What don't you like about Banks and Banks controlling your money - page 9.

Jherek

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Quote from: andylowe on June 30, 2017, 04:28:43 AM

I definitely don't like banks controlling my money because banks uses our money for more profit. Just for example you deposit a bulk amount of money just for savings, yearly inflation rate will increase while your money there gaining only an interest lower than the inflation rate.Who's the loser now?

Precisely. If you are depositing money into banks, it might seem like a good deal at first. You're like wow, you're getting 2-3% a year by doing nothing, and if i get enough money deposited into that account then you're able to basically live off interest alone, right? But no, prices of goods around you are going up faster than you're getting in interest, therefore depositing moeny into banks is essentially pointless in a business point of view.

The main reason why all this is such a big issue though is fractional reserve - banks make "bank" off getting deposits, generating more cashflow than you deposited because of this fractional reserve scheme, and essentially lending $3 when they only received a $1 deposit.

And also, centralized means of money remittance means that you're accepting any frozen accounts that occur, especially when using bitcoin on a daily basis. It's not rare that bitcoin trader's bank accounts get suspended. With bitcoin, you get rid of the fractional reserve, you get rid of the banks taking all the profits, and best of all - you don't need to deal with frozen accounts anymore, nor do you need to deal with stolen credit cards as a business owner.

andylowe

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I definitely don't like banks controlling my money because banks uses our money for more profit. Just for example you deposit a bulk amount of money just for savings, yearly inflation rate will increase while your money there gaining only an interest lower than the inflation rate.Who's the loser now?

cafucafucafu

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Quote from: btcgolong on June 29, 2017, 11:31:52 PM

whether you agree or disagree that this is positive - banks also serve a "bigger" purpose

http://positivemoney.org/how-money-works/how-banks-create-money/

Yes indeed, fractional reserve is how banks make profit and how boom and bust cycles are fueled. Is it a big purpose? Yeah. But it's definitely negative. This plus the government insuring deposits mean that banks can essentially do whatever they want, lend to subprime mortgagees etc. like what happened in 2008, because they know they can do fractional reserve and governments will bail them out if anything bad happens.

So essentially, you have the government controlling laws and regulations, as well as the monetary supply itself. But you've also got bankers that control monetary supply. So the whole idea of central banking is quite delusional and f***'d up, i'm surprised why anyone still believes that this is how the future should be. It's obvious that bitcoin is a better alternative, people are just reluctant to use it.

n0ne

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Quote from: BitcoinPC on June 30, 2017, 02:34:08 AM

Quote from: The_Dark_Knight on June 29, 2017, 10:37:12 PM

Quote from: omonuyak on June 15, 2017, 01:47:59 PM

I meat a guy in banking hall today angry with his account officer because he was ask to open an account without being told if has a BVN number after he has make a deposit. Since this incident today I look at banker as being greedy, and selfish. They only thing on how to get from you and when you want to get back what you have deposited, you become a strange to your own assets.

Getting your money into a bank is easy, getting your money out of the bank is really difficult that is why I got into bitcoin in the first place, I hate banks, you lend them your money and they act as if they are the ones doing a favor to them.

It is true, some time banking employees are doing work with negligent. Because they have no interest on customer's money, they are just doing their job. But if we are doing our work with carefully then sure no banks and bankers could disturb us. It is also our responsibilities that always careful about our money. That's why i convert my money into bitcoins, it is more save than banks.

In one form what you say is correct. Think in a manner that banks are centralized, so they were assigned certain duties to be completed before stipulated time. This at times cause mistake and make the customer suffer. Importantly saving in terms of bitcoin is safer, but if it's lost then it's lost forever, but with banks we can claim indicating all that happened between time period.

BitcoinPC

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Quote from: The_Dark_Knight on June 29, 2017, 10:37:12 PM

Quote from: omonuyak on June 15, 2017, 01:47:59 PM

I meat a guy in banking hall today angry with his account officer because he was ask to open an account without being told if has a BVN number after he has make a deposit. Since this incident today I look at banker as being greedy, and selfish. They only thing on how to get from you and when you want to get back what you have deposited, you become a strange to your own assets.

