You should never trust banks - page 68.

TastyChillySauce00

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Quote from: bitbunnny on December 05, 2016, 05:07:57 AM

Quote from: ?? on ??

Quote from: X-ray on December 04, 2016, 05:10:40 PM

Quote from: zikel on December 03, 2016, 12:01:35 PM

Banks can not just block the account. Or is the reason, or that the bank was not, as some financial institution without a license. Call the police

Right, there's must be a rule in the government that protecting customer for any kind of problem like this. Only illegal bank would disable their client's account immediately, maybe OP could send a report to their country's central bank so they will make an investigation to the bank only if OP really do nothing wrong

That's true, even their clients are depositing money from their illegal source they don't care about it as long as they have customers that are depositing to their global fund it doesn't matter to them. Because that money will be used for lending to their other customers too so they won't mind about it.

I can't agree with this. Banks are very interested where the money comes from, at least in my country. Especialy above certain amount they ask a lot of questions and if something is suspicious or the amount of funds is too big they report it to anti money laundering office.
But I agree with the statement that banks shouldn't be trusted.

That's so normal that they're actually obligated to always questioning their clients about where the money come from and being ordered to do this by the government themselves. it's to prevent from money laundering but in my country, if you answer it they will simply trust it and make you as their clients because they're now seeking to customers as much as they can.

Well, that's fact and ironic

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Quote from: ?? on ??

Quote from: X-ray on December 04, 2016, 05:10:40 PM

Quote from: zikel on December 03, 2016, 12:01:35 PM

Banks can not just block the account. Or is the reason, or that the bank was not, as some financial institution without a license. Call the police

Right, there's must be a rule in the government that protecting customer for any kind of problem like this. Only illegal bank would disable their client's account immediately, maybe OP could send a report to their country's central bank so they will make an investigation to the bank only if OP really do nothing wrong

That's true, even their clients are depositing money from their illegal source they don't care about it as long as they have customers that are depositing to their global fund it doesn't matter to them. Because that money will be used for lending to their other customers too so they won't mind about it.

I can't agree with this. Banks are very interested where the money comes from, at least in my country. Especialy above certain amount they ask a lot of questions and if something is suspicious or the amount of funds is too big they report it to anti money laundering office.
But I agree with the statement that banks shouldn't be trusted.

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Quote from: South Park on December 02, 2016, 09:27:48 PM

Quote from: madwica on December 01, 2016, 10:24:51 PM

Why you should not trust bank, bank is the government regulated business and it will hold money for our future that is why bank is trusted in holding our money just only choose the bank who have good reputation.

Banks and bankers are not to be trusted because they care only for themselves, they don't have your best interest on mind and will throw you under the bus at the first opportunity they get.

That will be the case with any type of investments,if they go bankrupt then you are doomed and your money is lost along with them and that is what happened during the financial crisis ,bankers just filed for bankruptcy and that is it,no legal case against them nothing for fraud.So be careful before investing

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Quote from: deisik on December 05, 2016, 03:51:28 AM

In most cases banks do care where money of their clients comes from. They do implement anti money-laundering policies, and sometimes even legit clients have their accounts frozen for no apparent reason at all. We pretty much don't know what happened to the OP in respect to his money in the bank, but to say that banks don't care about money obtained from illegal activities sounds too far-fetched, in my opinion...

And no, banks don't need their customers' money to lend it to other customers

Banks do indeed care about where money is coming from. I was "gently" asked by my bank some time ago to stop using my bank account in combination with Bitcoin, or they will immediately cut all ties with me as customer, and thus close my banking account. I asked them what the reason was for this drastic measure, and they told me that they can't verify where the money is coming from. I offered them to show all details regarding where this money is coming from, but they were clear and didn't really care - I had to stop using Bitcoin. I transferred all the money I had there to a different bank, and asked them to shut it down straightaway.

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Quote from: ?? on ??

