When Banks Abuse Their Power And Start To Threaten Our Lives - A Regular Girl's True Story 💬
Taking away a person's control of her own life - meaning her bank account - is one of the greatest infringements a democracy can impose, especially when it applies to young people. It is an infringement even if the intent may be perceived as benign and socially valid.- Steig Larsson
It's a back-breaking scenario that so happened to me recently.
Without any previous advice or notification, my bank decided to block my account. From one second to another I had no more access to my money. The official reason: the bank's control department had detected some irregular movements in my bank account. In other words: I had started to earn more money than previously which they considered to be a serious threat for their security.
I'm not kidding, not at all. Now they didn't even give me a deadline to explain these irregular movements; they blocked my account right away and send me a list of documents I needed to provide in order to unblock the account again.
The worst part of all that: their action was absolutely illegal, but it was on me to prove it.
Needing to fight for my own property really scares me!
Picture kindly provided by pixabay.com
The fear of losing control
First it paralyzes you and makes you speechless, then you start feeling angry and activate your defense mechanism.
When my bank informed me recently that they had blocked my account for reasons they were not allowed to explain in detail to me, I felt pretty overpowered. I had to read their email a couple of times, and the more I tried to understand it the more troubled I felt. They were asking me details about my business and financial activities they were definitely not allowed to ask on a legal basis.
Now I was in-between the need to reaccess my money and not wanting to reveal my complete business activities. I told them I had some questions regarding our inquiry and asked them to call me.
I called you today's morning in order to inform you about the required information, but you didn't pick up the phone. So we blocked your bank account.
These were the first and incredible words of the bank's key account manager on the phone.
I couldn't believe my ears. They had called me, I was in a meeting, and due to the fact that I didn't pick up the phone right away, they decided to block my bank account? He furthermore informed me that:
There are some irregular movements in your bank account you need to justify.
You won't believe it, but in the end the fact that I started to earn more money during the past months turned out to be the real 'problem'.
Since when do have banks the same authority as the IRS?
To date I had no idea that banks have the right to demand information that is usually reserved to the finance office.
My bank seriously asked me to provide them detailed information about my total revenue, including details about my business partners, otherwise they wouldn't unblock my account. I wonder where in the world a bank is accredited to act like that?
I've never done anything illegal in my life, am paying my taxes timely since fifteen years of occupation, so why should my bank - the ones who are supposed to simply administrate my property - be allowed to challenge all that?!?
Since two years I'm a client of their bank now, I've never had any outstanding dept or other obligations, I've always been the perfect client that earns more money than she spends. Well at least I believed I was the perfect client, but now it seems that I'm not.
Banks were not designed to take care of our money, they were designed to take away our money.
If I look back to my childhood I don't remember my parents being in such trouble with their banks ever.
A recent conversation with my dad proved that: they simply didn't have these issues.
Over time the establishment has become quite greedy. Banks have started to speculate with our money, being backed by the governments who legislate their abuse. The power is in hands of those who don't want the best for the world, but who want the best for themselves.
Coming back to my own story, as a matter of course I have now contacted my lawyer since I'm neither willing to reveal secret information nor accepting the illegal doings of my bank.
The more I get involved with new decentralized solutions and the more negative experiences I make by myself in the established world, the more I understand why we need this change so urgently and the more I understand Dan Larimer's mission in life:
To find free market solutions to secure life, liberty, and property for all. - @dan
I've never done anything illegal in my life, but still a bank has the power to override me at a moment's notice just because they can. That really threatens me.
But I'll fight back and demand my rights. You bet!
Much love, Marly -
Thanks for your valuable time!
This blog was launched at the end of July 2016
aiming to provide stories for open-minded
people who enjoy living on the edge of their lives,
stepping out of comfort zones, going on adventure,
doing extreme sports and embracing the new.
Welcome to the too-much-energy-blog!
PS: Be your own hero, this world needs them.
Looks like you had your financial awakening. Sorry you had to find out this way. But I’m glad it helped you see the solution that cryptocurrencies and the blockchain provide.
Isn’t this the most ridiculous thing in the world? It’s your money. They revoke your access to your own property for reasons they won’t reveal to you.
There is a lot more that most people do not know about how our money system works, but imagine when this kind of thing will happen on a large scale, to many people at the same time.
Did you know that once a financial crisis hits, the bank has the right to disable all ATM’s and take up to 20 days to allow us to withdraw cash from our own accounts? And then also only a daily allowance that they deem reasonable?
This is not something you hear about in the mainstream media. This is something that was strategically hidden on page 13 in a small newspaper article while we all celebrated the legalization of gay marriage on the front pages. We can’t say “they didn’t tell us”... we were just a little distracted...
The good thing about all of this is, that the more people become aware of this, the more they will move to “the other side” :) Luckily this can all be done in a very peaceful way. It’s just a matter of participation: opting out of the old system and gradually participating more and more into the new one.
I have cancelled most of my bank accounts for example and only work with free apps anymore, like N26, Revolut and Kontist for my business. I don’t see why I should pay them for misusing my money.
You are well informed and awake. Nice to see others are aware. Only put in the bank what is needed to cover the bills is my motto. It's not like they're doing you any favors or giving you any gains these days right? They're all of the same ilk and mindset but with that being said I'd change banks and give them the finger..........
JA man große....wie wahr wie wahr! Hab den post von ihr mal resteeeemed! Anscheinend Wissen es wenige oder wollen es nur wenige wissen....guter comments my dear
Hugs
Hey Anja! It really seems that I've learned it the hard way now.
