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Why banks are suddenly closing down customer accounts

nytimes.com

301–310 of 901 posts

Re: Why banks are suddenly closing down customer accounts

#301

Earlier quoted context omitted.

"Gamed" by whom? Do you assume poor people are all lazy, undeserving, criminal, and cheating? Have you ever accompanied a poor or disabled person to a county assistance office to see what the forms or process entails? Do you know how SNAP or WIC works?

> all I never said "all". Some years back, and acquaintance of mine detailed how he gamed the system. He'd work until he met the minimum number of employed weeks to qualify for unemployment, then he'd do a lousy job so he'd get laid off. He'd then go on unemployment. Being unemployed required him to look for a job, so he'd look for a job, and flunk the job interview. When the unemployment compensation ran out, then h…

It's an absolute pain to actually apply for unemployment. It's not a reliable gambit. I can't even do it right now for NY; their website is down every weekend for "maintenance" (total bs that such a thing exists) when they want people to "certify" for unemployment.

Re: Why banks are suddenly closing down customer accounts

#302

Earlier quoted context omitted.

"Gamed" by whom? Do you assume poor people are all lazy, undeserving, criminal, and cheating? Have you ever accompanied a poor or disabled person to a county assistance office to see what the forms or process entails? Do you know how SNAP or WIC works?

> all I never said "all". Some years back, and acquaintance of mine detailed how he gamed the system. He'd work until he met the minimum number of employed weeks to qualify for unemployment, then he'd do a lousy job so he'd get laid off. He'd then go on unemployment. Being unemployed required him to look for a job, so he'd look for a job, and flunk the job interview. When the unemployment compensation ran out, then h…

This whole post could be summed up as "I make up stories from people that don't exist to justify my selfish world view", and frankly these "people are saying" anecdotes with no facts backing them up don't work well on a site where people research things instead of taking them at face value. If you want that kind of echo chamber, may I recommend Facebook or something similar?

70% (approximately) of people on welfare already have a job. That's strange isn't it? Not going fishing. Not living the life working under the table. No, doing the hard jobs you expect to be done for next to nothing, for your comfort and convenience. They clean your hotel rooms, wait on you at restaurants and check you out at your local Walmart that destroyed all the other work in their town, and then paid them so little they had to apply for help to feed their children. These vital jobs that people expected to be done even in the middle of a pandemic, well they don't pay enough to live off of anymore. Because the wealth only moves in one direction and has for decades.

Welfare the majority of the time is a hand up not a hand out, 50% of recipients are able to get off of it inside of a year, 70% inside of 2 years and if we should have a few people who game the system, oh well. It's a necessary evil to make sure women and children are not on the streets, to ensure that once you are down you are not out, because we are the most prosperous nation on earth and we can EASILY afford it, and part of the social contact entailed in being an American is you care for your fellow Americans. Unless you are someone who sits around ruminating about what an injustice it is that a portion of your income is used to keep children from being hungry and how very unfair that is to you.

I pay more than what I am asked in taxes, I contribute to charities at a rate that most people would be surprised by, and I can tell you this. Every charity in our country is a failure of our government. Every church that proselytizes via helping the poor does so because the system we built is not working for it's constituents, and myopic people want to spend a bunch of time fighting about who gets what of the very, very thin slice of the pie, instead of actually doing the hard work of reforming the bakery. If there is any truth to your anecdotes at all consider this; it might be more telling of you and the moral fibre of those you surround yourself with than people at large.

Re: Why banks are suddenly closing down customer accounts

#303

Earlier quoted context omitted.

> How can I pay my bills with bitcoin while being debanked? Acting as an alternative to krupan's Bitcoin-centric answer: - There are other crypto rails other than Bitcoin that could be used in its place. USDC & stablecoins in general is going to be the medium-term winners in this space, as more services are set up to help people pay their bills with stablecoins. Here are 2 services that I've found within a few minute…

[flagged]

huh?

Re: Why banks are suddenly closing down customer accounts

#304
post #41

Banks hide behind Bank Secrecy Act and other regulations in order to debank people. Chase closed my account, and the reason Chase gave: "Financial institutions have an obligation to know our customers and monitor transactions that flow through our customers' accounts. After careful consideration, we decided to close your account because of unexpected activity on these or another Chase account." I didn't dispute any t…

You don’t have an ombudsman? Or something like that? Here in India we can even make them sing exact reason for rejecting credit card applications and if they just did it shoddily then they have to actually issue it. They just can’t say “internal policy” or shit like “discretion”.

