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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

#681

Post by Yizahi »

silentsea90 wrote: post #261
hanniabu wrote: post #245

Earlier quoted context omitted.

Wouldn't expect any less from HN, but can't blame them much when people like Senator Warren make up lies about terrorist funding.

I am always surprised how HN folks fall in hook line and sinker for Democratic talking points from senators FAR removed from any understanding of technology and insistent on curbing basic internet freedoms. The previous version of this was the proposal to ban encryption because bad actors can have a private conversation. If you oppose banning encryption but are in support of banning crypto, I would encourage folks to…

Because HN folks don't want to live in the anarcho-capitalist libertarian dystopia, where whole world "money" is controlled by a few criminals in the offshores, like Zhao, Giancarlo, Sun, Sam, Alex, etc. and by a small mining cartel controlling every transaction consisting mostly of the same people. They don't want to have their transactions blacklisted (like all those "tainted" bitcoins for example) and don't wasn't to be dependent on the centralized exchanges controlled by criminal, on on the decentralized exchanges also controlled by criminals and relying on shitty spaghetti code (just today Uniswap was exploited, but tokenbros don't write about it, interesting right?). They don't want to live a world where every single thing is monetized and rent is extracted forever by a few "early adopters" of said tokens.

Sure, there are problems with banks and goverment overreach, but those need to be fixed, not completely replaced with a worse alternative.

Re: Why banks are suddenly closing down customer accounts

#682

Post by kergonath »

kylebenzle wrote: post #640
ArabicBaklava wrote: post #494

Earlier quoted context omitted.

Well, this happened in 2017.. fast forward to this account closure effect on my life: I had to go back to my country, without a degree, was not able to land any job. Unfortunately, good places require degrees. Stayed unemployed, hit with chronic depression as anyone would. Lost 4+ years of professional progress. When covid came, i was able to complete my degree online and graduated in 2021, but because all fresh grad…

You should have switched Bitcoin LONG ago. Soon we will have to stop having sympathy for people who get screwed by the banks as the alternative is just too easy and obvious.

> Soon we will have to stop having sympathy for people who get screwed by the banks as the alternative is just too easy and obvious.

OTOH we did stop having sympathy for people who get screwed by crypto bros as the alternative has been just too easy and obvious for quite a while now.

Re: Why banks are suddenly closing down customer accounts

#683

Post by pc86 »

neonsunset wrote: post #518
ArabicBaklava wrote: post #494

Earlier quoted context omitted.

Well, this happened in 2017.. fast forward to this account closure effect on my life: I had to go back to my country, without a degree, was not able to land any job. Unfortunately, good places require degrees. Stayed unemployed, hit with chronic depression as anyone would. Lost 4+ years of professional progress. When covid came, i was able to complete my degree online and graduated in 2021, but because all fresh grad…

I wonder if the bank can be sued for this. That's how random bank managers get found in a river, due to policies like these impacting the innocent.

Ah yes the classic "I'm completely innocent so I murdered this bank manager."

Re: Why banks are suddenly closing down customer accounts

#684

Post by Reubachi »

silentsea90 wrote: post #261
hanniabu wrote: post #245

Earlier quoted context omitted.

Wouldn't expect any less from HN, but can't blame them much when people like Senator Warren make up lies about terrorist funding.

I am always surprised how HN folks fall in hook line and sinker for Democratic talking points from senators FAR removed from any understanding of technology and insistent on curbing basic internet freedoms. The previous version of this was the proposal to ban encryption because bad actors can have a private conversation. If you oppose banning encryption but are in support of banning crypto, I would encourage folks to…

Genuine observation incoming: I am always surprised how HN folks like yourself fall in hook line and sinker for party line politics, even here.

It's very hard for any layman to gleam even surface level tech info from the news, politicians etc. because any statements from politicians are by definition influenced by lobbyists.

Senator XXXX not understanding (or feigning ignorance) of a tech issue has nothing to do with the color tie the politician is wearing. Democrats and republican parties are for-profit businesses that aren't a part of our constitution, and are lobbied by the tech industry to lie to you.This is all public information.

Fun fact I love to reiterate: Neither of the major party presidential candidates in 2016 knew how to use a desktop computer IE; windows, keyboard, mouse. But they both have made millions from investing in tech. But they would not know how to make a cursor move in windows 11. That should be a terrifying signal about our politicians and the effect they have on downstream tech-thought.

Re: Why banks are suddenly closing down customer accounts

#685

Post by dsign »

Let's call this what it is: streaks of totalitarianism.

