You should never trust banks - page 26.

entrepmind23

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Quote from: Japinat on August 08, 2017, 09:16:04 PM

Even when I have not known bitcoin yet I already know banks cannot give a good return for our deposits, they are the one who make the most of our money as they use it for their lending services and any other related money generating activities. That is our money but they are getting more return than us, therefore now I just limit my savings in banks and instead I put it in crypto.

When I was still studying, I already learned the lesson about how banks earn money and just like you said they lend our money to others and they are the one profiting from it. They give us an interest of 0.5% annually but let others borrow money from them 5% above annually. The recent issues in banks made me more convince that banks can't be trusted with our hard-earned money and we are lucky cause bitcoin exist wherein we have a choice now where to save it with an interest rate like no other.

Japinat

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Quote from: no0dlepunk on August 08, 2017, 08:37:14 PM

Well first of, before the bitcoin, we are all slaves of the modern banking. For the past 30 years of my life here on earth, I haven't felt any profit from my bank. They promise .03% annually but of course you won't be able to feel that unless you will not touch your savings by any means or you must have millions in it.

On the other hand, I really have no choice right now but to keep on using banks for my money and payment transactions unless bitcoins will be widely accepted by the masses soon. But for the record, I don't trust banks either Roll Eyes

Even when I have not known bitcoin yet I already know banks cannot give a good return for our deposits, they are the one who make the most of our money as they use it for their lending services and any other related money generating activities. That is our money but they are getting more return than us, therefore now I just limit my savings in banks and instead I put it in crypto.

no0dlepunk

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Well first of, before the bitcoin, we are all slaves of the modern banking. For the past 30 years of my life here on earth, I haven't felt any profit from my bank. They promise .03% annually but of course you won't be able to feel that unless you will not touch your savings by any means or you must have millions in it.

On the other hand, I really have no choice right now but to keep on using banks for my money and payment transactions unless bitcoins will be widely accepted by the masses soon. But for the record, I don't trust banks either Roll Eyes

Igebotz

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The Naija & BSFL Sherrif 📛

in my experience i work at lending company . . .i was an IT head their .if i have no work just sitting around i help my client at need to update their bank account so a have close friend in the bank even the manager same time ask for IT work. many people did not understand the rule of banking if you will deposit or transact with a bank its your duty to ask question about their policies. their fee and rules . . . we forget that people at the bank the teller the manager the guard they lose their job if they don`t follow the rules

stompix

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Blackjack.fun

Quote from: Reid on August 06, 2017, 02:15:53 PM

Never. Just the fact that they are using the investors money for their own profit and giving just a little to those who risks their money unto them is a signal that this industry should not be trusted.
It is like a pyramid scam that was just made legal. The government let them stayed for a long time and this should be changed.
Loans. This is a hardcore robbery to every people who will be doing it.
Credit cards. Also one of their most profitable technique.
And yet the people dont know it.

Yeah, the evil banks, that are robbing the people with the help of the evil government.
Do you know that you can buy shares in most of the banks?
That you can enjoy those "huge" profits if you invest?
That all the data is available online?

And who do you call investor here "are using the investors money" ?
Isn't it normal to use money people invest in you?
Or do you think that money put in the banks are breeding and giving birth to pennies which grow up and become dollar bills so you can get interest?

Reid

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Never. Just the fact that they are using the investors money for their own profit and giving just a little to those who risks their money unto them is a signal that this industry should not be trusted.
It is like a pyramid scam that was just made legal. The government let them stayed for a long time and this should be changed.
Loans. This is a hardcore robbery to every people who will be doing it.
Credit cards. Also one of their most profitable technique.
And yet the people dont know it.

jikurpa

sr. member

Activity: 665

Merit: 250

I still trust the banks. However, not very often I interact with them. Banks just for receive money from the exchange of bitcoin with fiat. I never keep money in the bank for more than 2 weeks. Gold or cash better than banks, especially banks in my country charge a monthly administration fee and it sucks.

