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Tell HN: Chase shadow banned and closed my bank accounts

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Re: Tell HN: Chase shadow banned and closed my bank accounts

#101

Post by hnbad »

sneak wrote: post #96
hnbad wrote: post #56

Earlier quoted context omitted.

I assume you're the author of that rant? I think you have one valid point: Liquidity is king. If you have access to large amounts of money, you want to ensure the liquidity of a certain amount of that in various forms of crisis. Don't put it all in the same bank, don't put it all in banks, don't keep all of it digital. Having enough cash to bridge a temporary loss of access to your funds is probably a good idea the s…

This is one of the best replies I have ever received on the internet and I thank you.

I just like educating people to the fact there's more to anarchism than just throwing rocks. In fact, the throwing rocks part is entirely optional.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#102

Post by gadders »

werewrsdf wrote: post #87
gadders wrote: post #11

Have you expressed views which are outside of the current overton [1] window politically? [1] https://en.wikipedia.org/wiki/Overton_window

I have not that I know of (I don't use social media). My best guess of what happened (little to no evidence) is that it's somehow money laundering related.

If they thought you were really money-laundering, they wouldn't close your account unless you were actually charged as that could count as "tipping off".

You could always do what Patio11 mentioned in his latest newsletter and buy a share in Chase and then call investor relations.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#103

Post by gadders »

YawningAngel wrote: post #31
benjaminwootton wrote: post #24

Though this sounds a difficult situation, I do understand that the bank aren’t able to explain the reason as it would potentially be tipping off a fraudster or someone who is breaking sanctions. Monzo in the UK had this issue and put out quite a convincing defence if I remember correctly, though I cannot find the statement right now.

https://monzo.com/blog/2019/04/04/why-we-block-freeze-close-...

>>There are also rules that explicitly stop us from giving information about why we’ve closed an account, to protect ongoing law enforcement investigations. (This is known as ‘tipping off’.)

I thought closing the account would actually be tipping off? i.e. if Mr Money Launderer suddenly sees an account of his closed with no reason given, would he not think he was being investigated?

Re: Tell HN: Chase shadow banned and closed my bank accounts

#104

Post by fsckboy »

BoiledCabbage wrote: post #55
phpisthebest wrote: post #46

Earlier quoted context omitted.

FDIC is a Federal organization that can not go under. Banks pay to insurance on deposit up to 250k. We now know that the insurance is unlimited but the fees are only based on 250k liability So if the amount of money left in FDIC is less than the amount of money needed to make depositors whole the FDIC gets its money from either the taxpayer or the Fed prints the money If Apple were to offer some kind of protection pl…

> FDIC gets its money from either the taxpayer or the Fed prints the money The piece that your missing is that if they do (like what just happened here) it done essentially a loan. And any funds provided will be recovered via a special assessment on banks. Essentially they will increase their insurance rates that banks pay. It is legally required that the banks themselves cover all costs, and FDIC cannot just take mo…

> No losses associated with the resolution of Silicon Valley Bank will be borne by taxpayers.

if the govt taxes citizens, and spends the money, it's govt funded. full stop. even though, yes, it's ultimately paid for by the citizens.

if a govt requires fees from banks to an insurance company, that's a tax. if the govt requires cash outlays by the insurance company, not sure what we would call it, but coupled with the tax it's govt funding.

The whole reason it's structured the way it is is so that the govt can deny that it's govt funded; this type of govt regulation creates the argument you are defending, but follow the money, it's govt funding every bit as much as tax and spend.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#105

Post by Brian_K_White »

corobo wrote: post #77
Brian_K_White wrote: post #75

Earlier quoted context omitted.

What do you do with your accounts?

Not much really. Just shuffling debt around so that creditors don't feel the need to claim it back in one go mostly. Freelance income as of end of last year, grinding the debt down. Wasn't getting anywhere with it at a fixed salary job. I realise you're proving a point rather than this being relevant so cba typing any further, here ya go https://news.ycombinator.com/item?id=35016037

So, the fact that you personally don't care who knows your private information, means that there is no such thing as private information.