Beyond the specifics of closed bank accounts, what are we are seeing is the following pattern:

- Government pushes regulation on banks to monitor their customers for X, Y, Z

- Banks, on behalf of the government, collect data on individuals for X, Y, Z.

- When banks are not satisfied, they either de-bank their customers or file a report with the government.

Banks, which are supposed to work for their customers, instead end up being coerced to watch their customers on behalf of the government.

Because more and more transactions are digital, the net result if that the government has found a new venue for (totalitarian?) surveillance of almost all economic transactions of their subjects. Back in the day, the KGB would have dreamed of having something like this.

Of course, one needs to live to see how bad it will get, and if people will get more accustomed to holding cash[^1] in a hidden safe.

[^1]: Or a cash equivalent. In certain places, there is talk to make do without any cash at all.

Re: Why banks are suddenly closing down customer accounts

#687

Post by doingtheiroming »

phil21 wrote: post #660
ArabicBaklava wrote: post #494

Earlier quoted context omitted.

Well, this happened in 2017.. fast forward to this account closure effect on my life: I had to go back to my country, without a degree, was not able to land any job. Unfortunately, good places require degrees. Stayed unemployed, hit with chronic depression as anyone would. Lost 4+ years of professional progress. When covid came, i was able to complete my degree online and graduated in 2021, but because all fresh grad…

I think a lot of folks reading this will immediately be critical and tell you exactly how easy it would have been to solve your problems from spiraling out of control. They are likely largely factually correct. What is not being said is that many folks are operating at the limits of their executive function. Add something like this to an already stressful period of time to such people, and they simply will not be abl…

Multibillion dollar organisation with an essentially unlimited scope for bureaucratic work versus kid trying to move house at the weekend.

The “why did he do this to himself?” meme seems appropriate.

Also, yes. I’ve gotten better over the years at taking a breath and just doing it but it still sets me off. Employers exploit this in people by adding hurdles in expense systems. It’s an oft forgotten corporate dark pattern.

Re: Why banks are suddenly closing down customer accounts

#688

Post by dakial1 »

ArabicBaklava wrote: post #481

Bank of america did this to me, in the same weekend i was moving out. All my stuff was in the car, it was a friday at 3PM and i was in the gas station. I couldn't fill up my gas. Called and they told me to come to the bank with two forms of ID. When I arrived to the bank the fraud department was operating in NY (3hrs ahead) and they were closing, so they told me to come next tuesday (it was a long weekend). I went ho…

I never understood this "Anything goes Term & Conditions" in the US.

Like, can a bank legally put that they can close account without notification in their T&C? Isn't there a regulator that would control these and fine the banks?

The binding arbitration clause (or privatized justice system) is another thing that I can't believe the US population never rebelled against...

Re: Why banks are suddenly closing down customer accounts

#689

Post by pc86 »

Dudester230602 wrote: post #557
ArabicBaklava wrote: post #494

Earlier quoted context omitted.

Well, this happened in 2017.. fast forward to this account closure effect on my life: I had to go back to my country, without a degree, was not able to land any job. Unfortunately, good places require degrees. Stayed unemployed, hit with chronic depression as anyone would. Lost 4+ years of professional progress. When covid came, i was able to complete my degree online and graduated in 2021, but because all fresh grad…

Let's transition to cashless society, shall we?

This is a tongue-in-cheek sarcastic reply, right? Because the only two cash-less options I'm aware are crypto, which is filled with rug-pulls, scams, and DPR-wannabes, or just having everything in commercial banks which is exactly what got the GP into this position in the first place.

Maybe we can go back to bartering?

Re: Why banks are suddenly closing down customer accounts

#690

Post by heisenberg302 »

kylehotchkiss wrote: post #78

Protip to anybody who wants to spend an extended amount of time overseas - you’re looking at a strong opportunity to join the list of people who have their accounts closed. Red flags include quantity of overseas debit card transactions, setting a PO Box (this one apparently is a very big red flag to banks) or a PMB as your bank address, lots of wire transfers. Open multiple bank accounts at different banks, use servi…

I had an account in Wise, and I was transferring money between my accounts (all the names were same). Everything was legal but they closed my account and started replying to my emails with huge delays. I provided all the supportive documents for the transactions but they said they will keep the account closed (and according to the user agreement, it seems they can do it without providing the reason). They held significant amount of my money in the account, and it took a long time to withdraw it.

Also, if you get flagged in one of these services, they usually send your info to similar companies and they either close your account or don't let you create new accounts.

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