If only there was a means to transact money digitally without the need for an interstitial.
Why banks are suddenly closing down customer accounts
61–70 of 901 posts
Re: Why banks are suddenly closing down customer accounts
#62Earlier quoted context omitted.
Banking is optional; the problem is that many businesses insist on bank cards to transact. It’s important that businesses be compelled to accept cash for all transactions. It’s particularly bad in some cities. Rather than enforcing access to the special hell that is US retail banking, just prohibit businesses from ripping out their existing cash infrastructure. Even with a bank account, your ability to transact is su…
I cannot get paid by my company without a bank account. No company would pay me my salary in cash. A bank account is no longer optional if you want to live a normal life.
If a company wants to hire you, they will figure out a way to pay you. That’s an implementation detail. Paychecks are still a thing.
Re: Why banks are suddenly closing down customer accounts
#63Earlier quoted context omitted.
> letting the police search your vehicle. Good idea to decline those
Good luck with that. There are multiple reasons cops use to do a search if they want to. Probable cause can range from seeing something sticking out from under your seat, speeding, suspicion of being under influence, or being in proximity of another crime. Pair that with the incentive of civil forfeiture profits and it’s not looking like a good idea to travel with 25k
I am convinced that if the American police forces wish to detain, arrest, or take your money, they will find a reason to do so, or create one where none was there before. Assets forfeiture, detainment, and arrest without legitimate judicial reason is deeply unfair. Regardless of innocence that may be found and adjudicated later, the damage to ones reputation, employment, and even banking can be disastrous. Recourse is often costly or non-existent.
Re: Why banks are suddenly closing down customer accounts
#64Earlier quoted context omitted.
Banking is optional; the problem is that many businesses insist on bank cards to transact. It’s important that businesses be compelled to accept cash for all transactions. It’s particularly bad in some cities. Rather than enforcing access to the special hell that is US retail banking, just prohibit businesses from ripping out their existing cash infrastructure. Even with a bank account, your ability to transact is su…
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.
Re: Why banks are suddenly closing down customer accounts
#65Re: Why banks are suddenly closing down customer accounts
#66Earlier quoted context omitted.
I cannot get paid by my company without a bank account. No company would pay me my salary in cash. A bank account is no longer optional if you want to live a normal life.
If a company wants to hire you, they will figure out a way to pay you. That’s an implementation detail. Paychecks are still a thing.
Most people are not so desirable that a company will bend over backwards to work around something like this.
Especially since they would likely assume that the person earned this punishment and thus is a risk to employ.
Re: Why banks are suddenly closing down customer accounts
#67At minimum, there needs to be a law that requires banks to identify to the customer the specific transactions that led to the closing of the account. And if there’s no prosecution related to these transactions after a year, the ban gets lifted.
The law says the opposite, in fact. If a bank teller reveals to you that you are the subject of an SAR, it could have sever consequences to them, so they're very disincentivized to reveal that there's even been a suspicious transaction, never mind which one it was.
Re: Why banks are suddenly closing down customer accounts
#68If only there was a means to transact money digitally without the need for an interstitial.
Yes, if only there was a practical way to do so.
Re: Why banks are suddenly closing down customer accounts
#69I have a crazy idea that might just work. What if we could create something that has the privacy of cash, is uncensorable like cash but could also be digitally transmitted like electronic payments?
Just say crypto. Stop being a sarcastic ass and just say crypto
Re: Why banks are suddenly closing down customer accounts
#70The crazy thing to me in all this is that the types and amounts of transactions you make with your money and the bank is not criminal and never could be. It could however be a technique used to hide things that are criminal like fraud or theft. Somehow somewhere along the way we as a society decided we were ok with criminalizing the types of transactions that can be used to hide crime. That to me should have been a clear step in the wrong direction. "Money laundering" (however that is defined) should not be a crime. Theft, fraud, etc. should be.