Banking frustrating systems contributing to lot of financial losses

[DrBeer]

I personally don't like banks, inflation is one of the reasons why and of course centralization. Though not of a big deal but they only have lowest interest rate compared to those that offers online or even crypto but if ever I am gonna be considering having an account it will just be intended for my emergency funds, I am not gonna save money from there but instead invest on inflation proof assets that banking system cannot offer. Inflation is high in my country and financial losses is inevitable.

I apologize, I may have misunderstood your answer, but banks as such do not create inflation. Banks sell money for money
Inflation is a higher level process. And Banks can only use this situation to enrich themselves.

On the one hand I don't like centralized banks in some part either.
But on the other hand (this is my personal opinion, and exclusively from my point of view and from the point of view of my needs) - banking services, at least in my country, are very convenient for me.

From ordinary life - there are a huge number of convenient and EXTREMELY convenient services provided by banks, for example:
- online payment of utilities. I pay in 5 minutes, utility bills for myself, my father and mother-in-law. From my cell phone, without any fees.
- convenient installment programs for buying goods. 0% commission, and the payment can be divided from 6 to 24 monthly installments, in equal installments.
- "Short" interest-free loans. up to 55 days, amount up to UAH 200,000 or approximately $5,000. You can pay for any purchase within this amount, and then within 55 days return the money to your card account without paying a penny of commissions.
- When you pay with the card - from all purchases (for their own funds) accrued cashback. from 0.5% to 10%, this does not take into account bonus and discount programs in retail chains.

If we talk about business conditions - I have business with partners in the EU. Every month I get a monthly profit. I opened accounts in hryvnia, dollar, euro for free. Transactions are free. Withdrawal from a business card to my "physical person" card - no interest. Foreign exchange earnings - I can also, online, even from my cell phone, sell on the interbank exchange, and within 1-3 minutes receive crediting.
Tax accounting - in the banking system there is a realization of basic accounting and tax accounting. In the reporting period - I receive notifications, the system itself calculates tax amounts based on the receipts of funds for the month, will form tax payments, which I just have to sign and send for payment. This is also done online, and can also be done from a cell phone.
As the owner of Visa Platinum, I am provided with many more useful and convenient services. Also free of charge.

So, from the consumer's point of view - the banking sector provides me with many useful and convenient services, requiring only one thing in return - to spend my money through the bank

[DragonF]

The stress and conditions in saving monies in the banks has also erupted situations of how some persons misplaces their funds or allocating them to thefts.

My aunty who died last week left no trace to her funds. Just few days ago after she was layed to rest it was discovered that she had been burying her funds undergrounds, just luckily so kids who were digging the ground during their childish playing around dug out $500 in a spot and calling on the attention of the elderly one then they began excavating the grounds within and were able to discover over $4,000 dollars from different spots. Who knows if there are others yet to be under the ground?

Yes we know she was trying to stay off from the banking stressing with the inconvenience of their terms and conditions of regulating and denying you the access to your funds.

There in my country the bank can frustrates the citizens especially the average citizens with their banking structures, sometimes you will go to the bank to make some withdrawal and you will be told that there is no money to give you but when you goes to deposit them will make it snappy for you.

At some points you will have to stay in the queue for over 2-4 hours before attending to you sometimes you will be demanded to bring some personal documents that is not so easy to get and only until you provides it is when they would let you have your money and they don't care how emergency or urgent you are in need of It.

Sometimes people goes to borrow money elsewhere just because they banks refuses to let them have access to their money saved there in the bank.

The caused of this banking issues which has aspired many to have their money saved at home or elsewhere aside the banks has also attracted thefts invading peoples privacies and points at where the monies are hidden.
Lost of people have also lost their lives on the process of trying to let the thefts succeeds in making away with their funds.

If the banking system was so friendly to the people there would surely be limitations of funds misplacements the funds thefts.

Accept my heartfelt condolences.

Truly, the banking system can be so frustrating at times that sometimes we just hope for a better way of saving money. My experience with the banking service was such that I was embarrassed lately because of the bank network. I went to a restaurant to eat with the hope of making a transfer to the vendor after eating. After eating I tried to make the transfer yet it wasn't going through. I tried and tried and so, I told the vendor to give me her account details so that I could try again later. I said this because she knows me too well but to my greatest surprise, she declined and instead told me to keep my phone and that whenever I have the money I should come to take my phone. I left my phone with her. Before then, I was expecting a call from a business partner. When I went back to collect the phone an hour later, my business partner had called severally and when he couldn't hear from me he gave the business out to another person. I just lost some bucks.

