Banks are watching our transactions
We have to be very careful with our transactions. A few days back I shared an article on why we have to be very careful with the P2P transactions we do. Yesterday I noticed that Banks are very keen on what is happening in our account and they get immediately triggered when something big is happening in our account. I recently had an experience similar to this and I wanted to share the information in this article.
When we keep our funds in bank accounts, it is obvious that we are giving Banks full freedom to make use of our money. That's why to take sign up for some forms when we create an account. Technically our account is going to be created and the funds we put inside the account are going to be indirectly used for investments by the banks as long as we don't ask for the money back from them immediately.
Banks act like a pool of money reserve and that gives them the freedom to keep only a little for liquidity and make use of the remaining for additional investments. That is how banks operate. They do this as a business and make additional money from investments and with that, they do all their staff expenses and other operational expenses. I was surprised by the fact that they watch each and every transaction that happens on our account and if there are huge credits in the account, they call us and ask us for the source of the credit.
Two days back I had to withdraw a big amount by closing one of the deposits. Within a few minutes of the closure, I got the amount credited to my account and some representative from the bank immediately called me and started asking me questions. The first question was why I wanted to close the deposit and withdraw the money. The second question was why I want this money now. I felt awkward explaining all these things to some bank representative. But they did tell me that they do all these things for safety and security reasons. I actually felt insecure and only after their questions, I had a feeling that there might be some security issues because they were watching the transactions I was doing.
I did not leave them and started asking questions to them. When I had some issue with my account a few months back, I was literally struggling to get a contact to get my issue sorted but today when I do a big transaction on the account, they voluntarily call me from the bank and ask me all these questions. But one thing I like about my bank is that at least they are doing all these things. As a safety measure, they monitor the movement of funds and if it is suspicious, they would be able to take some action immediately I believe.
I believe decentralization may not be able to solve this. It can even make things worse where there is more transparency and people can easily find out which account is sending how much. With blockchain technology, we are able to make our life easier without a middle man but data is still exposed to everyone. For example, we are able to see all the transactions that are happening inside an account on Hive. But at least the other advantages we have on Hive make it a great place.
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That's why we got privacy coins and remember you can always chose to stay anonymous on Hive
I wouldn't say that all transactions on have can be private. But we do have options to keep it private.
I think they were trying to make sure you are the true owner of the account instead of someone else trying to drain your account especially if you mistakenly left your security details lying around.
But I still like decentralization.
Yeah that's a possibility. But mostly I think they wanted me to keep the funds inside the bank and not withdraw them.
Many years ago, exactly the same thing happened to me. At 11 o'clock at night, I also had to withdraw a large sum of money and I received a call from the bank asking that you have withdrawn it. It does come that our own money has to answer. When we talk to them, they say that we called because your card was stolen somewhere. People's trust is also completely running out of the bank for reasons they have to answer. In crypto, it is known that our money is lying and we can take it out whenever we want.
If the call is for safety measures I'm able to understand but they shouldn't keep calling and forcing us to not withdraw the funds.
They also sell our data to third party.
When ever I take a significant amount of cash from my account it never fails that they ask me what I am going to do with it. I usually make it up something and end it with, "... because I have a socialist government to support!"
Lol that's a good explanation to give. I don't think we have to explain our personal plans to them.
Despite the money is ours, we're still answerable to the bank whenever we make out of the ordinary transactions. I would've also feel insecured if I was ask those questions. They can see everything about our account which is more bad than good.
It is a belief that banks usually give protection and secure us from risks. But the problem is that they overstep.
I just want to use another bank.
Mostly all the banks are like that. 🙂
Brother, "Two days back I had to withdraw a big amount by closing one of the deposits. Within a few minutes of the closure, I got the amount credited to my account and some representative from the bank immediately called me and started asking me questions. The first question was why I wanted to close the deposit and withdraw the money. The second question was why I want this money now. I felt awkward explaining all these things to some bank representative. But they did tell me that they do all these things for safety and security reasons. I actually felt insecure and only after their questions, I had a feeling that there might be some security issues because they were watching the transactions I was doing."
There has been a huge banking liquidity crisis in the past month. 4 banks have been put into receivership at the FDIC, because people were afraid of their money being safe.
Basically what you saw in the movie "Its a Wonderful Life" but the 2020s digital version.
So when you took that large amount out, the bank manager called to see if they could try to convince you to keep your deposit there, and when they saw you were unaware of the crisis, they didnt bother to inform you about it, perhaps so you didnt panic.
If you would like literature/links, or more info, respond and lemme know, im very very familiar with banking
Yeah all they want is to convince and make sure the funds don't go to a different bank and try to offer other perks.
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Yes, we need to be very careful, in a country like Pakistan where crypto is banned, FIA has used p2p data to catch the people who were using or trading in cryptocurrency. Due to this, for a longer period of time, I deal in cash.
Yeah dealing in cash is better. At least in India we have a 30% tax but that's not equal to complete ban.
30% tax? yes, no doubt it is better than a ban, but isn't it too much?
Yes it is indeed too much. But yeah at least people can do something with crypto. That's the advantage we see.