Topic: Problems with banks you have faced - page 10. (Read 1954 times)
My issue with them is that even while you are not in the bank but has been registered with a particular bank, they still deduct money which they call charges etc but cryptocurrency is not like that as we know.
Just 5 or 10 years ago my bank offered a free account and a free Visa card, now everything have gone cash less, and now I have to pay to have an account and pay to have a Visa card or any other ATM card. My local bank have closed down its branch and left an ATM. I never used the bank branch so it's ok with me, the bank don't really have any expenses with me as a costumer, but every year they raise the fees I have to pay.
When people talk about the benefits of bitcoin over Fiat money, one of the biggest advantages is that bitcoin is more secure and the bank has not control over your money. Generally, people talk about the lack of 3rd party.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
On the one hand, this is a true statement. But still there are a lot of people who are not ready to answer for the safety of their money and therefore trust their storage to banks or centralized services and exchanges.
The fact that if I need to withdrawal over $2-3k I need to call them so they can have the money ready
I tried to take out $5k one day and was told the bank does not have that much cash....
I get it, but I don't like it.
I tried to take out $5k one day and was told the bank does not have that much cash....
I get it, but I don't like it.
One simple example is the requirement of keeping a minimum balance to maintain an active bank account. In my country, if I want to keep an active savings bank account, I will have to maintain a minimum balance of 10,000 INR. If I fail to maintain that amount, bank will deduct charge of 150 INR for each day and that money will be recovered from your bank account.
Lets assume, your account balance is 9,500 INR on 1st November. Bank will deduct 150 INR non-maintenance change from that same account. So on 2nd November, your balance will become 9,350 INR.
So if you want to refill your bank account on 2nd november, you will have to add 650 INR to your bank account! That's an organized loot!! It's your money but bank will not allow you to withdraw it even in case of an emergency!! If you do, you will have to pay charges for withdrawing your own money!
I have lot of other examples available because I used to work in a closely related sector. That's just a teaser for you!
Lets assume, your account balance is 9,500 INR on 1st November. Bank will deduct 150 INR non-maintenance change from that same account. So on 2nd November, your balance will become 9,350 INR.
So if you want to refill your bank account on 2nd november, you will have to add 650 INR to your bank account! That's an organized loot!! It's your money but bank will not allow you to withdraw it even in case of an emergency!! If you do, you will have to pay charges for withdrawing your own money!
I have lot of other examples available because I used to work in a closely related sector. That's just a teaser for you!
When people talk about the benefits of bitcoin over Fiat money, one of the biggest advantages is that bitcoin is more secure and the bank has not control over your money. Generally, people talk about the lack of 3rd party.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
Give some examples of the problems with banks you have faced that there wouldn't be if cryptocurrencies existed that time.
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