This Made Me Angry - page 2. | Bitcointalksearch.org

mk4

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Quote from: P2PECS on July 29, 2022, 01:23:15 AM

Couldn't he make the transfer online? Banks are digitizing by leaps and bounds, so it is rare what you say, unless it is in a third world country. I do all my transfers online, although depending on the amount per AML policies they may make you fill out a form or do some paperwork before making the transfer effective.

There are transfer limits in most banks in the country I'm currently in, and $10,000 is a good chunk of money when converted to the local currency. Not sure how easy/hard it is to raise the daily limits and to what extent it can be raised, but idk I don't use banks much as you'd have to call them(and sometimes even need to go to the bank physically) to fix most stuff.

P2PECS

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Quote from: mk4 on July 29, 2022, 01:18:13 AM

After a few years of not going to a bank, went with a friend of mine because he needed to transfer $10,000 to his dad's bank account.

We wasted like 40 minutes in that bank even though the queue wasn't even that long. It boggles me how severely inefficient banks are in 2022. Meanwhile sending money with BTC or stables are easy as hell.

Couldn't he make the transfer online? Banks are digitizing by leaps and bounds, so it is rare what you say, unless it is in a third world country. I do all my transfers online, although depending on the amount per AML policies they may make you fill out a form or do some paperwork before making the transfer effective.

mk4

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Paldo.io 🤖

After a few years of not going to a bank, went with a friend of mine because he needed to transfer $10,000 to his dad's bank account.

We wasted like 40 minutes in that bank even though the queue wasn't even that long. It boggles me how severely inefficient banks are in 2022. Meanwhile sending money with BTC or stables are easy as hell.

Iranus

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Quote from: raidarksword on July 28, 2022, 10:03:22 PM

That's why I don't trust banks anymore hence its our money but they put withdrawal limit per day is not good choice at all. Bank system is a mess and controlling people their money which its ours in the first place. Since then I withdrawn all my money and I just put it on investment to generate passive income and invest on bitcoin as well.

Although it is a limited part of the banking system, but the truth is that we cannot stop using banking, it is still essential to our lives. There is still a lack of acceptance of bitcoin throughout the world, so its use is still somewhat limited.

It is suitable only for profitable investment additionally, it can be used to pay for some products but cannot replace the work that fiat is doing.

TravelMug

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Quote from: Poker Player on July 28, 2022, 10:39:36 PM

Quote from: NotFuzzyWarm on July 28, 2022, 09:20:22 PM

What country do you live in? I'm in the US and in the 50+ years that I've had bank accounts I have never - repeat NEVER EVER - ran into any restrictions in how often I access and use my savings accounts.

Restrictions on how often sounds very strange to me as well. Restrictions when you want to withdraw or transfer large amounts yes, but not on the frequency, especially nowadays when I do everything online. It is clear that the good thing about Bitcoin is that it does not have these kinds of restrictions. If you want to send money 20 times or send $20B, you can do it without any kind of restriction.

Not defending the banking system, but this is also the first time that I heard this restrictions. Maybe we are in a recession, however, even in a developing country that I live, never heard of this prior even in the 2008-2009 economic crisis.

But it just highlight was crypto can overcome this traditional system. Nevertheless, there are crypto exchanges at least our local exchange that you have to go to KYC to be able to have a good cash-in/cash out protoocls.

Poker Player

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Quote from: NotFuzzyWarm on July 28, 2022, 09:20:22 PM

What country do you live in? I'm in the US and in the 50+ years that I've had bank accounts I have never - repeat NEVER EVER - ran into any restrictions in how often I access and use my savings accounts.

Restrictions on how often sounds very strange to me as well. Restrictions when you want to withdraw or transfer large amounts yes, but not on the frequency, especially nowadays when I do everything online. It is clear that the good thing about Bitcoin is that it does not have these kinds of restrictions. If you want to send money 20 times or send $20B, you can do it without any kind of restriction.

GFDhd

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I can withdraw or transfer money freely, but the bank card will limit my daily consumption amount. If I need a lot of money, I need to go to the counter. Putting money in the bank is not a very wise decision, I prefer to invest the extra money in bitcoin and mining. I'm going to get better returns than depositing in the bank.

raidarksword

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That's why I don't trust banks anymore hence its our money but they put withdrawal limit per day is not good choice at all. Bank system is a mess and controlling people their money which its ours in the first place. Since then I withdrawn all my money and I just put it on investment to generate passive income and invest on bitcoin as well.

Smack That Ace

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Quote from: ncentrepreneur.investor on July 28, 2022, 08:39:55 PM

I always new that banks limit the number of withdraws per month on savings accounts, but I didnt know why. I just accepted it.

