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Why banks are suddenly closing down customer accounts

nytimes.com

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Re: Why banks are suddenly closing down customer accounts

#351

Post by JCharante »

RockRobotRock wrote: post #71

So many restaurants in my city are credit/debit only. That should be illegal.

Conversely some restaurants in my city are cash only and I either avoid them or order pickup through delivery apps so they can take a hit on the app comission. I despise using cash.

Capital One used to have a cafe near Boston Commons, although they accepted all card networks. I think it would be pretty neat if they opened coffee shops sponsored by CC companies that only accept their CC customers (e.g. coffee shops that only accept Visa or only accept Amex).

Re: Why banks are suddenly closing down customer accounts

#352

Post by caf »

xrd wrote: post #127
RockRobotRock wrote: post #71

So many restaurants in my city are credit/debit only. That should be illegal.

I know a few coffee shops that were robbed so they stopped accepting cash. That was a much safer option for employees. But your point is still valid, there just isn't a better alternative right now, sadly.

Yes, back before the rise of credit cards, restaurants used to be common targets for armed robberies - they'd always have a full till at closing time.

Re: Why banks are suddenly closing down customer accounts

#353

Post by Clubber »

creer wrote: post #107
unyttigfjelltol wrote: post #76

Earlier quoted context omitted.

The article demonstrated over and over that in some instances branch managers really did know their customers, and that knowledge was ignored by an algorithm run amuck. Monitoring transactions should not be sufficient to satisfy KYC. Perhaps this article demonstrates that the largest banks are unable to know their customers and truly act on that information. And, perhaps having those banks engage in self-destructive…

No such thing as "an algorithm run amuck" - more like "another department run amuck". Someone programmed the thing, someone is running it deliberately.

>No such thing as "an algorithm run amuck" - more like "another department run amuck". Someone programmed the thing, someone is running it deliberately.

Not to defend banks, but you know how many bugs the average large software system has?

Re: Why banks are suddenly closing down customer accounts

#354

Post by ipaddr »

thebradbain wrote: post #274
WalterBright wrote: post #233

Earlier quoted context omitted.

[flagged]

You can’t game something when the maximum award is still designed to be Not Enough On Its Own. That describes quite literally every US government aid program— from food stamps and school lunch debt at the very bottom of the financial ladder, to grants+loans for those who have demonstrated the academic merit to get into college, to healthcare and social security for literally every citizen in this entire country. Ther…

People don't want to see people on their perceived level getting something they are not. People will accept people they perceive as at a lower level getting something but it can't be more than them . Because many people working are at the poverty level or lower these programs have to be set lower than that which is lower then the minimum needed.

The money spent on fighting individuals could be offered as a top-up to the working poor which would other programs to raise levels.

Re: Why banks are suddenly closing down customer accounts

#356

Post by User23 »

WalterBright wrote: post #340
mapt wrote: post #289

Earlier quoted context omitted.

My first instinct was to post a detailed takedown, and I started to go into Washington State's unemployment system eligibility and benefit criteria... but on reflection I don't think most of those things you just told us actually happened. There is a history of anti-welfare activists lying about the facts they have observed and those lies forming immortal zombie collective memories. Numerous examples in Reagan speech…

> I don't think most of those things you just told us actually happened Believe whatever you need to. But consider this: People are fundamentally selfish. Building a system that assumes general altruistic behavior is not going to work very well. Assuming people will not take advantage of rules for their personal benefit is naive. Consider politicians. Have you ever noticed that people tend to go into Congress as midd…

I think people raise hundreds of millions of dollars to win a job that pays less than a junior SWE because they’re just so darn public spirited, obviously.

Re: Why banks are suddenly closing down customer accounts

#357

Post by csomar »

jryle70 wrote: post #204
csomar wrote: post #192

Earlier quoted context omitted.

2023 is very different to 2012. I remember back in the day you can open a paypal account with only an email and receive/send money with it. No kyc required.

I traveled to SEA extensively in 2022 and 2023. Never had any problems with using ATM to withdraw money. The only problem was with using Amex card.

It depends on the bank, your profile, your visa/mastercard credit card type, the volume you are doing with the bank, etc…

Amex are less accepted because they have a higher processing fee.

Re: Why banks are suddenly closing down customer accounts

#358

Post by User23 »

jimmydddd wrote: post #322
jdhendrickson wrote: post #302

Earlier quoted context omitted.

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 a…

I can never wrap my mind around the Walmart thing.

Wait until you hear about Dollar General.

Re: Why banks are suddenly closing down customer accounts

#359

Post by astrange »

krupan wrote: post #313
astrange wrote: post #286

Earlier quoted context omitted.

> It is, however, somewhat possible to track Bitcoin going too and from the addresses because it is all on computers and this is a trade off of Bitcoin being permission-less and not controlled by a single entity that can decide to unbank you, and online so that you can send it to people across the country. It's not "somewhat" possible, it's 100% possible because the history is public and permanent. If you make a mist…

There is no personally identifiable information stored in the public ledger. Just addresses, scripts, and Bitcoin amounts. If someone that knows you (like an employer or a Bitcoin exchange) sends you Bitcoin, they will know addresses that you claimed were yours. As soon as the Bitcoin moves from those addresses to another address then the provable link to you is broken. All the chain analysis you have heard of is bas…

"Addresses" are personally identifiable information if you're associated with one, or if you use an exchange, which you'd want to because most people providing goods and services (and also your local tax authority) want the local currency.

If you're claiming these upgrades made Bitcoin anonymous in 2021, that's obviously not true, since multiple people who stole billions of dollars of bitcoins from exchanges have been caught with chain analysis since then.

https://www.onlineathens.com/story/news/crime/2022/11/08/for...

Re: Why banks are suddenly closing down customer accounts

#360

Post by quickthrower2 »

patmcc wrote: post #172
015a wrote: post #126

Earlier quoted context omitted.

> telling a bank they need to keep dealing with customers that cost them tons of money and are actively trying to defraud them (and other customers) seems awfully harsh. So, the legal system? The only reason regulated banks should be able to deplatform someone is if they also have a legally actionable case, and they do legally action it, and the person is found guilty.

Ok; can we do the same to your industry? Would you enjoy being required to serve incredibly unprofitable customers until you can (very expensively!) take them to court? If being banked is so critical (and it is, in modern society) then it shouldn't be handled solely by private enterprise. Government needs to step in and offer basic services.

Banks are a special case. If you are going to apply the “they are just a regular business like my local bar” to them by logical extension any business should be able to create new money and transmit it. Nothing special eh!

Banks have special rules because they are infrastructure. A cafe needs a bank but not vice versa.

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