So many restaurants in my city are credit/debit only. That should be illegal.
Why banks are suddenly closing down customer accounts
71–80 of 901 posts
Re: Why banks are suddenly closing down customer accounts
#72At 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.
Ehm. No. Innocent until proven guilty, not guilt until proven innocent. Being de-platformed from financial infrastructure is tantamount to being economically jailed and instantly forced into life altering poverty. This isn’t some silly app you’re getting banned from… Banks shouldn’t be allowed to ban anyone. They should need a court order to lock up/ban someone from access/mobility of their own property. That said, t…
>>>Banks shouldn’t be allowed to ban anyone.
This gets pretty tricky - 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.
I think the government should provide a basic bank account to anyone who wants one though.
Re: Why banks are suddenly closing down customer accounts
#73Banks 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…
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...
Re: Why banks are suddenly closing down customer accounts
#74Eventually more and more use cases for Bitcoin will emerge, as the government becomes less competent and more reckless with its fiat. It costs $35,000 for a reason.
We just discussed this on the occasion of SBF being convicted as a fraudster: all crypto is a scam. Them being negative sum games makes them so. Whether the scam is a ponzi, a pyramid scheme or something novel is a matter of debate. That it's a scam is not in debate, that's a plain mathematical fact.
https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco...
https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/
https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-pon...
https://ic.unicamp.br/~stolfi/bitcoin/2021-01-16-yes-ponzi.h...
Re: Why banks are suddenly closing down customer accounts
#75Earlier 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.
A company may 'want' to hire you, but most companies also want their employees to be at least somewhat fungible. If you're too difficult to hire, they will look again.
Re: Why banks are suddenly closing down customer accounts
#76Banks 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…
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 mass cancelations serves regulators' purposes just fine.
Re: Why banks are suddenly closing down customer accounts
#77I 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
Bitcoin, not crypto. And poster has to be cryptic and/or sarcastic because even though it's a solution to this very problem staring us in the face, people here shut down any intelligent conversation about it both with down votes and tired, long winded, oft repeated, uninformed arguments against it. It's pretty discouraging, honestly
Re: Why banks are suddenly closing down customer accounts
#78Protip 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 services like wise.com for transfers, and limit your overseas spending with American cards to only a credit card issued with a bank that isn’t the same as your primary accounts.
Yay, patriot act. Glad we have so much energy focusing on legit bankers instead of the crypto that is actually funding multiple US adversaries at this very moment
Re: Why banks are suddenly closing down customer accounts
#79Eventually more and more use cases for Bitcoin will emerge, as the government becomes less competent and more reckless with its fiat. It costs $35,000 for a reason.
We just discussed this on the occasion of SBF being convicted as a fraudster: all crypto is a scam. Them being negative sum games makes them so. Whether the scam is a ponzi, a pyramid scheme or something novel is a matter of debate. That it's a scam is not in debate, that's a plain mathematical fact. https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco... https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/ htt…
All crypto is a scam. Bitcoin is not crypto
Re: Why banks are suddenly closing down customer accounts
#80So many restaurants in my city are credit/debit only. That should be illegal.
It depends on the kind of restaurant, but cash cannot be refused when paying a debt.