Getting your money into a bank is easy, getting your money out of the bank is really difficult that is why I got into bitcoin in the first place, I hate banks, you lend them your money and they act as if they are the ones doing a favor to them.

It is true, some time banking employees are doing work with negligent. Because they have no interest on customer's money, they are just doing their job. But if we are doing our work with carefully then sure no banks and bankers could disturb us. It is also our responsibilities that always careful about our money. That's why i convert my money into bitcoins, it is more save than banks.

btcgolong

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whether you agree or disagree that this is positive - banks also serve a "bigger" purpose

http://positivemoney.org/how-money-works/how-banks-create-money/

BlockEye

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Quote from: The_Dark_Knight on June 29, 2017, 10:37:12 PM

Quote from: omonuyak on June 15, 2017, 01:47:59 PM

I meat a guy in banking hall today angry with his account officer because he was ask to open an account without being told if has a BVN number after he has make a deposit. Since this incident today I look at banker as being greedy, and selfish. They only thing on how to get from you and when you want to get back what you have deposited, you become a strange to your own assets.

Getting your money into a bank is easy, getting your money out of the bank is really difficult that is why I got into bitcoin in the first place, I hate banks, you lend them your money and they act as if they are the ones doing a favor to them.

There are lots of paper to fill up and a long lane to stand too since the teller or banker is only few even the lane get too long,its just hard to monitor it and to make transactions unlike in btc that in few clicks, anywhere in the world as long as we have internet we can do transactions , but unfortunately still needs banks since btc wallet is still not that broad to access ,Needs more patience in bank since we still need them as of the moment.

The_Dark_Knight

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Quote from: omonuyak on June 15, 2017, 01:47:59 PM

I meat a guy in banking hall today angry with his account officer because he was ask to open an account without being told if has a BVN number after he has make a deposit. Since this incident today I look at banker as being greedy, and selfish. They only thing on how to get from you and when you want to get back what you have deposited, you become a strange to your own assets.

Getting your money into a bank is easy, getting your money out of the bank is really difficult that is why I got into bitcoin in the first place, I hate banks, you lend them your money and they act as if they are the ones doing a favor to them.

virasog

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We were at a bar the other day and the owner moved some people for us to have a closer look at the stage, the people made comment that we were "elitist", we responded with the single and undeniable fact that we were not "elitist", we were the "elite". Bitcoin has made some new elite people out there and you need to learn from those that were there before you, demand the best, demand to be put above other people and demand it all now.

BitcoinPC

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Where do you people do your banking? There are people with babies in there? Waiting for YOUR money? That is a little strange and you should be attacking the bank for these things. When you have a vast amount of cash in an account, that is the very essence of demand and control. Rather than let them slow you down over the amounts, demand that you are treated better than the riff raff with their $1000 cash withdrawals and deposits.

Ayiranorea

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The worst that the banks do is making use of my savings and charging unwanted charges. This irritates me quite often when I certain amount was deducted from my account with certain description of charges. I believe without banks money management is difficult, but they need to provide the best service.

Jaycee99

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Quote from: Playboi on May 31, 2017, 11:34:33 AM

Firsty, them deciding what is suspicious and not suspicious

Not everybody is an employee working for someone. Some people are entrepreneurs, and as an entrepreneur, you can have some HUGE days. I don't need a bank telling me that my successful day where i made $20k+ is suspicious if I want to withdraw all of it. (people have been arrested for making large withdraws before).

Also, banks freely allowing their customers to scam business (via chargeback). Instead of blindly chargingback purchases and screwing over merchants, visa applicants should be required to take a course outlining the risks of credit cards, and Visa should do proper investigations when a chargeback is brought up.

If a tracking number and proof of delivery can be proved, why should the customer be given their money back?

ALSO, i recently looked into banking investment options. It comes across as a way to just make more money off customers. Think of it like this. It's like it's just them taking your money so they can invest it in polyniex. I only tried it out cause my family (who doesn't know about bitcoins) encouraged it.

Do you have any gripes about banks

I agree with you Iam still in school but my mom and dad has bank account. As a student who still studying and the same time working, I myself have bank account.