This was telegraphed so it was indeed irrelevant to try to illustrate that point.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#106

Post by sneak »

hnbad wrote: post #101
sneak wrote: post #96

Earlier quoted context omitted.

This is one of the best replies I have ever received on the internet and I thank you.

I just like educating people to the fact there's more to anarchism than just throwing rocks. In fact, the throwing rocks part is entirely optional.

I think it's wrong and you misunderstood me, but I feel like you've set the bar so high that I owe a much better reply than this one (which is unfortunately all I have time or energy for today). Your reply is a thoughtful and considerate work of art, however, and I wanted you to know I appreciate it very much.

Please reach out via email if you'd like to discuss further.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#107

Post by dennis_jeeves1 »

hnbad wrote: post #56
sneak wrote: post #4

https://sneak.berlin/20191119/your-money-isnt-yours/ Banks fail closed without notice or recourse or any burden of proof. Plan accordingly.

I assume you're the author of that rant? I think you have one valid point: Liquidity is king. If you have access to large amounts of money, you want to ensure the liquidity of a certain amount of that in various forms of crisis. Don't put it all in the same bank, don't put it all in banks, don't keep all of it digital. Having enough cash to bridge a temporary loss of access to your funds is probably a good idea the s…

Nice analysis.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#108

Post by corobo »

Brian_K_White wrote: post #105
corobo wrote: post #77

Earlier quoted context omitted.

Not much really. Just shuffling debt around so that creditors don't feel the need to claim it back in one go mostly. Freelance income as of end of last year, grinding the debt down. Wasn't getting anywhere with it at a fixed salary job. I realise you're proving a point rather than this being relevant so cba typing any further, here ya go https://news.ycombinator.com/item?id=35016037

So, the fact that you personally don't care who knows your private information, means that there is no such thing as private information. This was telegraphed so it was indeed irrelevant to try to illustrate that point.

Not at all. I didn't even bring up my own accounts, you did? Haha.

No.. I do not believe that because I would do something it means everyone should do the same. What an odd conclusion! I believe that when people get fired up they often miss out key little nuggets of useful information.

I had the option to respond or not, I decided to do so.

Just as OP had the same option and decided to do so. Massive shocker there was missing information that would help explain things. My mind is blown. Who could have predicted it. Gosh.

I won't ask OP to ask their pal what they were doing, hacker news might think I'm just being uncouth.

Unfortunately the thread was flagged ages ago and OP won't get any useful information even though we now know it was their friend's account that was shut down and they were done by association.

I don't have a scoob what their next move is, you're trying to catch me in a paper net, and nobody else is here.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#109

Post by lamontcg »

jolmg wrote: post #59
corobo wrote: post #54

Earlier quoted context omitted.

It does seem like it always comes down to crypto or other shenanigans banks want nothing to do with. Would love to know all of the unbiased information whenever this type of post happens. @op the obvious question - what were you doing with the account?

> @op the obvious question - what were you doing with the account? Geez... Let's let the guy have some privacy. Whatever happened to presuming innocence? If OP is in the wrong, no advice we give is going to get them out of it, but if they're in the right, we might be able to help them. Trying to find fault in OP seems pointless.

> Whatever happened to presuming innocence?

private individuals can presume whatever they want to presume.

it is only the state that has to presume your innocence.

Re: Tell HN: Chase shadow banned and closed my bank accounts

#110

Post by jolmg »

lamontcg wrote: post #109
jolmg wrote: post #59

Earlier quoted context omitted.

> @op the obvious question - what were you doing with the account? Geez... Let's let the guy have some privacy. Whatever happened to presuming innocence? If OP is in the wrong, no advice we give is going to get them out of it, but if they're in the right, we might be able to help them. Trying to find fault in OP seems pointless.

> Whatever happened to presuming innocence? private individuals can presume whatever they want to presume. it is only the state that has to presume your innocence.

I'm not saying private individuals have an obligation to presume innocence. I'm saying it's the courteous thing to do. It makes sense to apply the same principle. Better to assume a guilty man innocent, than an innocent man guilty. It's not like there's any risk in any of us doing that in this case.
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