What is Regulation D? Regulation D is a federal law that keeps consumers from making more than six withdrawals or transfers per month from a savings account or money market account. The rule is in place to help banks maintain reserve requirements.

What? Case in point.

And I just made about 8 transactions spreading BTC among wallets and didnt get an email notification from satoshi that I was over my withdrawal limit and owe him $25. LMAO
By the way, the federal reserve just lifted this withdrawal restriction, I am assuming due to inflationary pressures. I dont think its a permanent lift.

That's the game they make and run them, you can't do anything but accept it. We can deposit as much as we want, they never give us a hard time, but when we want to withdraw they will find a way to slow down the process. Lol, that's how most banks are doing.

Quote from: NotFuzzyWarm on July 28, 2022, 09:20:22 PM

What country do you live in? I'm in the US and in the 50+ years that I've had bank accounts I have never - repeat NEVER EVER - ran into any restrictions in how often I access and use my savings accounts.

The country I live in also has restrictions on withdrawals during the day and month. For example, I can deposit 1000$ or 10000$ in my account but I can only withdraw no more than 1000$/day. If I want to withdraw more than the specified amount, I have to go to the bank and give them full identification and the reason for the withdrawal. They do the procedure for me to withdraw money.

NotFuzzyWarm

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Quote

Regulation D is a federal law that keeps consumers from making more than six withdrawals or transfers per month from a savings account or money market account.

What country do you live in? I'm in the US and in the 50+ years that I've had bank accounts I have never - repeat NEVER EVER - ran into any restrictions in how often I access and use my savings accounts.

The Money Market ones, again, can't say I've ever had an issues with them BUT I can see and understand restrictions but that is due to what they are intended to be - a reserve and (very low yield) investment vehicle and not an account with frequent inputs/outputs. Banks expect to be able to use those funds to generate revenue through loans/investments/etc so yes it would make sense that they have gov backed rules to control that.

Then there is the issue of Debit cards which some folks love to use instead of carrying cash. When you use one that is a direct withdrawal from the acct it is tied to and that makes it very easy for folks using them to do more than 6 tx's in a single day...

South Park

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Quote from: ncentrepreneur.investor on July 28, 2022, 08:39:55 PM

I always new that banks limit the number of withdraws per month on savings accounts, but I didnt know why. I just accepted it.

What is Regulation D? Regulation D is a federal law that keeps consumers from making more than six withdrawals or transfers per month from a savings account or money market account. The rule is in place to help banks maintain reserve requirements.

What? Case in point.

And I just made about 8 transactions spreading BTC among wallets and didnt get an email notification from satoshi that I was over my withdrawal limit and owe him $25. LMAO
By the way, the federal reserve just lifted this withdrawal restriction, I am assuming due to inflationary pressures. I dont think its a permanent lift.

It is their network and since it is centralized they can change the rules whenever they want and the end user cannot do anything else but to accept them, so if you do not like it then vote with your wallet and get your money out of there, if you have some withdrawals left this month lol, and then do whatever you want with that money, you could keep the cash or get gold bitcoin or whatever you want, just do not make the mistake of leaving your money there as it is obvious banks feel that money belongs to them and they can do whatever they want with it.

Darker45

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The banking system is really a rotten system. It is a funny system full of ironies and absurd policies.

I myself wouldn't want to make an over-the-counter withdrawal because of all the hassles involved. It also makes me angry that every time I do this, it seems I am the one who is begging for my own money. It seems I am always treated with suspicion. You'll be asked to sign many times, asked for a couple of valid IDs, asked to get the approval of the bank officer or manager, and so on. For heaven's sake, just give me my money!

Bitcoin doesn't have any of these.

Uang_kartal

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betfury

do you complain about 1 product or just the type of savings? if you are so burdened try to have many banks with 1 account it will be relevant and allowed.
maybe from the requested service you don't mind but from the limit, right?
coupled with several emerging and legal financial applications, in my opinion, it is an alternative if the situation is urgent, bro.
if you think inflation may be possible yes.but more than that financial companies have services that they write and execute at the time of transaction

ncentrepreneur.investor

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I always new that banks limit the number of withdraws per month on savings accounts, but I didnt know why. I just accepted it.

What is Regulation D? Regulation D is a federal law that keeps consumers from making more than six withdrawals or transfers per month from a savings account or money market account. The rule is in place to help banks maintain reserve requirements.

What? Case in point.

And I just made about 8 transactions spreading BTC among wallets and didnt get an email notification from satoshi that I was over my withdrawal limit and owe him $25. LMAO
By the way, the federal reserve just lifted this withdrawal restriction, I am assuming due to inflationary pressures. I dont think its a permanent lift.

Topic: This Made Me Angry - page 2. (Read 391 times)