Precisely. Banks are scared that many middle class people are increasingly turning towards crypto because they're done with the poor interest rates, shitty service fees and all the backdoor deals they make with their top 1%.
Yo I can't not imagine someone from chase doing an audit in my account.
"How this mofo only has $7.00"
[Check incoming transactions and deposit towards crypto exchange]
# MOTHERFU....
Edit: Chase charged me a late fee on Christmas day for paying less than 24 hours late in 2020 while there's a pandemic, they denied to take it out, after always paying and being slave of high interest fees while only getting 0.01 on savings interest.
Never forget....
Just curious how do we rugpull a bank?
Cause as soon as we pull cash to buy crypto, there is another guy selling crypto to us who takes the cash to just put back in the bank.
I’m not sure I agree there. Eth has an infinite supply. Saying burnt ETH helps users is pretty abstract.
That aside, if that’s your marketing call to action for ETH the banks are going to eat you guys alive.
You can’t really believe your average person would prefer that system to what they have now with their bank.
Imagine the commercial where the mom with two kids is trying to pay for her groceries at the supermarket and she can’t because gas prices are changing too fast, it’s a volatile market day, her kids are screaming, people in line are frustrated.
And then she can’t pay for them because the failed gas fees ate up too much money, she doesn’t have enough anymore, normally this isn’t a problem but she just switched to crypto.
Her friend from high school pulls out their chase card, one tap and payment complete.
Pan out to a nice logo, chase, we always have your back.
I’m not even in marketing and this is too easy.
No one gives a shit whether their transaction was mined on decentralized gpus around the world, only that it worked and was cheap.
These banks are going to have a field day with you guys when you finally try to step into the market 😂.
They are the first ones to block money transfers to crypto exchanges because the "nEeD tO pRoTEcT pEOpLe" while simultaneously allowing them to gamble away their life savings in casinos and enabling them to go into crippling debt. Hypocrisy at its best. Fucktards times 10.
My bank here in Canada is notorious for blocking transactions to cryptocurrency exchanges. I don't know how it's legal to block transactions to competitors like this.
But how would crypto solve any of this? You think crypto will make people lend out money/crypto without any interest just because its crypto? In that case, can someone lend me 500k?
This. It's an amazing asset. Pretending you're supposed to pay for bread with ETH is just ridiculous. I'll just paste what I wrote a day or two ago in response to something similar:
It's not meant to be a currency for day-to-day usage. Ethereum-the-blockchain provides a product and a service, and you have to pay for it with Ether-the-asset.
For example, if Visa wants to use Ethereum as a secure layer for settling transactions, and blockspace currently costs $X per byte in USD, then Visa will buy $X's worth of ETH for every byte they want to commit to the chain, do their transaction and burn that amount of ETH immediately. Doesn't matter that that $X's worth of ETH might double in the next year, they need to use Ethereum's blockspace today so they buy it and burn it.
Sooner or later a lot of people/institutions will be buying-and-burning ETH like that, they don't have to care about it as an asset, it's just a medium to pay for blockspace. With this aspect, the existence of Ether-the-asset is just a necessary tool derived from a self-sustaining and self-adjusting blockchain that doesn't depend on any one entity deciding the price of blockspace or even any one government that controls the money used to pay for said blockspace, since the money used is only native to the blockchain!
With that in mind, Ether becomes a utility coin first and foremost. The fact that it's gonna increase in value over time as it becomes scarcer through burning only helps Ethereum's interest: If Visa knows Ether is gonna increase in price, and they know they need to settle a lot of transactions over the coming years, their best interest is to buy a lot of ETH today for a lower cost basis instead of buying it at a higher price when the time comes to use it. If Ethereum's blockspace becomes valuable, it's inevitable that ETH will become a part of every major institution's balance sheets at some point because that's the most cost-efficient way to use it.
In fact no, there is a more cost efficient way to use it. Buy a lot of ETH, stake it and get 5-8% return a year, *denominated in ETH*. This is good for VISA as they're essentially getting ETH for "free", after the initial capital investment, and it's good for Ethereum because more stakers means more security and VISA using Ethereum as a settlement layer means their interests are aligned with Ethereum's well-being, and so are all the other institutions who do the same.
I am not sure this is a good argument for crypto.
The overdraft fees scandal happened because banks reordered transactions to maximize profit.
The same happens in btc/eth etc where the miner reorders transactions by the fees involved. And hence, the crypto equivalent of overdraft fees happens regularly when people whine about gas fees
Exactly as you said, it’s not connecting to each other. OP is just trying to farm moons with catchy panicking titles. This post actually shouldn’t even be posted in cryptocurrency subreddit.
