Topic: Lock your bank balance - page 4. (Read 688 times)

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.

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.

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.

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.

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.

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.

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.