Why banks are suddenly closing down customer accounts
1–10 of 901 posts
Re: Why banks are suddenly closing down customer accounts
#2Re: Why banks are suddenly closing down customer accounts
#3Do they just lose all their money in those accounts?
Re: Why banks are suddenly closing down customer accounts
#4Sounds like a strong danger of applying a modern form of red lining & financial deplatforming. If you’re a higher risk, of course any financial products that you can access will cost more in fees and interest. Who is considered a higher risk by the impersonal algorithms and bank systems being applied?
Re: Why banks are suddenly closing down customer accounts
#5[dead]
Re: Why banks are suddenly closing down customer accounts
#6Do they just lose all their money in those accounts?
The law says the bank must give them their money. But banks are above the law. I know when PaPal codes and account, PayPal usually steals the money. Most traditional banks eventually give you your money if you hire a lawyer, that is, they give the money to the lawyer who keeps it.
Re: Why banks are suddenly closing down customer accounts
#7Do they just lose all their money in those accounts?
The article says they get the money, but sometimes weeks later.
Re: Why banks are suddenly closing down customer accounts
#8You can be barred from flying (is that still true?) and now banking, without trial or evidence.
It's already highly anti-democratic, but imagine what an aggressive, oppressive government will do with this power.
Re: Why banks are suddenly closing down customer accounts
#9At 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.
Re: Why banks are suddenly closing down customer accounts
#10Eventually 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.