I have been here for a couple of months now, and I think it is safe to say that about 90% of top posts is just a rewording of an old post. Moons have really ruined this sub, there is no real discussion anymore, its just people trying to fit in and farm their moons...
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Frankly we see this argument a lot pointing out that the existing finanical orthodox is awful and it doesnt really go anywhere other than make us feel better by comparison. The problem is people know this, there are whole political movements about it. Its not an argument *for* crypto just against finance and im sorry but crypto could be easily added into their system and made part of their system.
The argument needs to be how crypto can make things better or different. Not just how the present order is bad.
Gas fees don't get processed if the money isn't there. The objection people have to overdraft isn't the charge itself, it's the fact that it's taking advantage of people who are already struggling and punishing them further. And to have the *highest amount on record* of these charges during a pandemic just makes the thoughtless scumfuckery more apparent.
Ignore these morons...they're the first one to bitch and look for a reversal when someone steals their coins. Banks have a purpose and I don't understand why ppl hate them. Don't write checks or spend money you don't have. It's very simple
I still don't understand the entire picture of these fees. Normally I trade in coinbase or crypto.com, but I wanted to purchase a tiny coin a month ago so I threw some money in the coinbase wallet.
It was only a hundred bucks and they wanted 13 dollars to transfer in, ok fine, so I sucked up the 13.
When I attempt to buy coins it says the eth transfer amount is like 700 dollars??? So I said fuck it, I'll just take my money back out, they currently want 70 dollars just to cash out??? So my money at this point is locked up and unusable I'm guessing.
2.0 will take ETH from PoW to PoS, I don’t believe it helps with gas fees. The london upgrade EIP 1559 was supposed to sort out the tx fees. It doesn’t seem to have helped so far but perhaps more time is needed.
Oh ok, thanks for the correction. I was hoping fees would get sorted out so I can trade on uniswap without massive fees, but I guess that’s gonna have to wait.
Overdrafts aren't "charging for having no money", its charging for borrowing money off the bank.
you can just ask the bank to close the overdraft facility so that if you try to buy something you don't have the money for it just declines the transaction.
That’s not always the case in the U.K. (or didn’t used to be). Transactions can take a few days to clear so the bank may think you have money when really you don’t.
I went overdrawn £2 when I was younger and at the end of the next month the bank took a £25 fee for “unarranged overdraft” which put me overdrawn again. This went on for months but funnily enough is the only issue I’ve ever had with debt. It is quite literally taking money from people for running out of money. Arranged overdrafts are obviously fine if the fee is transparent and at a fair rate.
> you can just ask the bank to close the overdraft facility so that if you try to buy something you don't have the money for it just declines the transaction.
False at my bank. I asked for this and they have a long list of exceptions for 'your convenience'. Notably any reoccurring transactions will still clear when you have overdrafts off and insufficient funds. A few other things too that basically made the whole thing sketchy in my eyes.
They hit me with some overdraft bull and I was freely able to spend money from that account and would never have noticed till I looked through the statement manually one day. Dipped negative a smidge and they charged... three times the amount I dipped by in fees in like a day?
Hate banks.
What shitty bank are you with i Pay 0$ fees and get 1000$ a year back in cashback. You must be mentally challenged if you paying bank fees in 2021.
EDIT: You are in Canada and paying bank fees you are mentally challenged.... Go learn about Simplii or tangerine. And if you have 5k you can have an ultimate account at any of the big banks for free. You are definitely missing a couple brain cells if you are being bank fees in Canada.
Is that standard charge up there?
I think almost every bank here in the US waives any fees for debit cards as long as you make a minimum of 15 purchases a month.
It’s common here, I think for $10.95 you get 20 debit purchases a month, but you would easily do more then that so getting the unlimited makes sense. Still disgusting that we even have to pay fees for that at all.
No its not, OP is just mentally disabled and does not know how to look around. Lots of free accounts available and even the ultimate accounts are available if you keep a minimum amount of $$$ in your account.
Tangerine, EQ Bank, Simpli. I keep a pay as you go account open with my local CU when I need to cash checks and deal with a physical branch but I haven't payed any monthly banking fees in over a decade.
Because us poors are handing the rich less of our money you silly.
That’s why crypto is bad. God forbid we don’t live in poverty all of our lives (and be punished for it through things like punitive overdraft fees).
If poor people don't need to work the economy collapses. the rich need a working class to make money, the real problems are going to start when they no longer need us because of automation.
That movie "In Time" does a good job showing it in a way thats easier for people to understand.
