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Why banks are suddenly closing down customer accounts

nytimes.com

781–790 of 901 posts

Re: Why banks are suddenly closing down customer accounts

#781
post #689

Earlier quoted context omitted.

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?

How does the existence of rug pulls (aka scams) invalidate the option of moving to crypto?

Re: Why banks are suddenly closing down customer accounts

#782
i worked in the field for seven years and saw some of this firsthand. i was the guy at the desk making the call and relaying the bad news from the back office. it always seemed deeply unfair & quite rich seeing as almost all of these institutions are busted for far more egregious behavior than what they suspect of the customers they de-bank.

one additional scenario that always stuck with me as to how wacky banks can stretch their power: i had a woman who had her own sole-owned accounts, a joint account with her mother, and her mother had her own accounts. the mother had overdrafted her sole account a few hundred dollars, and per the bank agreement, they took money from the joint account & the daughters sole-owned account to offset the balance. she was completely blindsided & distraught once it all became clear as anyone would be. how is that fair? this was in 2015. hopefully things have changed.

Re: Why banks are suddenly closing down customer accounts

#783

Earlier quoted context omitted.

The moral equivalency you are attempting to draw between those 2 statements is both ignorant and asinine. When the terrorist organizations chant "From the river to the sea" they are clearly calling for the forced removal (at best) of all Jews from the land. A political party that calls for "Israeli sovereignty between the Sea and the Jordan" it is clearly a rejection of the "2 state solution" but that is not a call f…

> When the terrorist organizations chant "From the river to the sea" they are clearly calling for the forced removal (at best) of all Jews from the land. Hamas members chanting "from the river to the sea" most certainly have genocidal intent, yes. Saying "from the river to the sea" alone - as the Likud document pretty clearly shows - doesn't make you a Hamas member nor a terrorist. There are a lot of attempts to conf…

>>There are a lot of attempts to conflate "Palestinian === Hamas"

if they did not want to be conflated than perhaps they should have accepted one of the 5 2 state solutions proposed by mutiple parties over the decades.

Contrary to your claims I do not believe Palestinian's desire a 2 state solution in any form, instead they rejected every attempt by the UN, Britain, even the Saudi's then elected Hamas to be their official government when Israel pulled out of Gaza and allowed them to self govern...

Sorry if I press F for Doubt that they want a peaceful co-existence with Israel

It is also telling that no other Muslim nation will accept Palestinian refugees, Not Jordan, not Egypt, not even Iran...

>>Maybe, but it's certainly a call for an un-free Palestine.

Correct, it is signalling that after decades of attempted compromise that maybe a 2 state solution is not really possible. This is setting aside the fact that in reality there was already a 2 state solution where by British Mandate "Palestine" was split in 2, Jordan and Israel. However in the old adage of given in inch take a mile more was demanded...

All offers for peace have been rejected by Palestine not Israel..

Even right now, a cease fire can be easily achieved if Hamas Surrenders Unconditionally, and Free's all hostages... Hell I bet a 2 state solution would even be on the table even after all of that

I bet it would Palestine not Israel that would reject said 2 state solution.

Re: Why banks are suddenly closing down customer accounts

#784

Earlier quoted context omitted.

> When the terrorist organizations chant "From the river to the sea" they are clearly calling for the forced removal (at best) of all Jews from the land. Hamas members chanting "from the river to the sea" most certainly have genocidal intent, yes. Saying "from the river to the sea" alone - as the Likud document pretty clearly shows - doesn't make you a Hamas member nor a terrorist. There are a lot of attempts to conf…

>>There are a lot of attempts to conflate "Palestinian === Hamas" if they did not want to be conflated than perhaps they should have accepted one of the 5 2 state solutions proposed by mutiple parties over the decades. Contrary to your claims I do not believe Palestinian's desire a 2 state solution in any form, instead they rejected every attempt by the UN, Britain, even the Saudi's then elected Hamas to be their off…

> Contrary to your claims I do not believe Palestinian's desire a 2 state solution in any form, instead they rejected every attempt by the UN, Britain, even the Saudi's then elected Hamas to be their official government when Israel pulled out of Gaza and allowed them to self govern...

Why lie like this? The Saudi proposal you mention (https://en.wikipedia.org/wiki/Arab_Peace_Initiative) was accepted by Arafat, largely opposed by Hamas (surprise!), but rejected by Ariel Sharon.

