Ridiculous Banking Fee's | Bitcointalksearch.org

Furio

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Quote from: HarHarHar9965 on August 03, 2015, 04:27:18 AM

Citizen goes to his bank, deposits his money. Let's say 1000$, now govt looks at his transaction history and then decide how much of his money can be used to given as loans. The 200$ is saved at bank while the 800$ is used as a loan. The money banks make by giving loans credits maximum profit for them. Then transaction charges and all those office work they do, and they put service charge, that shit too accounts millions of money to them monthly for the billion bank users worldwide.

Fractional banking, it's a fucking crime, any other person would be indicted for fraud, yet the system remains in place...

HarHarHar9965

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Citizen goes to his bank, deposits his money. Let's say 1000$, now govt looks at his transaction history and then decide how much of his money can be used to given as loans. The 200$ is saved at bank while the 800$ is used as a loan. The money banks make by giving loans credits maximum profit for them. Then transaction charges and all those office work they do, and they put service charge, that shit too accounts millions of money to them monthly for the billion bank users worldwide.

n2004al

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Quote from: neurotypical on July 23, 2015, 08:43:07 PM

One of the reasons Western Union will be one of the first to go as the first victim of Bitcoin's superiority is the fact they are charging ridiculous fees to poor people all over the world to do transactions. They are the culprit of billions of unbanked people. After Bitcoin, a person with a nokia SMS phone will be able to be his/her own bank. Game over banksters, Bitcoin makes all of you deprecated.

Sure. For this the have banned bitcoin. And are fighting it with every tool they have. Their fees are to high and they benefit from their very wide network to maintain those high. People in need to send money to their parents in the country of origin have nothing to do except to accept those. Have no other way to send remittances in their country of origins where have all their families. In the poor countries to many families are maintained with the money of one or two members of the family which work in one developed country.

Pab

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Polish banks were charging 2% from any card trasactions,whatever debit credit,can you imagine what incomes thay had,there is 38mln polish citzens,about 28 mln adult,now thay are charging 0.5% also not bad
it is stealing

oblivi

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Quote from: neurotypical on July 23, 2015, 08:43:07 PM

One of the reasons Western Union will be one of the first to go as the first victim of Bitcoin's superiority is the fact they are charging ridiculous fees to poor people all over the world to do transactions. They are the culprit of billions of unbanked people. After Bitcoin, a person with a nokia SMS phone will be able to be his/her own bank. Game over banksters, Bitcoin makes all of you deprecated.

This will be the case only if Bitcoin doesn't get ruined by 1MBsters. If we don't increase the blocksize and the "let a fee market" develop ideology sticks, then Bitcoin will become an elitist speculation asset basically. The 6 billion people will remain unbanked, and you'll be able to thank all the idiots that concluded 1MB forever was the way to go.

Borisz

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Quote from: neurotypical on July 23, 2015, 08:43:07 PM

One of the reasons Western Union will be one of the first to go as the first victim of Bitcoin's superiority is the fact they are charging ridiculous fees to poor people all over the world to do transactions. They are the culprit of billions of unbanked people. After Bitcoin, a person with a nokia SMS phone will be able to be his/her own bank. Game over banksters, Bitcoin makes all of you deprecated.

That's a good one. WU indeed charges crazy fees for sending money around the world, had some experience with them. As said previously, Bitcoin could be the perfect option to convert fiat, send BTC and convert again.

Quote from: neurotypical on July 23, 2015, 08:43:07 PM

After Bitcoin, a person with a nokia SMS phone will be able to be his/her own bank. Game over banksters, Bitcoin makes all of you deprecated.

There are actually already existing and widespread banking/payment system that can be used with phones (not only smartphones) for example in Africa. And then there is also https://www.37coins.com/ for sending Bitcoins via Phone. It could be a valid option, although the banking system has a strong foothold in our world and it is hard to replace a well-developed system.

neurotypical

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One of the reasons Western Union will be one of the first to go as the first victim of Bitcoin's superiority is the fact they are charging ridiculous fees to poor people all over the world to do transactions. They are the culprit of billions of unbanked people. After Bitcoin, a person with a nokia SMS phone will be able to be his/her own bank. Game over banksters, Bitcoin makes all of you deprecated.

wearepoor

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Quote from: Bardman on July 21, 2015, 06:28:08 AM

Quote from: Furio on July 17, 2015, 02:05:41 AM

Our "beautifull" banking system @ work.

I ordered 2 nice pances from a tailor which I befriended in Thailand. I transferred 4000 bath (108 euro's) and ask the bank to let me pay for the transaction.... Boy did I regret that

The billed me for 32 euro's, only for the transfer, but now the best part, the guy in Thailand only recieved 3900 bath!? So eventhough I paid the FULL transaction, they still deducted 100 bath from this poor guy's account!!

This remains the biggest chance for crypto. There should be a global organization dedicated to promote bitcoin as a means to transfer funds in low wage countries. This guy is gonna try bitcoin next order, simply because I explained it to him as a way to avoid those ridiculous high costs for creating numbers in a computer out of thin air...