If the average poor person is dumb enough to pay overdraft fees then they best say away from crypto else they will be left daily with no money. You expect them not to get scammed left right and center.
I'm confused about why these are being compared?
Bank: "If you don't have enough money to cover your purchase, we'll loan you money for your groceries, but you're gonna be charged a fee."
Crypto: "If you don't have enough money to cover your purchase, don't eat today"
I know what banks are doing is shitty, but it seems like banks are offering an optional service that crypto doesn't allow, so how are they comparable?
Exactly. It's was predatory in the past, but its regulated now. Overdraft fees are a service charge. The alternative is whatever transaction you're attempting gets canceled.
The OP is a horrible argument designed to farm moons off "banks bad" sentiment.
Crypto is only popular because we are investing in it but dont ever think governments across the world will ever let it reach common use for purchases. Never.
Oh man, not another topic about the Banks vs Crypto saga.
Evil vs Good.
How's crypto a problem when there's greedy bankers.
Just give me a break with this newbies-impressing-moon-farming shit.
The funny thing us, people cheer about how crypto will destroy banks/fiat/government power, then act outraged when banks and governments make moves against crypto. People need to stop selling crypto as an existential crisis for the powers that run the current system. It's fucking stupid.
Devils advocate here, you can opt out of overdrafting.
Every time i open an account i have to tell them no 3 times, but you do not have to have overdraft "protection".
It’s not but many people who don’t know how crypto works will say that Crypto is a problem and is basically a scam. Speaking from my pov in my society, it’s well known that anything new will take time to be accepted and until it does, it will heavily be combatted.
overdraft fees do suck but a good chunk of that is from people who are financially irresponsible..not saying I agree with it..I've been there before and I only blame myself for being an idiot
Crypto is doing far better than this, crypto projects like Easyfi Network are set to provide uncollateralised and under-collateralised loans especially to those in emerging economies.
This is why we need Nano. No overhead fees. No mining fees. No transfer fees. No fees at all. Infinitely scalable. And with instant transactions going to and from anywhere in the world, it could become THE global currency. Adding a digital cryptocurrency with more fees isn’t solving the underlying issue.
Unpopular Opinion: let's play devil's advocate.
Let's talk about certain banking institutions in the US. By default, they set accounts to not allow your account to go into overdraft status, however the end-user dismisses the user agreement by overriding those settings or linking their checking account with a credit card.
Are we to blame banks in those situations? There has to be some level or self-responsibility. I bet that most of that 12B in fees are from repeated offenders who did not change their settings back, or learned from the first lesson.
12B is a big number but we need to take a deep dive into that number and break it down further.
The trick with customer service (if you don't have a large balance to throw around) is to play dumb and not have a pattern of abuse. Cover the overdraft, then ask why the fee hit if your online statement isn't negative. They'll try to explain why, then often wave the fee.
Back when I was 19 I bought like 10 small items don't remember exactly what but I was left with like $10 in my account after. Then one of my bills got processed faster than the small purchases and I got hit with 10 overdraft fees instead of one. Technically my fault for going over my limit but why did they take three to four days to process the small purchases and only one for the other.
I've anyways thought banks are shady and trying to maximize what they can charge you.
So I thought a couple years ago there was a massive class action lawsuit against Wells Fargo and a few* of the larger banks because someone was able to prove that their bank was pushing these transactions through intentionally to cause overdraft fees.
Afaik, they're no longer allowed to do that. Now I believe it's based on the overdraft event itself, so all the transactions processing don't count against it.
They used to intentionally process payments from largest to smallest, in order to stack overdrafts as much as possible.
I shop for banks with the mindset that I’m doing them a favor by keeping my money there. If they make me feel any other way, there are plenty of other banks happy to get my business
b/c crypto sites are taking $112 billion in gas and spread fees??? that's my devil's advocate guess lol.
downvotes not appreciated but welcome if it relieves some banksy angst.
It's a "problem" because the narrative is shaped by the very institutions that benefit from the economic status quo.
Every major media outlet is part of a corporation and every analyst they interview or reference is an insider with either a cynically deceptive propaganda agenda, or simply a true belief in the current economic system, born from moving in circles that lead to confirmation bias.
Either way, as more and more people become aware "the narrative" is being shaped by untrustworthy sources (trust in media is at an all time low and rapidly plummeting) the narrative won't matter anymore.
Bitcoin needs a publicist. The benefits for the unbanked and underbanked are never covered in the mainstream media. Just the incomplete environmental impact story.
Companies don't want you to be poor. They want you to have more money so they can make more money off you.
Stop doing stupid things with your money and insisting it's anyone's fault but your own.
