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Lowlow

PM's biggest advantage - no retail banking

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I'm saddened by the state of retail banking today, as I'm sure many are.  These places are so fee ridden, and feel so entitled to your money, that they're basically nothing but pickpockets now, charging you for everything from normal transactions to fees for not doing enough transactions, fees for absolutely everything they can charge fees for, minimum balance fees, I bet they'd charge you a "front door fee" for using the front door of the bank if they thought they could get away with it.  Combined with the lack of government protection of depositors, recent moves to pass legislation for "bail-ins" to treat depositors as if they were investors, with all the downsides and none of the benefits, and you have a recipe for future disaster.

Whatever happened to banks needing and rewarding depositors who loan the bank money ?  Now it's just full of entitled people who feel its perfectly legitimate to rip depositors and customers off at every opportunity.

Fortunately, there is an alternative if it all goes to hell, and that's precious metal.  Hopefully it never comes to it, but it's nice to know its there if it all falls apart.  It's no wonder so many are pushing for a cashless economy, because then the thieves get to steal with impunity.

Edited by Lowlow

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Agreed good points, PM's are a good tool for savings and a good tool for barter should it ever be needed (not part of my plan but its there I guess). Everything has a cost even PM's have a premium to buy, store and sell, just like most other investments and banking services but at least its upfront and once in your possession the costs are determined by your choices of what you do with the metal, not what some platform provider decides to charge, or the bank decides to steal. 

Cashless is not going to happen, cash is a redundancy that the system needs, all digital is too unreliable. Well it depends how much they are willing to put people at risk vs control I guess, but I would imagine that is a step too far. As soon as digital banking went down for a couple of days the game as we know it - that the banks are winning and making a living from - would be over when the power came back on. People would not put up with it. Better instead to minimise cash, discourage, make it difficult, but they will never get rid of it completely imo.  

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2 hours ago, Lowlow said:

Combined with the lack of government protection of depositors, recent moves to pass legislation for "bail-ins" to treat depositors as if they were investors, with all the downsides and none of the benefits, and you have a recipe for future disaster.

Whatever happened to banks needing and rewarding depositors who loan the bank money ? 

It is basically fraud that "deposits" are part of the balance sheet if a bank. I put "deposit" under quotation marks as this term disguises money (deposit) creation through debt and as most of it was never left at the bank as deposit. Misleading language is one part of how the banksters get away with their institutional fraud.

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2 hours ago, KDave said:

 

Cashless is not going to happen, cash is a redundancy that the system needs, all digital is too unreliable. Well it depends how much they are willing to put people at risk vs control I guess, but I would imagine that is a step too far. As soon as digital banking went down for a couple of days the game as we know it - that the banks are winning and making a living from - would be over when the power came back on. People would not put up with it. Better instead to minimise cash, discourage, make it difficult, but they will never get rid of it completely imo.   

I wish I agreed with this view but unfortunately I believe cash is well on its way to being removed completely from the system. I agree that it's insane because all it takes it outages etc to cause chaos but even now most people do not hold any cash. So it is irrelevant in a outage as most people simply don't deal with cash now and that is a massively increasing trend. It won't be long until cash is an old relic added to the list of floppy disks, type writers, fax machines etc.

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There are too many weak points to be all digital. GPS, internet, power, software, malicious attack, human error, the list is long. Physical cash is the back up. I remember was it 2016, HSBC online banking was down for days, cards were hit and miss. People banking with HSBC found life very difficult. I also recall another time recently when credit card machines were playing up locally, 'cash only' at garages and super markets. Imagine issues like that, but no cash. Imagine a system/nation wide problem, and no cash. 

If cash goes it away, and it could do, it won't stay away for long. 

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Your deposit at the bank is a Banks Liability. That's its self is quite alarming however I will be continuing to use my bank and have money paid into and out of the bank because it makes life that much easier. 

I agree with Kdave with PMs acting as a tool for savings and a tool for barter. This is why I was attracted to PM's because it can funnel money away from my bank and is simply another form of a savings account.

Over a period of time we have seen counters closed, branches closed but the banks on the whole have stayed present & relevant in some shape or form. 

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44 minutes ago, Tn21 said:

Your deposit at the bank is a Banks Liability. That's its self is quite alarming however I will be continuing to use my bank and have money paid into and out of the bank because it makes life that much easier.

Well ... yes, but saying it's a bank's liability just means they owe it to someone, not that it's a "liability" in the sense of being a bad thing.  In the United States banks can't loan money without deposits, its required for fractional reserve banking (a total scam, I agree!).  There are a lot of things that are balance sheet liabilities including home mortgages and credit cards on an individual's balance sheet, but that doesn't mean you'd be better off in nobody ever loaned you any money.

Edited by Lowlow

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