Casmania

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Quote from: g2com on November 29, 2016, 09:50:28 PM

My bank closed my account last year for no reason, and all money in my account was gone. I argued with the bank, even contacted the local government, no use. My bank just stated that "Pursuant to the CMA Disclosure and Agreement, 'THE BANK, at its discretion, may elect not to accept an account, terminate the account agreement and the account agreements of any related parties'. Both parties to the agreements have the right to end the relationship at any time and neither is obliged to provide a basis for such a decision to terminate". No single word explaing the termination was given to me. I contacted all banking lawyers online, and they were all representing the bank, not the customers. The money I lost can buy a new Mercedes. However, banks around the world now are too powerful. They are too big to fail. When you open an account in the United States, and probably also many other countries, you voluntarily give up the rights to sue the bank under their arbitrage clause. Even worse, they define the financial laws and enforce them. They can close your account, freeze and steal your property and evict you from your house. The more money you deposit into your bank account, the more you are helping the evil. I'm glad to see Bitcoin is changing all of these. Let banks die!

Your statement lacks information. There must have been something you have done like unmet dues or issues they have with you. Probably, they've contacted you for it. Either by phone or email.

And please, don't go around convincing people about shutting down banks. There are so many banks that have been trusted over the years now. It can be that you have gone to the wrong one.

Lampaster

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I had saved themselves from loss not because I'm so smart, but because I never trusted banks and so did not take and did not give them money. In all the crisis phenomena in world economy is to blame it is the banks. I am glad that now there is bitcoin which solves this problem.

Eternu

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I am sad to heard that you have lost your money, and i agree that banks represent cold and emotionless people. Everything you say is happening in the world, and no one can deny that. But on some level we are dependent on banks too. We need some kind of security in this day and age, for our money. One more important thing that people do not do, they do not read agreement they sing. Not only for banks, but in general. I am sad to say that i too belong to that group of people, because i do not read everything when i sign.

andloveme

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What you decide is up to you. But you might need some money in a safe somewhere. You might want to hold some gold or silver coins in your possession somewhere which is NOT at your bank.

Finestream

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Quote from: loopes on August 05, 2017, 06:41:37 AM

Quote from: SamsungBitcoin on August 05, 2017, 12:25:32 AM

Quote from: Hotel_Prodeo on August 04, 2017, 10:10:28 PM

I still trust with the bank, all the financial statements are very transparent and the bank is fully supported by the state so I keep the bank as the main priority keep my money.

Bank is only one to give trust by keeping our money, that is why i give lots of my trust to bank, banks could keep my money safe and grow by doing saving. Bitcoin is good to give trust but mot like in the bank because we do not have any insurance in bitcoin it has a possibility to disappear.

actually bank is trusted and we didn't wrong if put trust to bank more over bank which full under control by government (official). bank keep our money securely but op said that bank closed his/her account witu no reason. maybe his account dormant for some months it can be a reason bank close an account.

Banks are more regulated than exchanges as normally banks ran by a big group of people and the government are more strict in implementing the banking law. However, we investors will always choose what can secure our money and grow our money which I think bank has no capacity to do that.
By putting our money in a bank, it clearly shows we trust them and in my entire life I never lose a penny putting my money in a bank.

0Pirats0

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I think that you need to trust well-proven and proven banks. After all, without banks in the modern world is still difficult to manage because there is not always an opportunity to pay off electronic money.

loopes

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Quote from: SamsungBitcoin on August 05, 2017, 12:25:32 AM

Quote from: Hotel_Prodeo on August 04, 2017, 10:10:28 PM

I still trust with the bank, all the financial statements are very transparent and the bank is fully supported by the state so I keep the bank as the main priority keep my money.

Bank is only one to give trust by keeping our money, that is why i give lots of my trust to bank, banks could keep my money safe and grow by doing saving. Bitcoin is good to give trust but mot like in the bank because we do not have any insurance in bitcoin it has a possibility to disappear.

actually bank is trusted and we didn't wrong if put trust to bank more over bank which full under control by government (official). bank keep our money securely but op said that bank closed his/her account witu no reason. maybe his account dormant for some months it can be a reason bank close an account.