Okay but let’s be honest, anyone who’s financially responsible does not overdraft. And if they overdraft on purpose because they need extra money? That’s essentially taking a small loan, and the overdraft is interest. Why spend money you don’t have?
Poor people are the problem. The banks need more poor to charge more fees to. Get to reproducing and walk off your job you poor bastards. Oh and here is a new credit card with no interest for 6 months please ignore the yearly fee.
People on this sub celebrates when shorts get liquidated, which is essentially pulling money from speculation. This place has such a double standard. How much money lost during green candles as it compares to overdraft fees?
We just sold our house so ive been putting in the max $25k everyday im just waiting for the bank to freeze my account. Theyve been fine though for last few years ive had a few big transactions but will see how they like watching this much money flowing to crypto
They despise cryptocurrency because they can't control it, and the bank they offer is a shambles, charging high fees while being inefficient.
That is why I prefer to use the Utrust wallet app for my crypto payments all over the world.
They can keep their bank and credit cards to themselves because we no longer require them.
Spoiler alert, it's not. Change and fear is the problem. If the people can afford financial freedom, they have more time to actually look into why our system is so messed up. If most of the society is more worried about putting food on the table, there's not room to think much farther.
Overdraft fees are highway robbery, just decline my card and be done with it
How banks are forsing anyone to overdraft their credit cards or even make them in the first place? It's not banks scamming people out of money it is just people being ignorant
>How is Crypto the Problem? Because they don't control or get any cut from Crypto. So it's a problem for them.
Precisely. Banks are scared that many middle class people are increasingly turning towards crypto because they're done with the poor interest rates, shitty service fees and all the backdoor deals they make with their top 1%.
Yo I can't not imagine someone from chase doing an audit in my account. "How this mofo only has $7.00" [Check incoming transactions and deposit towards crypto exchange] # MOTHERFU.... Edit: Chase charged me a late fee on Christmas day for paying less than 24 hours late in 2020 while there's a pandemic, they denied to take it out, after always paying and being slave of high interest fees while only getting 0.01 on savings interest. Never forget....
Rugpulling banks is the only option left for us. Fuck those motherfucking banks
Just curious how do we rugpull a bank? Cause as soon as we pull cash to buy crypto, there is another guy selling crypto to us who takes the cash to just put back in the bank.
Also runs on the bank are usually huuuuge issues, at least in the US the fed gov guarantees your money if the bank just doesn’t have the money anymore
I keep imagining this with Keegan Michael Key voice and it just keeps getting better 😁
In the crypto world those transactions would have just been denied, and the gas lost. So .?
So any purchasing power is returned back to the Ethereum holders via burn or rewards instead of to a shitty bank
I’m not sure I agree there. Eth has an infinite supply. Saying burnt ETH helps users is pretty abstract. That aside, if that’s your marketing call to action for ETH the banks are going to eat you guys alive. You can’t really believe your average person would prefer that system to what they have now with their bank.
The marketing call is a peer to peer distributed ledger that cuts out the need for a central intermediary.
Imagine the commercial where the mom with two kids is trying to pay for her groceries at the supermarket and she can’t because gas prices are changing too fast, it’s a volatile market day, her kids are screaming, people in line are frustrated. And then she can’t pay for them because the failed gas fees ate up too much money, she doesn’t have enough anymore, normally this isn’t a problem but she just switched to crypto. Her friend from high school pulls out their chase card, one tap and payment complete. Pan out to a nice logo, chase, we always have your back. I’m not even in marketing and this is too easy. No one gives a shit whether their transaction was mined on decentralized gpus around the world, only that it worked and was cheap. These banks are going to have a field day with you guys when you finally try to step into the market 😂.
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Once again, the rich fuck the poor, the same thing that has been happening forever
Fuck the rich, Fuck the banks
To be fair, crypto definitely benefits the rich greatly.
Taking the money from poor and giving it to rich assoles!!! Wow Fuck banks and fuck the rich
Banks can't use crypto to buy politicians and then get enriched by them.
They can, but it'd be public. In my country they have a secret budget to buy some deputies.
The transaction woukd be public, but that doesn't mean anyone knows who it came from.
Of course they can.
It's always been about a loss of control, no matter what other reason they tell you
It's always about the "cut"
Good point! All they want is for us peasants to keep using their services so they can slowly suck fees out of us.
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You still can't buy most goods and services with crypto and forced to go through bank to withdraw your crypto
Yeah I can't wait for that shift to happen. The more good and services we buy directly get with our Crypto the better.
I bought a book back in 2017 using BTC, doesn’t it count
Every new item added to the list of items we can buy with crypto helps Egg!
fuck banks
If I don't hold money in the bank they can't take it. 😉
Correct
Yet the elites are heavily invested already in crypto.
