The Old Dog Exposes: More Swiss Banking Horror Stories!

2 months ago
70 in banks

 “The bank called you and said what? What’s going on? Are they crazy?”   

 This is how I reacted to the news that my wife had just given me.   

 

Image source: pixaby.com

Why Did The Bank Call?  

 Please allow me to give you the gist of what was said in this re-enactment!  

 Dring dring   

@lellabird60: “hello”   

Our bank: “Um er, this is kind of embarrassing but um er…..”   

@lellabird60: “What is it? What’s going on?”   

Our bank: “It’s your husband…….” (pause)   

@lellabird60: “What! What! What’s going on! What happened!”   

Our bank: “Well, his name has come up on a list of suspected….”   

@lellabird60: “Suspected what! What did he do? What’s going on!” (My wife is very excitable and at this point her mind is racing and she’s thinking…. a suspected terrorist? A suspected thief? OMG did he rob the bank?)  

Our bank: “He’s suspected of being a USA citizen.”   

@lellabird60: “What! What are you talking about? He’s not a USA citizen. He’s Swiss/Canadian but even if he was what’s the problem?”  

Our bank: “We no longer accept USA citizens in our bank!”  (to learn more why see HERE)

@lellabird60: “I just told you he’s not a USA citizen.”   

Our bank: “We’re glad to hear that but he’s going to have to prove it! He has to give us a signed copy of his scanned passport and then he has to sign a waiver form stating that he is not a USA citizen.   

@lellabird60: “ I can’t believe this. We’ve been banking with you for over 15 years!”   

Our bank: “I’m sorry. Those are our rules!”   

@lellabird60:”He’s not going to like this!”   

Our bank: “I’m sorry. Goodbye.”   

@lellabird60: ”Goodbye”    

How Did I React to This News?  

Well my wife was right. I didn’t like it! I told them that I would not comply because by now they should know who I am. 

I have taught in several schools in the area, I run a business with employees, have almost a thousand local customers and I’ve lived in this little community for 22 years! I said: “If you don’t know who I am by now or can’t figure it out then shame on you!”   

To make a long story short, they backed down.  

For more information behind the reason for my bank's phone call check the following article HERE.

Should We Trust The Banks?  

My little experience, related above, shows me that the proverbial vice is tightening! In this case the bank's phone call had more to do with USA government policy but there is more, much more!    

The Federal Reserve, fractional reserve banking, quantitative easing, bail-ins, currency controls, the war on cash and negative interest rates…. the more I learn about and experience these things the less reason I have for trusting the banks.  



image source: pixabay.com

Should We Be Moving More of Our Savings Into Crypto Currencies?  

  I believe that it is wise to hold funds outside the banking system and I am thankful that Steemit has helped to train me in this practice.  

What About You?  

  • Do you trust the banks? 
  • Is your country subject to currency controls? 
  • Have you experienced bail-ins? 
  • Do you believe in having a percentage of your funds in crypto currencies? If yes what percentage?
  • Do you have any stories to relate?    

 

I hope that you enjoyed my banking horror story!


Until next time,


@kus-knee (The Old Dog)

Remember, I reward the best comment(s) on each of my posts with my "The Old Dog is Throwing You a Bone" program! So please re-steem and follow so that we can spread the wealth!     

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Sort Order:  trending
70
  ·  2 months ago

The security of being diversified into crypto can be greatly enhanced by learning to use a decentralized exchange such as the bitshares DEX
https://bitshares.org/

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70
  ·  2 months ago

Good info!

I just read with interest an article by @chris4210 which outlines what an amazing network it is!

I know you've seen it but I'm linking it here for others to enjoy!

https://steemit.com/bitshares/@chris4210/1h30-min-bitshares-stress-test-of-the-15-march-2017-3300txs-14000ops

64
  ·  2 months ago

The banking system is badly flawed. Asset diversification is key. Currently I only trust cryptos, real estate, and...my own value-generating skills!

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70
  ·  2 months ago

All good points!

60
  ·  2 months ago

What About You?