[Crwth]

Condolences to your aunty, I'm so sorry to hear that.

It is a hassle when your bank is like that. I think I would also be lessening the journey to the bank if that's the case. I think if you were to bank right now, mostly it's probably online banking right? So less hassle. I hope you recognize that if you were to use banks.

You should secure it in a great way if you ever do that as well. Thefts are bound to happen if you are known to have money and live in a dangerous neighborhood.

[abhiseshakana]

Yes. Centralization will only benefit the rich.
Wait...Aren't banks created for that? make rich people richer

Just like you, I don't like banks, but I still need a bank account
The bank is only a bridge I use to process transactions changing fiat currency into crypto assets or vice versa (on-ramp). No more than that

Even though many people know that banks are one of the causes of the widening gap between the rich and the poor, the level of human dependence on the banking system is very high. Along with competition in this sector, each bank has a marketing strategy, especially with the onslaught of crypto, banks are more aggressive in carrying out promotions and innovations to attract new customers and maintain their dominance in the world monetary and financial system.
Maybe for some older generations, the banking system is complicated and complex. but for generations X, Y, Z the current banking system is relatively safe and simple.

[koang]

Yes. Centralization will only benefit the rich.
Wait...Aren't banks created for that? make rich people richer

Just like you, I don't like banks, but I still need a bank account
The bank is only a bridge I use to process transactions changing fiat currency into crypto assets or vice versa (on-ramp). No more than that

Even though many people know that banks are one of the causes of the widening gap between the rich and the poor, the level of human dependence on the banking system is very high. Along with competition in this sector, each bank has a marketing strategy, especially with the onslaught of crypto, banks are more aggressive in carrying out promotions and innovations to attract new customers and maintain their dominance in the world monetary and financial system.
Maybe for some older generations, the banking system is complicated and complex. but for generations X, Y, Z the current banking system is relatively safe and simple.

Yeah I know, It’s not all bad and I also won't be switching back to a landline or not carrying a cell phone
But I don't want to go back to something that many say is fully trusted, completely controlled, and gives power back to the banks who have our best interests in mind
My money is my money and is completely controlled by me.

[Findingnemo]

Banks doesn't really inconvenient these days or atleast where I am living, I can do everything online even you can use ATMs to deposits and withdrawals if you are in need of physical cash at any bank's ATM. So the country where you reside didn't cope up with the evolution of the system.

I knew old people doesn't give their money to anyone but they are smart enough to store them in the form of gold than burying under sand, who knows how much money turned into fertilizers.

[DrBeer]

Banks doesn't really inconvenient these days or atleast where I am living, I can do everything online even you can use ATMs to deposits and withdrawals if you are in need of physical cash at any bank's ATM. So the country where you reside didn't cope up with the evolution of the system.

I knew old people doesn't give their money to anyone but they are smart enough to store them in the form of gold than burying under sand, who knows how much money turned into fertilizers.

As it turns out, which was also a bit of an "eye-opener" for me, it is true that in some countries the banking system is extremely "anti-human". At first I could not understand why people have so many claims and even hatred towards banks, when in my country it is a very convenient and comfortable service for people. I almost do not use cash - because card payments are more convenient and EFFICIENT. Payment by card implies a large set of additional services - from discounts to refunds, very comfortable installment payments, and much more. But it turned out that this is not the case in all countries.... It is very unfortunate that not all over the world convenient and comfortable banking services are available

[DrBeer]

I personally don't like banks, inflation is one of the reasons why and of course centralization. Though not of a big deal but they only have lowest interest rate compared to those that offers online or even crypto but if ever I am gonna be considering having an account it will just be intended for my emergency funds, I am not gonna save money from there but instead invest on inflation proof assets that banking system cannot offer. Inflation is high in my country and financial losses is inevitable.

And I'm sorry, but that's a very controversial assumption. Can you give arguments and explanations how banks create INFLATION, in the public financial system ?

It is the description of the inflationary process itself that is of interest, please describe it - if not difficult !

PS Very often we take the "most popular" theories and explain everything with them. But very often the reality is different. And often it is very unpleasant, so it is "more convenient" to use "commonly accepted answers" .