In short, how could we as a community promote this. If you look at the enormous marketing budgets from services as paypal or western union, with their same ridiculous fees, how can we make a fist to something like that?

What are your ideas?

Oh boy, banks.. The fees, ok i can understand it, every bank has similar fees but the -100 bath? That's actually robbery, you should have made a complaint because that is not fucking normal.

Get rid of banking dude..Why you need a bank if you have a bitcoin Grin

Just ask them keep shit out of it..I don't remember when I visited my bank last. I simply avoid their phone calls too, they keep on calling me to buy a new credit card..and I simply say them I don't need a credit card, I have bitcoins..and the reply from the other end would be What Is that??? Grin

Borisz

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Quote from: Furio on July 17, 2015, 02:05:41 AM

Our "beautifull" banking system @ work.

I ordered 2 nice pances from a tailor which I befriended in Thailand. I transferred 4000 bath (108 euro's) and ask the bank to let me pay for the transaction.... Boy did I regret that

The billed me for 32 euro's, only for the transfer, but now the best part, the guy in Thailand only recieved 3900 bath!? So eventhough I paid the FULL transaction, they still deducted 100 bath from this poor guy's account!!

This remains the biggest chance for crypto. There should be a global organization dedicated to promote bitcoin as a means to transfer funds in low wage countries. This guy is gonna try bitcoin next order, simply because I explained it to him as a way to avoid those ridiculous high costs for creating numbers in a computer out of thin air...

In short, how could we as a community promote this. If you look at the enormous marketing budgets from services as paypal or western union, with their same ridiculous fees, how can we make a fist to something like that?

What are your ideas?

Your bank's 32€ is crazy high and the 100 bath was probably imposed by his bank on incoming international transactions. However, there is a way in the transfer options where you pay both the sender's and recipient's fees. SO the amount you send will be the amount received and the fees will be billed to you separately.

(Bank of Scotland, no fees at all, I can use any ATM in the UK without charge even if I pick up 20 pounds 20 times a day. Free for sending money, of course free for receiving. If I send money within the UK, the recipient gets in within an hour or so. Haven't tried sending abroad yet I think.)

As I see currently bitcoin could be the perfect use case in such scenarios. Don't use it as a store of value due to volatility, but exchange fiat on end A for Bitcoins, transfer, immediately exchange to fiat on end B. Unless some major event happens, the exchange values should be reasonably close at the two ends. You should probably also talk to your bank and ask them about the fees.

notlist3d

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The more you have at a bank the better they treat you, and the less fees you pay. I was surprised on a car loan myself the insane interest both the car company and bank wanted, I cannot remember the exact amount but it was not cheap.

I ended up having a co-signer (family member) who knew I would pay and I got zero interest. So zero interest for 5 years is much better.

Only thing they did that got me mad they hit my credit history multiple times. When I asked why they did it multiple times.... the car finance guy said to see if he could get me a better rate on the loan.... needless to say he did not find a rate better then zero.

Hazir

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Quote from: Amph on July 22, 2015, 03:01:24 PM

Quote from: AtheistAKASaneBrain on July 22, 2015, 10:34:22 AM

Quote from: Furio on July 17, 2015, 10:23:52 AM

Quote from: Q7 on July 17, 2015, 08:59:25 AM

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

let's hope they will embrace the blockchain tech then, so they can reduce their fee and time, and not having stupid excuse to charge you those ridiculous high amount for fees

but something is telling me that they will not change anything on that side, bitcoin or any stable altcoin will always be the better choice for this matter

You think that the current bank fees are justified by the amount of work bank need to go through to send your money from one place to another?
If you establish system, bank transfers are fast and requires almost no maintenance. High fees are only for bank to earn more money.
I am sure that after blockchain tech will be incorporated in bank tech fees won't go down, instead banks will find way to charge even more because of: 'new and faster tech'.

Bardman

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Quote from: Furio on July 22, 2015, 02:08:47 PM

Quote from: cellard on July 22, 2015, 01:51:24 PM

Quote from: Furio on July 22, 2015, 01:42:12 PM

Quote from: AtheistAKASaneBrain on July 22, 2015, 10:34:22 AM

Quote from: Furio on July 17, 2015, 10:23:52 AM

Quote from: Q7 on July 17, 2015, 08:59:25 AM

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

If only it was that simple, but the reality is that much of our infrastructure isn't build for bitcoin/blockchain YET!!

What infrastructure? The infrastructure is already built (the internet). All we need is keep improving the software, making it more accessible, and make it spread around the world. If anything, the infrastructure is simply nodes.

Read what has been wroten in the thread, people in developing countries dont have acces to tech, they only have (oldschool) phones and banks, so no not evrywhere is the infrastructure...

And even if they did you still need people to accept bitcoin as a payment method, it doesnt matter if you have bitcoins if you can't spend them and lets be honest, right now you cant live just by having bitcoins, you will have to convert them into fiat at some point.

