.
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.
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?
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?
Quote from: 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.
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.
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.
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.
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%. 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.
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.
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.
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.
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