Re: Why banks are suddenly closing down customer accounts

#305
post #85

Earlier quoted context omitted.

Sorry to hear your story/experience. This worries me because my mother, who currently resides in a SE Asian nation, is transferring some of her money to me (in the hope that she can use it when she migrates to the US). Did Chase let you withdraw the outstanding balance in full when they closed your account? The last thing I want is to see my money being trapped in limbo state...

Yes, they sent me a cashier check for a small balance (around $1000) I left, as Chase gave me 45 days heads up for closure. However, for some people, Chase dragged out until after CFPB complaints are filed. The case one should worry about these banks is this: you deposit a $500K check, or you got a wire for $500K; check was cleared on the sender's side. Now Chase/Big Bank holds your funds, saying that this check is f…

Kind of amazing that doing “aaand it’s gone” with $500k that is provably legitimate is “an issue requiring a complaint to a specialized bureau” and not “a grand larceny charge from the DA.”

Re: Why banks are suddenly closing down customer accounts

#306
post #215

Earlier quoted context omitted.

The point isn't necessarily to cut money laundering down to zero, it's to add significant cost and effort so it makes the cartels job harder. Every international border isn't airtight either and causes a bunch of hassle for travelers, but we don't throw up our hands and give up the idea of border control.

> we don't throw up our hands and give up the idea of border control. We must reside in different countries. Being in USA, I observe we did drop enforcement on the southern border. https://www.usatoday.com/story/news/politics/2021/06/23/kama... "... administration has ended the Trump-era Migrant Protection Protocol, a policy that forced asylum-seekers to remain in Mexico as they await their court hearings, and has ha…

The Biden administration has decided to build the wall, as of fall 2023: https://www.nytimes.com/2023/10/06/us/border-wall-biden.html

Re: Why banks are suddenly closing down customer accounts

#307
post #64

Earlier quoted context omitted.

Banking is not optional in today's advanced societies, and the sooner we recognize that, the sooner we'll have proper regulations mandating a minimum level of banking service, eg. Limited deposits, withdrawals, debit/secured cards.

Millions of people live normal lives without bank accounts. The solution to the problem is not to force retail banks to extend their terrible customer service to all of society, it’s to ensure the utility of cash. Cash works great even if the banks (or the state) hate you.

This depends highly on the country. Cash doesn't work so great in most of the EU anymore. In Spain and Greece for example, it's illegal to buy anything with more than 500 euro cash I believe.

Re: Why banks are suddenly closing down customer accounts

#308

Earlier quoted context omitted.

The US Postal Service did serve as a bank from 1910-1966. It should simply restart.

We'll probably see people get demailed then too. They'll probably go for inmates first.

Ask the homeless about their mail address.

Not having a physical address is a huge problem.

Re: Why banks are suddenly closing down customer accounts

#309

Earlier quoted context omitted.

Not the devs, they have no agency in the decision. Management, for sure, post their name and LinkedIn profile.

> they have no agency in the decision Everyone has agency. “Just following orders” is not an excuse. If someone asks you to implement something that crosses an ethical line for you, you ALWAYS have the agency to refuse. It’s hard, but it’s critical that we never give away our own agency and control of our own actions. You may not be able to stop an implementation from going forward, but you ALWAYS have the ability to…

I'm not going the "following orders" mindset. I'm going with many times a junior contributor can't even see the (bad) outcome.

Re: Why banks are suddenly closing down customer accounts

#310
post #14

It's remarkable how totalitarianism seeps in.

Most people are totalitarian in a few ways. Some people hate drugs. Everyone hates crime. The homeless cause social issues. Some people want their religion enforced. Some people hate foreigners. Most people grant these powers to the government hoping to get their pet peeve taken care of, and are surprised when the government not only doesn't do what they promised, but turn those powers onto its own favorite victims i…

That word, I do not think it means what you think it means.

https://en.wikipedia.org/wiki/The_Origins_of_Totalitarianism

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