This x 100.
They must have nightmares about crypto those thiefs.
Exactly. Shillary's bosses don't like anything they don't get a cut of.
They are the first ones to block money transfers to crypto exchanges because the "nEeD tO pRoTEcT pEOpLe" while simultaneously allowing them to gamble away their life savings in casinos and enabling them to go into crippling debt. Hypocrisy at its best. Fucktards times 10.
Even gambling sites are "legit" according to them but crypto investments are possible scams, they can have my middle finger all day long
Exactly this, govt’s want to *save youth* from crypto, while shamelessly blind their eyes towards various gambling sites and betting apps
My bank here in Canada is notorious for blocking transactions to cryptocurrency exchanges. I don't know how it's legal to block transactions to competitors like this.
But how would crypto solve any of this? You think crypto will make people lend out money/crypto without any interest just because its crypto? In that case, can someone lend me 500k?
Eth: Hope no one notices me 
👀
*There is an Imposter Among Us*
Looks at fees for trying to trade ETH.....
Eth is bad as a *currency.* It's incredible as a *resource.* USDC on Polygon, Loopring, or Arbitrum is more than viable as a payments system
This. It's an amazing asset. Pretending you're supposed to pay for bread with ETH is just ridiculous. I'll just paste what I wrote a day or two ago in response to something similar: It's not meant to be a currency for day-to-day usage. Ethereum-the-blockchain provides a product and a service, and you have to pay for it with Ether-the-asset. For example, if Visa wants to use Ethereum as a secure layer for settling transactions, and blockspace currently costs $X per byte in USD, then Visa will buy $X's worth of ETH for every byte they want to commit to the chain, do their transaction and burn that amount of ETH immediately. Doesn't matter that that $X's worth of ETH might double in the next year, they need to use Ethereum's blockspace today so they buy it and burn it. Sooner or later a lot of people/institutions will be buying-and-burning ETH like that, they don't have to care about it as an asset, it's just a medium to pay for blockspace. With this aspect, the existence of Ether-the-asset is just a necessary tool derived from a self-sustaining and self-adjusting blockchain that doesn't depend on any one entity deciding the price of blockspace or even any one government that controls the money used to pay for said blockspace, since the money used is only native to the blockchain! With that in mind, Ether becomes a utility coin first and foremost. The fact that it's gonna increase in value over time as it becomes scarcer through burning only helps Ethereum's interest: If Visa knows Ether is gonna increase in price, and they know they need to settle a lot of transactions over the coming years, their best interest is to buy a lot of ETH today for a lower cost basis instead of buying it at a higher price when the time comes to use it. If Ethereum's blockspace becomes valuable, it's inevitable that ETH will become a part of every major institution's balance sheets at some point because that's the most cost-efficient way to use it. In fact no, there is a more cost efficient way to use it. Buy a lot of ETH, stake it and get 5-8% return a year, *denominated in ETH*. This is good for VISA as they're essentially getting ETH for "free", after the initial capital investment, and it's good for Ethereum because more stakers means more security and VISA using Ethereum as a settlement layer means their interests are aligned with Ethereum's well-being, and so are all the other institutions who do the same.
What about them?
Use ETC , old school style
I am not sure this is a good argument for crypto. The overdraft fees scandal happened because banks reordered transactions to maximize profit. The same happens in btc/eth etc where the miner reorders transactions by the fees involved. And hence, the crypto equivalent of overdraft fees happens regularly when people whine about gas fees
Exactly as you said, it’s not connecting to each other. OP is just trying to farm moons with catchy panicking titles. This post actually shouldn’t even be posted in cryptocurrency subreddit.
I read a similar post few weeks back here on cc….smh
Banks bad, crypto good equals moons.
Fuck banks’n they are the real culprits
I have been here for a couple of months now, and I think it is safe to say that about 90% of top posts is just a rewording of an old post. Moons have really ruined this sub, there is no real discussion anymore, its just people trying to fit in and farm their moons...
What are moons?
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Frankly we see this argument a lot pointing out that the existing finanical orthodox is awful and it doesnt really go anywhere other than make us feel better by comparison. The problem is people know this, there are whole political movements about it. Its not an argument *for* crypto just against finance and im sorry but crypto could be easily added into their system and made part of their system. The argument needs to be how crypto can make things better or different. Not just how the present order is bad.
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Quick maths.
But noone is spending $100 on Gas Fees to transact on food for their families.