[Dr.Bitcoin_Strange]

I personally don't like banks, inflation is one of the reasons why and of course centralization. Though not of a big deal but they only have lowest interest rate compared to those that offers online or even crypto but if ever I am gonna be considering having an account it will just be intended for my emergency funds, I am not gonna save money from there but instead invest on inflation proof assets that banking system cannot offer. Inflation is high in my country and financial losses is inevitable.

Of course, that's right, having money or funds in our local banks for emergency purposes is very good and not for anything else again like investing in it and so on, instead I will just invest it in crypto just as you have said, even though markets fluctuates at times or I invest it in any legit business that will be generating more money or gain more profit because saving or investing in banks can makes us lose more money, through the means of charges for their various reasons, instead of the money increasing, it's decreasing( in my opinion though) and instead of profiting, you are losing. So apart from the benefit of accessing it anytime we want, (which I'm not even sure) I see no reasons why we would want to make use of it.

[albon]

It is normal that nowadays people are losing interest in banking sector because the price of every commodity has increased but in that case the banking interest rate has not increased. Current banking system in my country, if you want to take loan from bank then interest rate is very high Again if you want to deposit in the bank then the interest rate is very low. Many big companies are taking loans from banks but not repaying them on time due to which the bank is one step closer to bankruptcy. The amount of risk in the bank was less in the past but in the current context keeping money in the bank is facing a lot of risk.

[bitterguy28]

Deep condolences to your losses mate ,May she rest in peace.


   - First Point , You should not blame the banks just because your Aunt put Her money down the ground instead of investing in banks because she even deny the fact also to invest In crypto specially bitcoin so that is another call.


   - Second Point , its clear for all that you mentioned that not even one knows that she has Funds means it is not that she does not trust banking but everyone around her Including you and even her children .

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But what kind of country is that?  how did the government allows that to happen? going to bank to withdraw but there is no available funds? and suddenly when you wanted top deposit they will easily accept?

tell all the people in your country to invest in bitcoin instead  or altcoins and forget about your stupid banks .

[Agbe]

I don't agree with you on position that it's because of banking technicality that will make people to loose their funds, all what bank is doing is to safeguard your money and from scammer's and theft. Any one still saving money at home or digging the ground to save money in this twenty first century is doing it at his cost as he Can loose his money from robbers and criminal minded person. The only time Bank is having problem either due to network challenges due to scarcity of your local currency due to the high demand on it

[Stompix]

It is normal that nowadays people are losing interest in banking sector because the price of every commodity has increased but in that case the banking interest rate has not increased.

The interest rate around here is 4.5% with an inflation of 2% yoy and in 2018 the interest rates on deposits were 1%.
Don't generalize stuff for everyone, banks have to take into account also the specifics of the said country, if your own currency is losing 10% a year against the $ why would a bank lend you money at 7% interest rates when they could just buy $ for themselves?

- First Point , You should not blame the banks just because your Aunt put Her money down the ground instead of investing in banks because she even deny the fact also to invest In crypto specially bitcoin so that is another call.

You don't invest in banks, you deposit money in banks, if you want to invest in a bank you buy shares for that bank! Again, I don't understand people who say banks make a ton of money and why they don't buy shares of the said bank to take part in those huge profits too!

[bisdak40]

Banking frustrating systems can be such a headache, and as you said, they’re causing people to lose money or even get robbed. When banks make it so hard to get your own money with long waits, too much paperwork, or weird restrictions, people stop trusting them. That’s why some end up hiding cash at home, which is risky, too. we must save our money on banks that are reliable and trustworthy where our money will be safe

[Gurujebs]

Banks doesn't really inconvenient these days or atleast where I am living, I can do everything online even you can use ATMs to deposits and withdrawals if you are in need of physical cash at any bank's ATM. So the country where you reside didn't cope up with the evolution of the system.

I knew old people doesn't give their money to anyone but they are smart enough to store them in the form of gold than burying under sand, who knows how much money turned into fertilizers.

Lucky you I must say. Where I'm coming from, the banks don't help the people and it's very frustrating until you have someone in their system or if the money involved large amount of money or sometime even when you have large amount of money and you dint have help from the bank, you will be stich for days or even months.

If scammer scams people their money, victims don't bother to go to he banks to report because the banks don't really give attention, the process they will make you follow to waste your time will even discourage you and this is why scammers don't stop people from scamming through bank process when it's a system they are supposed to fear the most since they can be track.