Do you trust the banks? NO
Is your country subject to currency controls? YES
Have you experienced bail-ins? NO
Do you believe in having a percentage of your funds in crypto currencies? YES HIGHLY
If yes what percentage? 2/3rds
Do you have any stories to relate? It is such a good feeling walking into a bank and withdrawing leftover cash and closing an account. :D

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70
  ·  2 months ago

Very cool to have you chime in here! How do you store/safeguard your crypto?
What wallet? Cold storage? Trezor? I'm on a fast learning curve.. I hope!

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60
  ·  2 months ago

"thirds rule strategy" which now can be googled

*How do you store/safeguard your crypto?
By using my thirds rule strategy, I do keep a 1/3rd in an a reputable exchange for trading primarily BTC/USD but I do NOT cash out of USD. I only use the USD to BUY back lower the BTC that I SELL. Rinse and Repeat continual process. If you can remember BTC was around $225 about a year ago and IMAGINE riding those waves UP and DOWN and looking at ALL the PEAKS and DIPS from the BTC charts. Buy in Thirds and Sell in Thirds, don't be TOO greedy. Just continually STACK your BTC and withdraw the BTC profits to your COLD STORAGE paper wallets. If you also want to google "bitcoin atms" in your area, you can test them with small amounts of money $1-$2. Some of them will offer a PAPER WALLET since not everyone has a mobile device when they want to BUY BTC from the ATM. Now I should NOT have to tell you what to do with the PAPER WALLETS after you have them. Lets just say what if the house burns down with your PAPER WALLETS? Better have copied your private and public keys in BOOKS or back of PAINTINGS or PICTURES, you get the message...What I like to do also is spread out those PAPER WALLETS among family members and very good friends. That way if something happens to ME, "thirds rule strategy" I would not have lost 100% of my work and time. Maybe just a 1/3rd ;-)

*What wallet? Cold storage? Trezor?
Lets also say I use mobile device wallets, usb, and hardware wallets, AGAIN "thirds rule strategy" I try NOT to endorse any specific company or product for safety and privacy purposes. Going over my "thirds rule strategy" and my above long comment should get you on the fast learning curve you desire.

I agree about your comment "I believe that it is wise to hold funds outside the banking system and I am thankful that Steemit has helped to train me in this practice. "

Steemit is a GREAT gateway into Crypto Currencies and BITCOIN (BTC). And thus is why I enjoy and feel the need to HELP the community LEARN.

Frank

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70
  ·  2 months ago

Thanks so much for your detailed response. I really appreciate it. I will study this over carefully!

Cheers!

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67
  ·  2 months ago

Thanks for your excellent and detailed response... you just answered a number of questions that have been simmering at the back of my mind.

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60
  ·  2 months ago

My pleasure @denmarkguy

Can you picture or imagine this???

EVERYONE following "thirds rule strategy" ONE DAY ;-)

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57
  ·  2 months ago

Quote "better have copied your private and public keys in BOOKS or back of PAINTINGS or PICTURES, you get the message"???
Now everybody know where your keys are and the keys from the ones you have instructed. lol.
Now you have to come up with another place. And I have to do that too,lol

Edit; By the way I had the same thing with the US citizenship thing. It came from the tax"service" (IRS). It's probably for rolling out the world wide tax grid.

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60
  ·  2 months ago

Good luck visiting all the different places all around the world, lol...

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57
  ·  2 months ago

Yeah I know. It's not a real threat right now. But don't you think thieves know exactly were people keep stuff. Human beings are so predictable You guessed where I kept my key's. It could be that you live within a few km from me. Who knows.

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57
  ·  2 months ago

I forgot to thank you for the tip's....so.........Thanks :)

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60
  ·  2 months ago

Tell you what, if you can find the exact page and pages and photo and photos and picture and pictures...You Deserve a Prize :D

Edit: Have you sent books, photos, and pictures in the mail or given as gifts when friends and family visit?