Glorious04

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Activity: 392

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Quote from: michellee on November 29, 2016, 09:59:54 PM

Quote from: g2com on November 29, 2016, 09:50:28 PM

My bank closed my account last year for no reason, and all money in my account was gone. I argued with the bank, even contacted the local government, no use. I contacted all banking lawyers online, and they were all representing the bank, not the customers. The money I lost can buy a new Mercedes. However, banks around the world now are too powerful. They are too big to fail. When you open an account in the United States, and probably also many other countries, you voluntarily give up the rights to sue the bank under their arbitrage clause. Even worse, they define the financial laws and enforce them. They can close your account, freeze and steal your property and evict you from your house. The more money you deposit into your bank account, the more you helped the evil. I'm glad to see Bitcoin is changing all of these. Let banks die!

why your bank closed your account for no reason? because i know that the bank will closed someone account if the account is on the limit for at least 3 month and then they will send a letter that contain we should give attention for our account and if we are not respond about this, then the bank will closed our account. for now, i still believe my bank because i have 3 account in different bank and they are work properly for my saving money and although the fee for the monthly is high, but i am fine with that.

You are right. There are common laws in banks. They cannot close it with out giving notice and reasons why. Maybe his acct has been dormant for a long time and could be no balance also. It didnt happen to me yet. So far my bank is still doing well in giving me updates online on my acct balances, bank charges, taxes and interests.

mirakal

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Leading Crypto Sports Betting & Casino Platform

Quote from: SamsungBitcoin on August 05, 2017, 12:25:32 AM

Quote from: Hotel_Prodeo on August 04, 2017, 10:10:28 PM

I still trust with the bank, all the financial statements are very transparent and the bank is fully supported by the state so I keep the bank as the main priority keep my money.

Bank is only one to give trust by keeping our money, that is why i give lots of my trust to bank, banks could keep my money safe and grow by doing saving. Bitcoin is good to give trust but mot like in the bank because we do not have any insurance in bitcoin it has a possibility to disappear.

We can always trust banks because they follow rules which the government imposed to them, if they will steal our money they will have to pay for their crime committed. However, I should limit the amount I put my bank account because I know it does not grow much, it will only grow when put in bitcoin because this kind of investment has give me so much profit already.

PhilPrime

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BlockChainBroker - The Real Estate Exchange

Quote from: GreenBits on August 05, 2017, 12:54:16 AM

Quote from: Hotel_Prodeo on August 04, 2017, 10:10:28 PM

I still trust with the bank, all the financial statements are very transparent and the bank is fully supported by the state so I keep the bank as the main priority keep my money.

Amen. We act like banks werent the only option before bitcoin. Banks arent evil; evil assholes running banks are evil. It doesnt do to be mad at the institution. banks provide a valuable service; they protect your wealth (even ensure it, to a certain point) and provide interest (well, they used to, LOL). current fiscal policy is more to blame for this. the fact that your bank has shareholders doesnt help; low interest rates and significantly enhanced aml/kyc law.

I still trust bank whenever bitcoin services can't or havent that facility like in cashinv out. In savings even it's risky I still want to put it in my wallets or just buy aome alts. I earn more than stocking it my bank account.

GreenBits

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Quote from: Hotel_Prodeo on August 04, 2017, 10:10:28 PM

I still trust with the bank, all the financial statements are very transparent and the bank is fully supported by the state so I keep the bank as the main priority keep my money.

Amen. We act like banks werent the only option before bitcoin. Banks arent evil; evil assholes running banks are evil. It doesnt do to be mad at the institution. banks provide a valuable service; they protect your wealth (even ensure it, to a certain point) and provide interest (well, they used to, LOL). current fiscal policy is more to blame for this. the fact that your bank has shareholders doesnt help; low interest rates and significantly enhanced aml/kyc law.

SamsungBitcoin

sr. member

Activity: 532

Merit: 280

Quote from: Hotel_Prodeo on August 04, 2017, 10:10:28 PM

I still trust with the bank, all the financial statements are very transparent and the bank is fully supported by the state so I keep the bank as the main priority keep my money.

Bank is only one to give trust by keeping our money, that is why i give lots of my trust to bank, banks could keep my money safe and grow by doing saving. Bitcoin is good to give trust but mot like in the bank because we do not have any insurance in bitcoin it has a possibility to disappear.

ajmapalo22

full member

Activity: 266

Merit: 122

Bitcoin cannot make banks disappear it has been part of market without them nothing will control the circulation of money...they already established their position..there maybe some who are not stable enough to handle their funds but many are stable now and provide help to the economy

Topic: You should never trust banks - page 26. (Read 60784 times)