Yes some banks do controll. Some bank do controll your money even bank is just a safe a place you can save your money. Some do offer you to invest and buy an houses and a cars under your specific chosen bank. A person is a just a tool for different banks they have hidden agendas that they would tell in the middle of your banking experience ("Some bank") I experienced this kind of thing way back lets when I was in high school when my parents help me to start my savings account but now my savings is under my supervision I heard the conflict of my parents when I was in the car with them. So I would suggest go and look for a great and better bank go and ask your friends, your uncle your aunt.

ModGirl

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Quote from: megynacuna on June 21, 2017, 11:44:42 AM

For me it has to do with the delays and the limit they put on the amount you can withdraw on your savings account. Sometimes you have to queue for several minutes before it gets to your turn and it's annoying if you find yourself amongst customers with babies. It is also disgusting to want to withdraw all your money but end up st the counter and you're being told what you can withdraw-clear case of financial slavery.

I think bank has advantage and disadvantage the both .at one side bank saves our money and we can handle it online but on the other side banking system bounds you using your own money. banking system make tricks to earn money from you, they do business with your money and use your money

orions.belt19

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I don't like how sometimes they give you a hard time in making transactions and how there is a fee in almost everything. I know that they have a lot of security measures but sometimes it's such a hassle to make a transaction. Also, the limit on the withdrawable amount for ATMs is a hassle even though its meant to hinder ATM robbers.

The_Dark_Knight

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My biggest problem with banks is the fact they can freeze your account for whatever reason, they only need to make a few click and suddenly all your funds that you have worked so hard for your entire life can be seized, this is what I love about bitcoin they cannot do that.

savioroshan

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What I don't like about Banks are their hugh paper work for processing as well as so many formalities for depositing, withdrawing or transferring money. But in the case of bitcoins, its just opposite. No paper works, no formalities nothing. So easy to transfer money to any parts of the world within seconds.And another main advantage of using bitcoins for transferring money is no one is there to question you about the source of income amd so no tax .

Ewinsane

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Quote from: v0rtecxz on June 19, 2017, 11:08:31 PM

Yes, I think the same with the bank both the advantages and disadvantages, we can see that we have put the money into a bank full of control over our money has been taken over, all that is arranged by the bank and diawasih continuously, And Many things mengiurkan offered But some of it is just a trick, the lure of the benefits of even more luck, and the expenses incurred for unsatisfactory transactions, the confidentiality of its users I think is still vulnerable.

I think banking system has both advantages and disadvantages just like we can save our money in banks and at the time of use we can widraw but on the other side in banks we lost all our control on our money. Terms and conditions are applied then we then cannot use our money freely and banking system has a lot of fee over transactions too.

megynacuna

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For me it has to do with the delays and the limit they put on the amount you can withdraw on your savings account. Sometimes you have to queue for several minutes before it gets to your turn and it's annoying if you find yourself amongst customers with babies. It is also disgusting to want to withdraw all your money but end up st the counter and you're being told what you can withdraw-clear case of financial slavery.

jorneyflair

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This isn’t really the bank’s fault but instead it is the people controlling the banks. What is annoying though is when the banks think something is suspicious and what is not. I think one day, there was a marriage and baby shower that my best friend held. I had to withdraw an amount for my friend but after I withdrew it but the banks thought it was suspicious. This caused heaps of issues that are too private to mention here.

I also hate how the banks have so much power which means they can close withdraws anytime which causes a lot of fuss. But banks are still incredibly useful to us. They give us a safe place to store our money and help stabilize the economy, they also give our loans and make mortgages viable for usually everyone. And most of the time you would rather trust a bank for a loan than someone else.

Lancusters

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Quote from: Rinder on June 20, 2017, 08:31:05 AM

The banks does have too much information about our income, and each person does know your finances,besides the rules and fees they charge because your salarie is paid at them, bitcoin is my new bank, and i wont return to banks unless i need a big loan.

I do not recommend you to borrow. It may gonna end badly for you. Unfortunately we can not completely abandon the use of credit cards even if we don't use credit. No bitcoin will not help you if Fitna salary comes to a credit card. We are all doomed to use banking services, but you can keep it to a minimum.

Topic: What don't you like about Banks and Banks controlling your money - page 9. (Read 5736 times)