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57
  ·  2 months ago

Let me guess your own a library and an art gallery...no thanks. lol

I just now see your edit. No I haven't.
Is it a hint of some sort? (It's 6 o'clock in the morning and I haven't slept all night to reset a jetlag so I'm not so good in thinking anymore)

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59
  ·  2 months ago

treasure hunt much :)

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59
  ·  2 months ago

cheers mate thank you for the elaboration, I did google it, but I didn't read zilch, thank you very much :) I think I'm doing that just because it seems like the best thing, I didn't give it much thought, but I was always like that, I would like one thing, but I'm not about to give up everything to get that, it's simply not worth giving up just so you can have( I have issues :D ).

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60
  ·  2 months ago

I have a saying...

Can't help _____________ or NOW someone having issues. ;)

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59
  ·  2 months ago

damn it I have a feeling I will hate getting old if crossroad puzzles are still a thing :D can I have 13 hints maybe, or just the vowels :D take it easy on me, I'm off for now, I was going to say stack up on popcorn, but I can't endorse that :D
Have fun with the steemit show :) Good on you for making your avatar into a popcorn you have followed up on your word :)

67
  ·  2 months ago

Here's a good banking horror story from the US. Someone got hold of my daughter's information and used her account to purchase stuff online overdrawing her account by around $200. The bank called her wanting her to replace the money or suffer fines and other consequences. She called me in a panic! I told her to tell them this: I trusted you with my money and you gave it away and now you want ME to replace it??? You owe me, I don't owe you a dime! By the way...Precious metals!

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70
  ·  2 months ago

Father knows best!

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67
  ·  2 months ago

Amen Brother!

67
  ·  2 months ago

Thanks for sharing the results of your experience with us.

This sort of phenomena seems to be increasing all over the world while their grip is becoming more and more tight. Sorry to hear your bank behaved this way in relation to you, maybe it is perfect time to either switch bank or get a whole lot out of it in? If you happen to know how to use the exchanges in order to invest in cryptocurrencies while keeping a small percentage of it in metal form and some in another bank, maybe, then you keep yourself in a position where you still have immediate liquidity, available hands-on assets somehow readily available and the majority of it increasing in value in cryptocurrencies! How wrong could you be? ;)

As you can read between the lines, trusting banks is not a word I can easily use anywhere anytime. Good luck and courage in your future endeavour. Keep on taking good care and thriving. All for one and one for all! Namaste :)

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70
  ·  2 months ago

Great to hear from you my friend!

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67
  ·  2 months ago

A pleasure as always! I sincerely hope you'll be able to re-establish a healthier connection with another bank or solidify yourself into your own bank through cryptocurrencies. May the force be with you. Namaste :)

67
  ·  2 months ago

Wow... that's quite a story. I'm glad they came to their senses and decided you were not a "risk."

I'm a Danish citizen, but living in the USA. I trust banks less and less... although I have fairly good faith in my local bank. They are not one of the huge national organizations; they have been in business 105 years with the same name and are very locally involved in the community... and they also were completely outside the banking crisis of a few years ago.

I also still keep a contingency bank account in Denmark...

Even so, I am not sure I full trust ANY of them, mostly because there's no telling what sort of banking regulations may be handed down "from above." As a non-US citizen I'm technically subject to the same scrutiny as ostensible "terrorists."

I'm increasingly looking at holding more in cryptocurrencies, even if they seem very volatile. Good reason to just power up with anything I might get from rewards here, rather than cash out!

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70
  ·  2 months ago

Thanks for letting us in on your experiences.

I have a friend that had dual US/Swiss citizeship and she ended up renouncing the US one because the IRS wanted her to pay taxes on her world wide income. That was a shame.

@kus-knee (The Old Dog)

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68
  ·  2 months ago

I trust my bank, too, like you @denmarkguy. My bank is also locally owned and always has been. The employees know me by my name whenever I come in, and ask me about how my life is going. They send Christmas cards and other kind acts. But I still have to remember that their sole purpose is to make money from me, so I am cautious and ready to withdraw our funds if things ever go awry. I think my wife and I would put more funds into crypto IF they weren't so volatile and if she were more willing. She is less receptive to new ideas so she is much more comfortable with checking/savings accounts versus crypto wallets.

