Topic: You should never trust banks - page 53. (Read 60784 times)

In my country, the money deposited on your bank is covered till 100.000 euros by the central bank. If you have more than this amount, in case that your bank had a crash you will loose your money (you only will recover the first 100.000 euros) , like the Cyprus financial crisis.

It is not advisable to keep cash at home, if you plan to save it is better if you store it in bank much safer compare to your home. Just hold the cash that you need, and save the others or invest it. Yes, bank has sometimes occur error but it doesn't mean that they should not trust when in fact bank is more trusted than saving it in your home that other people can easily seen and stole.

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!

I guess that is applicable to almost all countries and that's why many people are trusting the banks. As long as you are going to be covered by the law then you don't have to think about having problems in the bank and even their system is going to be penetrated by intruders and stoles almost all the depositors money, they will be liable for it

It all depends upon the rules and regulations set forward by the government,when demonetization hit the Indian economy people were not even allowed to withdraw their money deposited in banks,so your rights over the money in your bank can change according to the situations and during that phase people were finding it difficult to make ends meet even with money in their account.

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!

All banks has insurance up to a certain amount of money, and smart depositors should not deposit more than the insurance offered by the bank.

You have to spread your deposits to different bank accounts or different bank.

All banks has insurance up to a certain amount of money, and smart depositors should not deposit more than the insurance offered by the bank. You have to spread your deposits to different bank accounts or different bank. In that case, you will be able to recover the maximum amount of insurance if something wrong happens. Banks has insurance, so we should trust banks.

In my country, the money deposited on your bank is covered till 100.000 euros by the central bank. If you have more than this amount, in case that your bank had a crash you will loose your money (you only will recover the first 100.000 euros) , like the Cyprus financial crisis.

It all depends upon the rules and regulations set forward by the government,when demonetization hit the Indian economy people were not even allowed to withdraw their money deposited in banks,so your rights over the money in your bank can change according to the situations and during that phase people were finding it difficult to make ends meet even with money in their account

Published on Apr 11, 2013
A senior executive blows the whistle on the banking industry’s usurious lending tactics. This documentary reviews some of the profligate and predatory lending practices of the high street banks in the years of the credit boom which preceded the financial crisis. Indeed this documentary is in a sense chilling given what happened during the global financial crisis; i.e. super easy credit, high pressure to make money, huge incentives for banks to lend easy money. The documentary reviews the sales and marketing tactics, how banks benefited from the lending splurge, and some of the fallout e.g. debt related suicides. This documentary should serve as a case study in banking regulation; not just in terms of procedural regulations but also in terms of higher level macroprudential regulation to curtail excessive credit growth, particularly during unsustainable credit booms.
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See also (the US version): Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders.
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The Banking Code Standards Board is to investigate The Royal Bank of Scotland (RBS) after Panorama investigated debt-related suicides. Whistleblower break the banking industry’s code of silence. She says that high street bank lending practices put profits before customers at every given opportunity in order to push borrowing.

We had a deep discussion with some dude here about this issue, he claimed that you preserve the full property rights over the money in your bank account while I claimed that you necessarily concede some rights to the bank, for example the right to use the money (since the bank obviously can lend this money out or use it as it sees appropriate), but in any case the money still remains yours. Otherwise you wouldn't be able to take it back, which in practice would pretty much amount to losing the money

You don't save money in banks, you lend money with a promise they will give you back at any moment if you ask. Once you deposit money in a bank, the money is officially not your anymore. There is a good documentary about how the bank system work, it is called "Money debt" or something similar. It explains how perverse is this debt money system. Another one is from the BBC is "The Money Trap How Banks Control the World Through Debt"

if youre write bank is not the best save money
so what do you think the best save money, where is saving youre money ? another bank and above the best is compare bank

That would be applicable to small time investors but to big time investors holding huge amount of money it is necessary to save in the banks. Though it is right not to trust banks but it is true if you applied for loans since the interest will kill you and strip you of your property. But if you just deposit for the safety of your money then it is right to deposit in banks. The only tip is make sure the bank that you deposit your money is a big and trusted bank and far from bankruptcy