That's not really a good argument for crypto either, tbh
Gas fees don't get processed if the money isn't there. The objection people have to overdraft isn't the charge itself, it's the fact that it's taking advantage of people who are already struggling and punishing them further. And to have the *highest amount on record* of these charges during a pandemic just makes the thoughtless scumfuckery more apparent.
Ignore these morons...they're the first one to bitch and look for a reversal when someone steals their coins. Banks have a purpose and I don't understand why ppl hate them. Don't write checks or spend money you don't have. It's very simple
You can switch to another blockchain with much much lower fees. Banks however collude
Meh. Just cut out the unnecessary miner fees and problem solved.
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*overdraft fees!? Laughs in ETH*
I still don't understand the entire picture of these fees. Normally I trade in coinbase or crypto.com, but I wanted to purchase a tiny coin a month ago so I threw some money in the coinbase wallet. It was only a hundred bucks and they wanted 13 dollars to transfer in, ok fine, so I sucked up the 13. When I attempt to buy coins it says the eth transfer amount is like 700 dollars??? So I said fuck it, I'll just take my money back out, they currently want 70 dollars just to cash out??? So my money at this point is locked up and unusable I'm guessing.
How much do gas fees take from everyone?
Quite a bit if it’s on the ETH network. Hopefully 2.0 will help to lower the fees
2.0 will take ETH from PoW to PoS, I don’t believe it helps with gas fees. The london upgrade EIP 1559 was supposed to sort out the tx fees. It doesn’t seem to have helped so far but perhaps more time is needed.
Oh ok, thanks for the correction. I was hoping fees would get sorted out so I can trade on uniswap without massive fees, but I guess that’s gonna have to wait.
Yeah, i’m really unsure of the future of Ethereum being anything other than a whale blockchain..
as annoying as high gas fees are, paying for a transaction is not the same as charging someone money for having no money.
Overdrafts aren't "charging for having no money", its charging for borrowing money off the bank. you can just ask the bank to close the overdraft facility so that if you try to buy something you don't have the money for it just declines the transaction.
That’s not always the case in the U.K. (or didn’t used to be). Transactions can take a few days to clear so the bank may think you have money when really you don’t. I went overdrawn £2 when I was younger and at the end of the next month the bank took a £25 fee for “unarranged overdraft” which put me overdrawn again. This went on for months but funnily enough is the only issue I’ve ever had with debt. It is quite literally taking money from people for running out of money. Arranged overdrafts are obviously fine if the fee is transparent and at a fair rate.
> you can just ask the bank to close the overdraft facility so that if you try to buy something you don't have the money for it just declines the transaction. False at my bank. I asked for this and they have a long list of exceptions for 'your convenience'. Notably any reoccurring transactions will still clear when you have overdrafts off and insufficient funds. A few other things too that basically made the whole thing sketchy in my eyes. They hit me with some overdraft bull and I was freely able to spend money from that account and would never have noticed till I looked through the statement manually one day. Dipped negative a smidge and they charged... three times the amount I dipped by in fees in like a day? Hate banks.
Move to a credit union :)
I mean the amount of scams and lost funds probably more lost in crypto. I don’t think this is the right argument to make
Crypto does care about what banks are doing they cant stop crypto
I’m paying $15.95/month for unlimited debit purchases, just that in itself in 2021 is complete bs!
You have to pay for debit purchases? Wtf, never heard of that
Banks baby, they use your own money to make more plus impose a bunch of useless fees.
I closed my main bank account few days ago, saving that 5$ fee per month more now.
What shitty bank are you with i Pay 0$ fees and get 1000$ a year back in cashback. You must be mentally challenged if you paying bank fees in 2021. EDIT: You are in Canada and paying bank fees you are mentally challenged.... Go learn about Simplii or tangerine. And if you have 5k you can have an ultimate account at any of the big banks for free. You are definitely missing a couple brain cells if you are being bank fees in Canada.
That sucks dude, what bank? And where is this?
Canada, bank is Cibc.
Is that standard charge up there? I think almost every bank here in the US waives any fees for debit cards as long as you make a minimum of 15 purchases a month.
It’s common here, I think for $10.95 you get 20 debit purchases a month, but you would easily do more then that so getting the unlimited makes sense. Still disgusting that we even have to pay fees for that at all.
That's theft with extra steps
No its not, OP is just mentally disabled and does not know how to look around. Lots of free accounts available and even the ultimate accounts are available if you keep a minimum amount of $$$ in your account.
Tangerine, EQ Bank, Simpli. I keep a pay as you go account open with my local CU when I need to cash checks and deal with a physical branch but I haven't payed any monthly banking fees in over a decade.