70
  ·  2 months ago

@kus-knee no - remember Italy ;)
just recently
before that - Cyprus

It's too early for halloween I hope your money's fine!

71
  ·  2 months ago

That's just pathetic isn't it! Now if you were a new customer and you were opening an account you could expect to be asked a lot of stupid questions and have to supply proof of etc. But for you to be a customer for so long and a fine uostanding citizen is just outrageous that they ask.

I am glad you made them back down. If only there were more certainty around the crypto world to make it a more feasible way to store all if your money without risk. I know there are ways and means of securing coins but they haven't quite yet for me created a fool proof eat of doing so

Then again i am a noob. There might be lots of ways and i am open to being corrected!

I did laugh though because your wife sounds as excitable as mine.

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70
  ·  2 months ago

Thanks @meesterboom! Yes I'm learning about crypto too. The great thing is that I can learn so much right here!

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71
  ·  2 months ago

I know, that is totally the best thing!!

64
  ·  2 months ago

Way to stand up for common sense and general decency.

Twilight zone stuff...

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70
  ·  2 months ago

doo do doo do
doo do doo do
doo do doo do

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64
  ·  2 months ago

Lol! I think that's the song playing over and over in the bank's head...

67
  ·  2 months ago

I don't want to talk about a bank that call one of its customers to ask this things, I'm very shocked! Do I trust the bank? No. I'm sorry for this, but I don't trust in the system of the banks. Not in my country, where we all have clear in mind some recent "issues" with Monte dei Paschi and others. I'm sorry, some of my friends and some relatives work for little banks here and I know that the system have a fall in these last years. Sure, we have some different laws/rules s on the money movements, but I think they aren't about the citizenship of the customer (I hope). I believe in a % of my funds in cryptocurrencies, but now it's only a very small amount (I hope to grow up it in the times ^_^)

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70
  ·  2 months ago

The Old Dog is Throwing You a Bone For Your Nice Comment!

Please check your wallet!

Remember: I reward the best comments on all of my posts so continue to follow me and tell your friends!

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67
  ·  2 months ago

Just 4 words: you are the best! :D

68
  ·  2 months ago

This is really unbelievable! Are they on drugs​? After 15 years they decided they need a copy of your passport to see if you are or not a USA citizen? LOL, I really love your reaction Old Dog! You are a wise person! Cheers!

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70
  ·  2 months ago

Yes lots of fun!

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59
  ·  2 months ago

:) well you couldn't expect them to be happy for you and offer you advice or maybe even keep you posted, if they haven't extended any courtesy in 15 years, what more can you expect :) better cut off those loosing ends that might get us in trouble is all I can read on their end :D

I think we can learn a lot from the outstanding community members here, 've seen so many stories so far and kus knee has earned his pace as a valuable author :) he even helped a dust particle like me get on my minnow legs :D comments and engagement is easy when the stories are worth the time :) the added incentive helps too :D

I'm leaving you a https://steemit.com/@moneymustacheman go read up on banking, :) the guy left, but his advice and engagement is here for the rest of us :) there are some interesting reads it took me about 10 minutes and then I got interested and read through his comments in another~ 10 minutes, not counting in the hour that has passed since :D trailing off :D

alright, have fun wisening up from the dear old moustache man :)

68
  ·  2 months ago

Difficult to trust anyone these days - trust yourself, trust your judgements - trust Steem!

I trust you @kus-knee too!

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70
  ·  2 months ago

Thanks @uwelang! You're becoming an expert at the "image" comment! Quick too!

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70
  ·  2 months ago

The Old Dog is Throwing You a Bone For Your Nice Comment!

Please check your wallet!

Remember: I reward the best comments on all of my posts so continue to follow me and tell your friends!

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68
  ·  2 months ago

Oh dearest @kus-knee - what a wonderful surprise on such a day of tax

69
  ·  2 months ago

Incredible story :-/ What a lame customer service... We are all basically a series of numbers for these banks.