Quote from: X-ray on December 04, 2016, 05:10:40 PM

Quote from: zikel on December 03, 2016, 12:01:35 PM

Banks can not just block the account. Or is the reason, or that the bank was not, as some financial institution without a license. Call the police

Right, there's must be a rule in the government that protecting customer for any kind of problem like this. Only illegal bank would disable their client's account immediately, maybe OP could send a report to their country's central bank so they will make an investigation to the bank only if OP really do nothing wrong

That's true, even their clients are depositing money from their illegal source they don't care about it as long as they have customers that are depositing to their global fund it doesn't matter to them. Because that money will be used for lending to their other customers too so they won't mind about it.

In most cases banks do care where money of their clients comes from. They do implement anti money-laundering policies, and sometimes even legit clients have their accounts frozen for no apparent reason at all. We pretty much don't know what happened to the OP in respect to his money in the bank, but to say that banks don't care about money obtained from illegal activities sounds too far-fetched, in my opinion...

And no, banks don't need their customers' money to lend it to other customers

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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!

That sounds really dodgy, what country are you in? how can they just close your account with no recourse?

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Quote from: zikel on December 03, 2016, 12:01:35 PM

Banks can not just block the account. Or is the reason, or that the bank was not, as some financial institution without a license. Call the police

Right, there's must be a rule in the government that protecting customer for any kind of problem like this. Only illegal bank would disable their client's account immediately, maybe OP could send a report to their country's central bank so they will make an investigation to the bank only if OP really do nothing wrong

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I really hate banks not only because they demand you id you passport you whole personal files when creating an account but also they want you to give personal information of every time you wanna buy something , they also take fees on every transaction monthly fees , fees when using ATM fees when purchasing virtual card fees on plastic card all these fees and they are not even secured, last month i got my bank account hacked lucky for me i didn't have that much in it and i contacted their support and they didn't even reply.

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Banks can not just block the account. Or is the reason, or that the bank was not, as some financial institution without a license. Call the police

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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!

Terminating or rejecting an account is one thing. Stealing all the money in it is another. There's not much that makes sense about this story. There are crucial details missing, like the justification used to seize the money, any documentation received, the failure of the OP to contact bank regulators wherever they are located, etc.

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Quote from: Boss CJ on December 03, 2016, 08:29:35 AM

Why not trust them? I still trust them, maybe there is a reason behind closing your bank account. I don't think they will do that for no reason. Maybe you did not maintain their limit etc. or something else. Just clarify things with the bank manager. Let's not generalize the bank maybe it just happen to you but it is very rare, for sure.

In other words, shit does happen

Banks rarely withhold funds without giving explanations, but they can surely freeze an account with no further explanations. I've also heard a lot of stories when family members have been using banking services (e.g. internet banking) without the owner of the account providing a proxy letter to the bank giving a certain family member the authorization to perform bank operations on their behalf. If the bank in question somehow finds out about that, it almost certainly leads to an account being frozen. After that, the owner of the funds can withdraw the money only in the bank office

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Why not trust them? I still trust them, maybe there is a reason behind closing your bank account. I don't think they will do that for no reason. Maybe you did not maintain their limit etc. or something else. Just clarify things with the bank manager. Let's not generalize the bank maybe it just happen to you but it is very rare, for sure.

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Quote from: btcdiggingmaster on December 03, 2016, 05:54:14 AM

What was the mistake done by you my friend because banks won't close your accounts without any proper reason, I hope you are doing any illegal activities with your banks, transferring your money to other without any proper reason, are you buying any illegal things with your banks. Not only me every will react the same answer because without any proper reason nobody has right to close your banks account.

Yeah it's intuitive to think this way because people are used to give up their freedom to banks. In fact, this termination was even worse than criminal prosecution because at least the latter would allow you to get an attorney and defend yourself, but there's nothing you can do to have the bank revert their action.

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What was the mistake done by you my friend because banks won't close your accounts without any proper reason, I hope you are doing any illegal activities with your banks, transferring your money to other without any proper reason, are you buying any illegal things with your banks. Not only me every will react the same answer because without any proper reason nobody has right to close your banks account.