"The Palestinian Authority led by Yasser Arafat immediately embraced the initiative. His successor Mahmoud Abbas also supported the plan and officially asked U.S. President Barack Obama to adopt it as part of his Middle East policy. Islamist political party Hamas, the elected government of the Gaza Strip, was deeply divided, with most factions rejecting the plan. The Israeli government under Ariel Sharon rejected the initiative as a "non-starter" because it required Israel to withdraw to pre-June 1967 borders. In 2015, Israeli Prime Minister Benjamin Netanyahu expressed tentative support for the Initiative, but in 2018, he rejected it as a basis for future negotiations with the Palestinians."

> if they did not want to be conflated than perhaps they should have accepted one of the 5 2 state solutions proposed by mutiple parties over the decades.

2002 above was the last concrete proposal. Half of Gaza is under 18; they've never even had the opportunity to do so.

Re: Why banks are suddenly closing down customer accounts

#785
post #689

Earlier quoted context omitted.

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?

How does the existence of rug pulls (aka scams) invalidate the option of moving to crypto?

It's not the existence of crime, crime happens in real money, too. It's the complete and utter lack of anything else but crime. Originally, Bitcoin only appealed to 1) geeks who enjoyed the technical details and 2) people who wanted to buy drugs. Then, you got to phase 2, where bolstered by the liquidity provided by the people trading drugs and the unbridled enthusiasm of the geeks, the value went up. Then, The Silk Road got shut down, and the value started to fluctuate wildly, leading to runaway speculation, attracting the "fight club for finance" guys. Those guys marketed crypto to the broader flock of normal people, because they needed bag-holders for their (illegal securities trading) schemes. The influx of people gullible enough to listen to the finance bros provided a pre-filtered pool of people who would make good marks for scams.

The useful applications of crypto are illegal (buying narcotics) and the majority of the ecosystem today is both illegal and completely economically nonproductive.

Re: Why banks are suddenly closing down customer accounts

#786
post #585

Earlier quoted context omitted.

In order to sue anyone, you need money. To have money, you need a bank account. Therefore, if the bank takes your account, you can’t sue the bank.

Find a lawyer who's willing to split the judgement 50/50. They only get paid once they win.

That only covers the incentive for the lawyer for one isolated case. But since such a lawyer will probably take many such cases (and often against the same banks), we must examine the incentives of such a lawyer more closely. The incentive of such a lawyer is to keep taking such cases, which means it is actually in the lawyer’s interest to deliberately lose some amount of such cases, in order to keep it profitable for the bank to keep debanking customers, thereby ensuring that the lawyer has enough business.

Re: Why banks are suddenly closing down customer accounts

#787
post #536

Earlier quoted context omitted.

Is it by accident though? Aren't US regulators intentionally (but quietly) pressuring financial institutions to do the enforcement of policies that they know wouldn't stand up to public scrutiny?

look, US politics is a shitshow, regulators are beholden to politics, lobbying is a very big influence in the US. from the crazy anti-porn, anti-abortion, anti-gay/trans, anti-welfare xenophobic fundamentalist anti-anything lobby to the anti-gun, super-duper-pro-trans, militantly-feminist, pro-eat-the-rich lobby. and during all this banking in the US suffers from all the usual problems, it's 50+ regulatory regimes al…

> crazy anti-porn

Nothing crazy about that. It's very harmful to women, and doesn't do the consumers of it much good either.

Re: Why banks are suddenly closing down customer accounts

#789

Earlier quoted context omitted.

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.

In 2018: https://www.rnz.co.nz/news/national/376881/new-zealand-post-...

  New Zealand Post wants to shut its last 79 shops, but will not say when the last branch will close its doors

  New Zealand Post said the move from stand-alone stores was old news and 801 of its 880 stores were already franchised.
Franchised means the branch has closed as a dedicated Post Office.

Kiwibank originally had branches at the Post Offices.

Kiwibank is left with much less branches than there were Post Offices - branches often replaced by ATMs in the wall: it has "325 Kiwibank Limited Branch and ATM Locations" https://kiwibank.banklocationmaps.co.nz/en/nzl

I presume it will take much longer in the USA for the Post Offices to close. There is no reason something similar won't happen there - the same economic forces occur in the USA.

Note that most franchises are an in-store counter or small area set aside for the Post Office supplies. I can think of franchises in book-stores, stationery shops, pharmacies, and even a public library. I know of one Post Office branch of that 79 that remains open, however it is mostly run by unpaid volunteers including a friend of mine (no banking counter).

Re: Why banks are suddenly closing down customer accounts

#790
post #720

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…

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.

What would this organisation do if it finds that you are using this account for money laundering / terrorism financing? Is the suggestion that it should have to get a court order to close your account, or that even then it should leave your account open?
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