Why Have I Closed My Bank Account? .:. Crypto Solves the Issue
Yesterday was my second birthday! I have closed the bank account that I opened when I came to live in Spain 10 years ago! Just to clarify at the beginning, I had 3 active bank accounts in one moment, I have closed one 3-4 years ago, and the second one is closed now... So, I have been left with only 1 at the moment... And to be honest, I will work on it to reduce it to ZERO! So, why have I done that?
I'm total with the saying "Do not feed the monster" and by giving any power to the banks, I believe that I'm helping the problem to grow... In my opinion, banks are one of the biggest issues of modern days and they are heavily responsible for most of the financial issues in the world... Maybe this sounds too hard for some of you, but that's just my opinion...
Maybe in a certain time in history, there was a need for banks, but today, they are becoming irrelevant to the "ordinary" people... They have lost the real purpose that they had when they were created and the only purpose today is to enrich those who are rich... and unfortunately, to take all power from ordinary people...
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But, let's try to focus on the practical reasons for my decision...
- I don't need 2 bank accounts - to be honest, maybe I don't need the one that I still use either... At the moment, I'm using it to pay my utility bills and that's it! In the near future, I will try to find a way how to do that without a bank...
- Bank doesn't need my money - As I'm not a big fan of taking loans and I didn't take any in the last 10-15 years, my main idea for using the bank account was to earn additional interests on my savings... As those interests are almost ZERO, it looks that it's like that all over the world as @bitrocker2020 wrote in his post about interest rates in Malaysia, I don't see the reason to keep my money in the bank...
- Don't need more shitcoins - Yes, I did that... I called EUR, USD a shitcoin... lol... Even if interest rates go up, which could happen soon if inflation rates stay this high as they are (check out an interesting post by @cassillas5553 on that topic here), what's the point in stacking more shitcoins?? I mean, I could get 10-20% USD/EUR (or other fiat currency) yearly, while inflation will eat that because it will be higher... In the end, I would finish in the same spot as I have begun... Btw. that's also one of the reasons why I will not go hard into HBD savings either, or any other stable coin staking/pooling, etc... It's not that I don't support the idea and pushing up HBD APR to 20% as I know that a lot of other people will use that... It's definitely a better solution than going to the bank...
- Bank fees - This is probably the main reason for my bank closure... If I do something on the bank account they would take a fixed amount of 35 EUR per 3 months, plus additional fees... If I don't do anything, they will take the same amount for their "expenses"... So, WTH?!
- Crypto solves all the above - And if it doesn't solve at this moment, it WILL solve in the near future... You can name things that you can't solve at the moment, but I'm sure that there will be a solution very soon... Banks aren't irreplaceable. Defi has already solved a lot of things regarding borrows and loans, so even you who like to use those stuff, you can do it without banking and their ridiculously high fees for that stuff... and more will come... Better solutions for every need...
Thank you for your valuable time,
~ph~
DISCLAIMER: Any of this isn't financial advice and these are only my views on this topic...
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That's a good call in my opinion. In the early 2000s I had bank accounts at many banks and actively pursued all sort of products they offered (ah, stupid young self!). As I grew older (and I believe wiser, in this case), I started giving up on them. A few years ago I only had 2. And I decided, like you, to give up one of them.
Could we make it to zero? Hmm, not in the immediate future, I'd say. But 10 years down the road, who knows? It might be possible.
Back in 2000s I had also 3-4 accounts and I had some savings where I got 8-12% APR, which was amazing for that time... But, it didn't last for long... hahahaha
I would like to be more optimist regarding this, and I would say maybe 3-5 years from now :)
!PIZZA
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I'd like to see that. :)
Yes, even here in Suriname the customers are receiving announcements from the bank, without much explanations and those implementations are often not in the clients their interest. The service costs are often also higher than the interest received from the bank.
Yeah, that looks like a trend worldwide... Like I said in the post, they don't need our money as they can print their own... For that reason, they don't have a need to give anything for "keeping" our money...
!LUV
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Crypto gives better options. And you can do a lot of things on the blockchain. When people gradually move from the banking system to crypto and blockchain, they will not have that much power that they have today.
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It's hard to detach from certain things, but when you do, you don't look back... I had something similar with Windows and Linux... 15 to 20 years ago I couldn't imagine working something on a different OS, especially not on Linux as I had no idea about it... When I got hacked on Windows, I swapped to Linux and never looked back...
I expect to do something similar with crypto and traditional finances...
!PIZZA
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I have one more reason, not to have them as I feel they are leaking/selling the Data also.
Unfortunately, I cannot close it because cash is not at all favored medium, crypto is not considered as legal mode of payment.
All transaction need to be go through payment gateways or banks only.
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Unfortunately, I think that's not just a feeling! I gave an email address ONLY to my bank and received some phishing emails and different offers (not from the bank) to that address... So, I would say that it's true!
!LUV
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I don't like the fees either but I tend to leave enough fiat to cover a few months of expenses there so I don't get hit. In any case, are you able to pay for everything using crypto or is there some way for you to cash out crypto for cash when needed?
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I did the same, but the fees "ONLY" were like 140 EUR, which is over $150 per year for nothing... For me, that's unacceptable...
I have Binance and Wirex debit cards and I can pay for everything with them... Like I said in the post, the only problem is utility bills, but I will work on that too and try to find the way...
!WINE
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I convey on the sentiment when you've closed your bank account as I have liquidated my mortgage by paying in advance and also closed my 2nd bank accounts. I am left with a single bank that I use to pay for my recurring cost and will try to keep it at a minimum. In the same a crypto cards sounds far better right now, considering that you get also a good cashback and you can use stablecoins for payments.
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Woohooo! Nice to see other people on the same page as me! I bet it was a great feeling when you paid off your mortgage and closed your bank accounts!
Good for you! The world would be a much better place for living without banks!
!LUV
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The banks are one more leg of the state or the head depending on how you look at it. It's fine what you do, the truth is that I've always had only one account. But to end the banks it is necessary to end the states, there is no other way. This reflection would give me for an article, maybe I will.
I agree with you on this that the situation IS like that at the moment... But the question is... Does it have to be like that?
But, I disagree with you on this... It doesn't have to be like this... The state depends on PEOPLE and TAXes, but they are using banks for other things as a tool... and you can change the tool if you find some better ones... History has proven that a lot of times...
!PIZZA
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