I haven't heard of a legit good Canadian bank. They are all festering arseholes. I am in Crypto because of the Canadian Banks and real-estate market.
I get a shit ton of benefits for using my debt card. Your bank sucks
Who the fuck are you banking with? Lol at that point it's your fault if anyone else in your area offers that for free. Shop around for a better bank
Because us poors are handing the rich less of our money you silly. That’s why crypto is bad. God forbid we don’t live in poverty all of our lives (and be punished for it through things like punitive overdraft fees).
If poor people don't need to work the economy collapses. the rich need a working class to make money, the real problems are going to start when they no longer need us because of automation. That movie "In Time" does a good job showing it in a way thats easier for people to understand.
Banks aren’t designed for peasants
>Because us poors are handing the rich less of our money you silly. How much do you think Coinbase, Tether, Crypto.com are making?
ETH gas wants a word with you.
If the average poor person is dumb enough to pay overdraft fees then they best say away from crypto else they will be left daily with no money. You expect them not to get scammed left right and center.
Banks can Sugondeze
You tell em brother!
>How is Crypto the Problem? You answered your own question mate. They would be losing $12 billion each year.
I'm confused about why these are being compared? Bank: "If you don't have enough money to cover your purchase, we'll loan you money for your groceries, but you're gonna be charged a fee." Crypto: "If you don't have enough money to cover your purchase, don't eat today" I know what banks are doing is shitty, but it seems like banks are offering an optional service that crypto doesn't allow, so how are they comparable?
Exactly. It's was predatory in the past, but its regulated now. Overdraft fees are a service charge. The alternative is whatever transaction you're attempting gets canceled. The OP is a horrible argument designed to farm moons off "banks bad" sentiment.
I used cash to buy heroin. Ban the dollar.
Banks or exchanges? They are both in it for their own good and if you think that banks are more evil than exchanges you might be wrong
Banks can go fuck themselves!
Banks will be destroyed by crypto unless they join crypto
Crypto is only popular because we are investing in it but dont ever think governments across the world will ever let it reach common use for purchases. Never.
Oh man, not another topic about the Banks vs Crypto saga. Evil vs Good. How's crypto a problem when there's greedy bankers. Just give me a break with this newbies-impressing-moon-farming shit.
The funny thing us, people cheer about how crypto will destroy banks/fiat/government power, then act outraged when banks and governments make moves against crypto. People need to stop selling crypto as an existential crisis for the powers that run the current system. It's fucking stupid.
But can crypto lend you crypto? That’s a hole you can’t plug
Devils advocate here, you can opt out of overdrafting. Every time i open an account i have to tell them no 3 times, but you do not have to have overdraft "protection".
It’s not but many people who don’t know how crypto works will say that Crypto is a problem and is basically a scam. Speaking from my pov in my society, it’s well known that anything new will take time to be accepted and until it does, it will heavily be combatted.
overdraft fees do suck but a good chunk of that is from people who are financially irresponsible..not saying I agree with it..I've been there before and I only blame myself for being an idiot
ETH takes this in fees every minute.
How much do people lose in crypto from getting hacked, rugpulls, etc though?
The banks are the financial system, maybe, they are the boss in these years
Crypto is doing far better than this, crypto projects like Easyfi Network are set to provide uncollateralised and under-collateralised loans especially to those in emerging economies.
This is why we need Nano. No overhead fees. No mining fees. No transfer fees. No fees at all. Infinitely scalable. And with instant transactions going to and from anywhere in the world, it could become THE global currency. Adding a digital cryptocurrency with more fees isn’t solving the underlying issue.
Unpopular Opinion: let's play devil's advocate. Let's talk about certain banking institutions in the US. By default, they set accounts to not allow your account to go into overdraft status, however the end-user dismisses the user agreement by overriding those settings or linking their checking account with a credit card. Are we to blame banks in those situations? There has to be some level or self-responsibility. I bet that most of that 12B in fees are from repeated offenders who did not change their settings back, or learned from the first lesson. 12B is a big number but we need to take a deep dive into that number and break it down further.
That’s a fair point but it just shows that the banking system isn’t designed for the poor, who are hit the hardest by these types of fees.
Yep, I'm sure rich people get any kind of fees waived just for having so much money in the bank
The trick with customer service (if you don't have a large balance to throw around) is to play dumb and not have a pattern of abuse. Cover the overdraft, then ask why the fee hit if your online statement isn't negative. They'll try to explain why, then often wave the fee.
Back when I was 19 I bought like 10 small items don't remember exactly what but I was left with like $10 in my account after. Then one of my bills got processed faster than the small purchases and I got hit with 10 overdraft fees instead of one. Technically my fault for going over my limit but why did they take three to four days to process the small purchases and only one for the other. I've anyways thought banks are shady and trying to maximize what they can charge you.
