“We must know our customers”
The bank will take any approach other than having an account manager who knows each customer individually.
This is the biggest reason I make it a priority to bank locally and in person.
Why banks are suddenly closing down customer accounts
711–720 of 901 posts
Re: Why banks are suddenly closing down customer accounts
#712Earlier quoted context omitted.
In a world where several thousand people have just been killed by an internationally funded terrorist group, I think scrutiny on groups which are (a) armed and (b) make political statements is probably justified. And the argument that "Al-Quds Weekend Rifle Club and Prayer Group" isn't allowed while a comparable Christian one is is pure unconstitutional religious discrimination.
> In a world where several thousand people have just been killed by an internationally funded terrorist group, I think scrutiny on groups which are (a) armed and (b) make political statements is probably justified. Only if you think the ends justify the means.
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Re: Why banks are suddenly closing down customer accounts
#713Earlier quoted context omitted.
The US Postal Service did serve as a bank from 1910-1966. It should simply restart.
In New Zealand the government added a bank (kiwibank) to the postal offices in 2001. However the postal offices are now being closed. I expect the same problem would occur with The US Postal Service shutting down branches? Also see: https://news.ycombinator.com/item?id=38158144 https://wikipedia.org/wiki/Kiwibank
What problem? What are you talking about?
Specifically, what problem do post office banks have that private banks do not?
Private banks close branches all the time.
Re: Why banks are suddenly closing down customer accounts
#714Earlier quoted context omitted.
huh? I'm no crypto fanatic, but I call plenty of things a "space". It's basically a synonym for niche?
Glad to hear that. Notice I said > rule of thumb Not to be confused with a universal law. See also that the other comments pointed out that the USDC recommendation didn't even make a whole lot of sense. Hmm...
My point is even as a rule of thumb it doesn't make sense.
You might as well just say that mentioning crypto at all is a red flag and call it a day.
Re: Why banks are suddenly closing down customer accounts
#715Bank 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 went homeless for 1 week with no food. It was my last semester in university and couldn't pay for tuition because my bank acc was locked, so the university dropped my classes and i was not able to graduate, as failing to stay enrolled (international student) i had to go back to my country.
Aside from the bank's fault, this is a failure of basic society functioning on so many levels.
Dropping you because you couldn't pay for tuition for one week? Having to leave the country because you failed to enroll because of that? Being homeless for a week out of a bureucratic mistake?
Re: Why banks are suddenly closing down customer accounts
#716Earlier quoted context omitted.
Jesus, this story :( . Your university couldn't wait a few days, their Finance department could't help? What a crazy outcome
I find it really difficult to believe it was a "one chance" thing. Universities have late enroll, plus appeals processes in place. It's in their interest to get paid in the end.
Not every university operates the same way. My impression in Georgia was that there were just to many students and staff with issues, and just too few staff to take care of those issues. Sometimes at the beginning of the semester it's almost impossible to get hold of graduate advisors, HR, payroll and bursar stuff. Me and my wife were both international students started at different semesters and we didn't have any issues. But then both my cousin and my brother-in-law nearly lost their student visa status. At that time we were there to bail them out. But others may not be as fortunate.
Re: Why banks are suddenly closing down customer accounts
#717Earlier quoted context omitted.
"Crypto" as a whole broke the circle of trust for most ordinary people. Mocking cryptos now became so mainstream that UK television ran ads, calling out crypto believers. Not to mention all of crypto on and off ramps are incredibly centralized.
So we're at the "then they laugh at you?" stage of the game it seems? I guess that happened years ago and we are fully in the "and then they fight you" portion of the timeline.
No, more likely it's the "I've invented the perpetual motion machine" game, and we're at the "No, you didn't, it's snake-oil" stage.
Re: Why banks are suddenly closing down customer accounts
#718Bank 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…
Contrasting the replies to this comment with the replies in all the "cashless society" posts are hilarious.
"Oh I never use cash, cashless transactions take 0.00362 seconds less, so taking the risk that I become homeless is worth it to me." - followed by outrage at discovering that trusting your entire financial life to the whims of a compliance department is a real risk.
At some point, you have to assess your risks and realize that your "convenience" comes at a cost. Why people don't use cash, or at the very least have a few stacks in a safe somewhere, always floors me.
Re: Why banks are suddenly closing down customer accounts
#719Earlier quoted context omitted.
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.
I'm surprised we haven't heard more lawsuits about this in notoriously litigious America. I find it hard to believe that "we can ruin you at any time" is a sustainably fair contract term.
They will say you agreed to the terms they can close the account for whatever reason, and that receiving the balance within a week is quick enough. I doubt the courts would say otherwise. Lawyers probably won't take this case.
This is a situation where the Invisible Hand of libertarianism was supposed to manifest and gently nudge people to banks with more favorable terms in such numbers that no bank is able to do this and stay profitable.
Re: Why banks are suddenly closing down customer accounts
#720Bank 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…
Each country's Fed (Bank of England for UK) should provide a very basic free bank accounts to all residents. That would be the baseline from which all private bank would have to compete with. The cost is minimal (OK maybe charge 5USD a year or something).
I don't see any reason why this hasn't happened except that the Fed has been captured by private banks.