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Quote from: deisik on December 01, 2016, 07:45:57 AM

Quote from: saiha on December 01, 2016, 07:15:25 AM

I can't see some reason why we should not trust banks. I may hate them because of making my deposits used for their lending service

You are paid interest from the money that banks earn by giving out loans to other people

In fact, banks don't need our deposits to lend out money. This is what we have been taught, but it was a blatant lie. In real life, banks can create loans basically out of thin air. So your deposits are irrelevant since crediting capacity of banks is limited only by the amount of people who are willing to borrow. On the other hand, I think many people would be happy to lend out their bitcoins if they were somehow insured from the defaults and outright scams by borrowers...

I don't even call that as an interest because that is a very small amount for getting paid the money I deposited to them. I call it as reward either.

This makes me think if I will to trust bank now because of what you have said. And I guess corruption starts from this act by the banks.

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Quote from: South Park on December 02, 2016, 09:27:48 PM

Quote from: madwica on December 01, 2016, 10:24:51 PM

Why you should not trust bank, bank is the government regulated business and it will hold money for our future that is why bank is trusted in holding our money just only choose the bank who have good reputation.

Banks and bankers are not to be trusted because they care only for themselves, they don't have your best interest on mind and will throw you under the bus at the first opportunity they get.

Banks are already regulated to keep citizens' money and be sure to make them safe whilst bankers are only care for themselves, it's wrong to say that banks only care for themselves because bank is the factor that keeping your country's economy good until now,without bank the economy seem can't be healthy

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Quote from: South Park on December 02, 2016, 09:27:48 PM

Quote from: madwica on December 01, 2016, 10:24:51 PM

Why you should not trust bank, bank is the government regulated business and it will hold money for our future that is why bank is trusted in holding our money just only choose the bank who have good reputation.

Banks and bankers are not to be trusted because they care only for themselves, they don't have your best interest on mind and will throw you under the bus at the first opportunity they get.

In this cruel world, no one cares for others and especially with money matters everyone will be caring for themselves so our banks too. So, expecting their interest for our wealth is absolute meaningless.

Not just banks, we should not trust anyone regarding our wealth and wellness. That is the reason we are having bitcoins, a trustless system.

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Quote from: madwica on December 01, 2016, 10:24:51 PM

Why you should not trust bank, bank is the government regulated business and it will hold money for our future that is why bank is trusted in holding our money just only choose the bank who have good reputation.

Banks and bankers are not to be trusted because they care only for themselves, they don't have your best interest on mind and will throw you under the bus at the first opportunity they get.

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Quote from: stomachgrowls on December 01, 2016, 11:20:26 PM

Quote from: kratarzu on December 01, 2016, 11:11:42 PM

Soon banks will adopt Bitcoin, people will put their bitcoin on bank and the same story all over again....

I dont think soo that banks would able to accept bitcoin and government will not approve such act hence bitcoin is decentralized and also people would not surely tend to put bitcoin on a bank because being anonymous is really a great feature for me and why bother to put in the bank,? you are just exposing your identity especially when you do hold lots of bitcoin.To OP, banks could possibly freeze your account if you do have violations.

Why would they prohibit banks from using Bitcoin? Well, in China they did just that, but in Switzerland, which is an established leader in the banking sector, the government seems to be more loyal to Bitcoin on the whole. So why should they necessarily do something similar? In my opinion, not that many people actually need to stay anonymous when using Bitcoin, and the rest will be just happy to exchange anonymity for a small percentage that banks would like to pay them on their Bitcoin deposits...

Besides, gold is also decentralized and so what?

Swiss gnomes love it, and they might eventually love Bitcoin as much

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From what I've read in an article, your money is safe in the bank according to Federal Deposit Insurance Commission (FDIC) If you live in the U.S. I think the explanation on why you were closed an account is the way you used it. Or If you've entrusted your money in a bank that's not known in your place (no reputation whatsoever) I guess that's already a sign that it's not to be easily trusted. Not all banks do that and they shouldn't even just close your account but it depends also on your agreements.

Topic: You should never trust banks - page 68. (Read 60784 times)