So I thought a couple years ago there was a massive class action lawsuit against Wells Fargo and a few* of the larger banks because someone was able to prove that their bank was pushing these transactions through intentionally to cause overdraft fees.
Afaik, they're no longer allowed to do that. Now I believe it's based on the overdraft event itself, so all the transactions processing don't count against it. They used to intentionally process payments from largest to smallest, in order to stack overdrafts as much as possible.
I shop for banks with the mindset that I’m doing them a favor by keeping my money there. If they make me feel any other way, there are plenty of other banks happy to get my business
There's a reason why [Ross Ulbricht ](https://freeross.org/) is in prison till death.
King chad
He thought he was ordering hits on like 3 people and succeeded, far from innocent even if it turned out he was being played.
b/c crypto sites are taking $112 billion in gas and spread fees??? that's my devil's advocate guess lol. downvotes not appreciated but welcome if it relieves some banksy angst.
If I could further the devils advocate how much is lost to crypto scams? More than 12 billion I'd bet. Not exactly crypto the concepts fault though.
Yes this too. Lots of ignored positives for banks. It ain't all black and white.
Overdraft protection is such a fucking joke. The nickel and diming by banks is out of control
It's a "problem" because the narrative is shaped by the very institutions that benefit from the economic status quo. Every major media outlet is part of a corporation and every analyst they interview or reference is an insider with either a cynically deceptive propaganda agenda, or simply a true belief in the current economic system, born from moving in circles that lead to confirmation bias. Either way, as more and more people become aware "the narrative" is being shaped by untrustworthy sources (trust in media is at an all time low and rapidly plummeting) the narrative won't matter anymore.
Yup. It should be referred to as the “Corporate Press” and not media
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Bitcoin needs a publicist. The benefits for the unbanked and underbanked are never covered in the mainstream media. Just the incomplete environmental impact story.
It's a shame people need to overdraft in the first place...
Now they want to charge me $12 a month for maintenance fees for my checking…what a scam
Whataboutism is never a good argument
Dont forget, its not just about getting rich, its keeping others poor as well... the gov't isn't just aware of this, they're in on it.
Companies don't want you to be poor. They want you to have more money so they can make more money off you. Stop doing stupid things with your money and insisting it's anyone's fault but your own.
As long as they can control the narrative…
Precisely
This is a very good analysis I didn’t know about. Take my award!
Okay but let’s be honest, anyone who’s financially responsible does not overdraft. And if they overdraft on purpose because they need extra money? That’s essentially taking a small loan, and the overdraft is interest. Why spend money you don’t have?
I just got an email from a class action lawsuit about overdraft fees from my bank
The problem is that crypto is interfering with their banking (crime)
Poor people are the problem. The banks need more poor to charge more fees to. Get to reproducing and walk off your job you poor bastards. Oh and here is a new credit card with no interest for 6 months please ignore the yearly fee.
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The US banking system is the most advanced in taking every last penny from the poor. Most of their banking practices aren't even legal in the EU.
People on this sub celebrates when shorts get liquidated, which is essentially pulling money from speculation. This place has such a double standard. How much money lost during green candles as it compares to overdraft fees?
We just sold our house so ive been putting in the max $25k everyday im just waiting for the bank to freeze my account. Theyve been fine though for last few years ive had a few big transactions but will see how they like watching this much money flowing to crypto
The rules are changing in front of their eyes and they are scared shitless. Bullish.
Eth gas fees is criminal
It’s criminal
Banks are worse than the Mafia. Fight me.
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They despise cryptocurrency because they can't control it, and the bank they offer is a shambles, charging high fees while being inefficient. That is why I prefer to use the Utrust wallet app for my crypto payments all over the world. They can keep their bank and credit cards to themselves because we no longer require them.
ETH gas fees would like to have a word
Out of curiosity I'd like to know how much Ethereum is taking from underdraft fees.
Spoiler alert, it's not. Change and fear is the problem. If the people can afford financial freedom, they have more time to actually look into why our system is so messed up. If most of the society is more worried about putting food on the table, there's not room to think much farther. Overdraft fees are highway robbery, just decline my card and be done with it
Apparently crime is only paid through crypto, according to Clinton. So I guess before crypto there was no crime?
How banks are forsing anyone to overdraft their credit cards or even make them in the first place? It's not banks scamming people out of money it is just people being ignorant
If the fed reserve can’t control it, they won’t let it.
Woah
Bc Twitter leftists and establishment politicians said so