Furio

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Quote from: Amph on July 22, 2015, 03:01:24 PM

Quote from: AtheistAKASaneBrain on July 22, 2015, 10:34:22 AM

Quote from: Furio on July 17, 2015, 10:23:52 AM

Quote from: Q7 on July 17, 2015, 08:59:25 AM

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

let's hope they will embrace the blockchain tech then, so they can reduce their fee and time, and not having stupid excuse to charge you those ridiculous high amount for fees

but something is telling me that they will not change anything on that side, bitcoin or any stable altcoin will always be the better choice for this matter

Uhm, IBM Apple Samsung and a few banks are allready researching and implementing the blockchain, THIS will de biggest challenge, soon banks or other companies will launch their own "coin", and I thinkl the masses will go for that, since it's "safe", just like the financial crisis....

Amph

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Quote from: AtheistAKASaneBrain on July 22, 2015, 10:34:22 AM

Quote from: Furio on July 17, 2015, 10:23:52 AM

Quote from: Q7 on July 17, 2015, 08:59:25 AM

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

let's hope they will embrace the blockchain tech then, so they can reduce their fee and time, and not having stupid excuse to charge you those ridiculous high amount for fees

but something is telling me that they will not change anything on that side, bitcoin or any stable altcoin will always be the better choice for this matter

Furio

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Activity: 938

Merit: 1000

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Quote from: cellard on July 22, 2015, 01:51:24 PM

Quote from: Furio on July 22, 2015, 01:42:12 PM

Quote from: AtheistAKASaneBrain on July 22, 2015, 10:34:22 AM

Quote from: Furio on July 17, 2015, 10:23:52 AM

Quote from: Q7 on July 17, 2015, 08:59:25 AM

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

If only it was that simple, but the reality is that much of our infrastructure isn't build for bitcoin/blockchain YET!!

What infrastructure? The infrastructure is already built (the internet). All we need is keep improving the software, making it more accessible, and make it spread around the world. If anything, the infrastructure is simply nodes.

Read what has been wroten in the thread, people in developing countries dont have acces to tech, they only have (oldschool) phones and banks, so no not evrywhere is the infrastructure...

cellard

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Activity: 1372

Merit: 1250

Quote from: Furio on July 22, 2015, 01:42:12 PM

Quote from: AtheistAKASaneBrain on July 22, 2015, 10:34:22 AM

Quote from: Furio on July 17, 2015, 10:23:52 AM

Quote from: Q7 on July 17, 2015, 08:59:25 AM

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

If only it was that simple, but the reality is that much of our infrastructure isn't build for bitcoin/blockchain YET!!

What infrastructure? The infrastructure is already built (the internet). All we need is keep improving the software, making it more accessible, and make it spread around the world. If anything, the infrastructure is simply nodes.

Furio

legendary

Activity: 938

Merit: 1000

BTC | LTC | XLM | VEN | ARDR

Quote from: AtheistAKASaneBrain on July 22, 2015, 10:34:22 AM

Quote from: Furio on July 17, 2015, 10:23:52 AM

Quote from: Q7 on July 17, 2015, 08:59:25 AM

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

If only it was that simple, but the reality is that much of our infrastructure isn't build for bitcoin/blockchain YET!!

AtheistAKASaneBrain

hero member

Activity: 770

Merit: 509

Quote from: Furio on July 17, 2015, 10:23:52 AM

Quote from: Q7 on July 17, 2015, 08:59:25 AM

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

Epileptic_Neurosurgeon

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Yeah if you're looking to transfer abroad, banks are usually the least attractive option, to say the least.

Mickeyb

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Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: Furio on July 17, 2015, 02:05:41 AM

Our "beautifull" banking system @ work.

I ordered 2 nice pances from a tailor which I befriended in Thailand. I transferred 4000 bath (108 euro's) and ask the bank to let me pay for the transaction.... Boy did I regret that

The billed me for 32 euro's, only for the transfer, but now the best part, the guy in Thailand only recieved 3900 bath!? So eventhough I paid the FULL transaction, they still deducted 100 bath from this poor guy's account!!

This remains the biggest chance for crypto. There should be a global organization dedicated to promote bitcoin as a means to transfer funds in low wage countries. This guy is gonna try bitcoin next order, simply because I explained it to him as a way to avoid those ridiculous high costs for creating numbers in a computer out of thin air...

In short, how could we as a community promote this. If you look at the enormous marketing budgets from services as paypal or western union, with their same ridiculous fees, how can we make a fist to something like that?

What are your ideas?

Yes, this is the very big chance of Bitcoin, not the only one but the big one. For example, poor people in Africa that are 100s of miles away from a bank branch is another nice opportunity.

But yes, banks are getting out of control with their fees. This poor guy needs to go to his bank and tell them if they don't give him his money back and charge him a reasonable fee, that he will change a bank completely. This usually works.

Topic: Ridiculous Banking Fee's (Read 2406 times)