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70
  ·  2 months ago

Thanks for having a look! Yes we are numbers and not number 1!

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59
  ·  2 months ago

way of the world, pretty wayward and long off what would be beneficial to people, the funny side is only people are running those rat mazes :) so it's in our hands after all :)

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70
  ·  2 months ago

The Old Dog is Throwing You a Bone For Your Nice Comment!

Please check your wallet!

Remember: I reward the best comments on all of my posts so continue to follow me and tell your friends!

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69
  ·  2 months ago

Much appreciated! Thx!

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70
  ·  2 months ago

My pleasure, if we succeed we will do it together.

58
  ·  2 months ago

Your reward for being in Promoted is an upvote and 0.006 SBD extra promotion.
Good job, keep your contents promoted! :)

61
  ·  2 months ago

Do I trust banks, yes. However, should much of your worth be there, no. I think you are much better off holding equity, either in the form of mutual funds or stocks. I think it is really a question of scale. If you want to have some alternative form of currency, fine. I wouldn't put serious money there. I would rather own a piece of GOOG or AAPL or better yet some of a 500 Index fund that invests in the 500 largest US companies.

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59
  ·  2 months ago

so you are banking on the stock market being a better dealer :) might work but I do think that there is a lot of variance and you are never truly the owner of your money, some firm is, still at least it's active, that also means prone to loses, still with how things are going there isn't much rhyme or reason to go for social securities and whatnot, with the amount of care people put in, it's not worth it, being just a number on a list, messaged from time to time to check up on you to make your payment :|

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61
  ·  2 months ago

Well its more of a matter of familiarity. Ive been involved in financial markets for some time. At some point there is always a matter of trust at some point no? Even money in the mattress, you are trusting the house not to burn, or it being forcibly taken. The banks and the brokerages are backed by the US government for a good chunk of change.

59
  ·  2 months ago

I trust the banks a much as I trust my friends, but I don't use banks, so far I've had a few brushes and wouldn't want t have dealings with them, so far I'm being provided with a way to exchange currency and transfer funds, I've only used them as that.

It's true that banks aren't great institutions, but there was a merit to their inception, when they are used properly they can be a good place to hold value stabilize the economy and provide chances for startups, currently you are much better off with handling all that by yourself.

First off all, I can't see the trust being extended, banks like numbers, not much on people.

I'm not sure what currency controls are, but I hope the bills stay pegged and people start being more aware of the politics and everything, the generations around me are mostly uneducated of things that should be common knowledge :D (I don't know what that is but others don't either, nice answer :D )

We lost one of our major banks some time ago, it's all politics it seems :|

Coins in crypto are good as long as the real world currency is there, many don't know what that is so it's not that useful,

I can't relate any stories other than my own, so far I'm a unemployed worker for 5 years, never expected anything and I wouldn't like to have stuff handed out to me, I'm mostly learning by passing by, I like the stability governments and banks provide, I'm not sure I can say I like the dehumanization downsides, sooner or later you are just a number in people's eyes and all other think of you is how much, which is a real shame since people can work together so much more, well I suppose I'm quite wrong and we are living in the digital age not the humanitarian one :| we like our screens, more than we care to admit, numbers might give us security, but they require our voices too and that makes us silent.

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59
  ·  2 months ago

humm I just found the pokemon, I have a thing for treasure hunts :) next time maybe help him out :D I give 10 for the effort but 0 for the implementation, sure I cheated because I know how to look and where :) so I won't spoil your fun I hope you can get people engaged :)

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70
  ·  2 months ago

It sounds like you've been through a lot!

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59
  ·  2 months ago

not nearly, I've been avoiding and watching from a safe distance, I need to participate more since you can't learn a dance from the hill :D

25
  ·  2 months ago

Here is one masive reason not to trust any bank or banker https://www.youtube.com/playlist?list=FL1TfOuBR6QgM-GGBVfFK4Yg

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70
  ·  2 months ago

Thanks I'll have a look.