I think besides ridiculous it's also really threatening. Usually people don't have much more than one bank account, so if that one gets blocked they're pretty much stuck.
One of the reasons I wrote about all this here is the awareness you mentioned. I really believe everybody should be aware of the risk and have the opportunity to take the relevant measures. It's also definitely not going to be my last article about this topic. You can't imagine how angry I am... well maybe you can :-)
Thanks for mentioning the applications. I will definitely consider alternative ways to securely store my money now. After this incident I've lost the last portion of confidence I still had in my bank. It's not the first time they act in a suspicious way, but this time they went too far.
Lucky us, we're bloggers that are able to raise their voices in an uncensored environment. On days like these it's of even more value.
Thanks for your support!!! :-)
I had a very similar experience and only use online services for now. So far so good but I am still not happy.
I still haven't canceled my account, I'm waiting for their response. But I'm willing to leave if they don't cooperate. Banking has become a whole mess nowadays, it's really dramatic.
id definatly take my money out and if your wanting to save it , buy silver and keep it somewhere safe along with wallet seeds :) Thats a fucked up thing to happen, just prooves how dependant people are when they give their money to someone else. Same like if theres suddenly a power cut for a day, people cant even cook food etc. Storys like yours will proberbly start happening more and more, sad but true and all to cause chaos of which they caused, and then have the cheek to offer a solution like XRP so that things like that would never happen again to anybody else. Oh wait! I nearly forgot, you NEED a microchip for security then you can access your funds at anytime!
Unfortunately, on Canary Islands I can't buy food with silver... but I'd think about it :-))
Obviously as a member of a Western society you need some cash in a bank account or whatever account from time to time, whether it is to pay the bills, taxes or to buy some food. If the bank I've trusted so far fails, I'll move on to another one. No problem. Still I need to have a bank account, because without it I'm not able to participate in this system. The day will come the whole system changes and we won't need banks anymore. I hope that's going to happen fast!
Great NEWS!!! Its already happening!!
there are 100,000's of people who choose since a while not to participate in the system, known to the system as "hobos" "vagabonds" "hippies" "anarchists" "freaks" and my favorite- "homeless!"
We have time to grow our own organic nutricious food, or have time to go collect the food wasted by supermarkets and eat for free like kings and queens.
clothes can be from the end of a boot fair you can ask to take them because the people have already a million items of clothing and dont need em.
If you live alternatively, sacraficing "luxurys" (learning later the luxurys were actually just chains) you then suddenly dont have ANY bills to pay. Suddenly your off the radar and you find a cash job, and you have already a head start for when the system collapses and the money on the screen, in the bak, is wiped or "lost".
We can start changing regular circles into squares, learn how the banks work, start buying cryptos and hold your cash in your hand. Its sick how people have ended up working and NEVER seeing any physical cash these days. From an Outsider who stands in the city all day selling street magerzines , i cant help but laugh when people say, "oh nobody has any money anymore"! As if its normal?!!! what the fuck ! Ha, wow.
Wheres the money people work for if its just numbers getting swapped from account to account all the time? there is none.
But seriously in a few years silver will be accepted as currency from the people who dropped out :)
I agree 1000% and a little helpless because we are so dependent it seems. Even though I like N26 and a few other online services, I don’t trust any of them. Paypal blocked my account 2 Times and never reopened and kept funds in it. The most tricky service ever but that’s a very long story.
Keep us updated.
Paypal is definitely the worst case. I don't know any positive stories about collaborations with Paypal. They earn billions of dollars per year, because the only thing they do day and night is charging tremendous fees for not doing anything at all.
Yes, this is a perfect way to channel your anger - for the benefit of all!! :D
Super happy so far with N26 and Revolut
Don’t know the others.
Absolutely ridiculous! Banks are out of control now. Like you suggested, banking was simple back then. They pay a low interest on savings accounts, and charge a higher interest on loans - keeping the margin as earnings. It all started with mortgages and now speculation, where they try to make billions.
Actually the "perfect" client is the one who is in debt with them and paying them ridiculous interests. How you've described yourself, you're a bad client for them unfortunately.
You hit the nail, I'm actually not the client they need. Still that doesn't give them the right to abuse their power and just block my account whenever they want. I'm pretty curious to know how they'll react on our last statement and the question for the legal basis of their behavior. I guess there is none. As a private bank they don't have the same rights as a national financial institution such as the finance office.
Thanks for stopping by and sharing compassion :-)
On a personal level I really am upset about this for you. I don't want anyone to go through this type of thing. But on a larger scale it makes a lot of sense to see the banking institutions and government trying to hold on to their power. I don't have the type of crypto success you have currently but I do have my money in 4 different banks. I remember early on in with paypal when they were quite shady, i experienced lockdowns on my account. Crypto seems to follow some of the same patterns that online payments suffered in the early days. Im hoping things run smoothely for you in future. You are quite and inspiration to us all!!!!!
Thanks for your lovely and encouraging words!
You can't imagine how upset I am :-) Unfortunately I don't have several bank accounts but only one. So if this one gets blocked I'm completely stuck. Now gratefully we learn from our mistakes and that's not gonna happen to me again. I still had the romantic belief that banks would seriously take care of our money, like it was a couple of decades back. It's hard to accept that it's not like this anymore.
We live in a world where you can hardly trust anybody.
Yeah, you definitely need accounts with a few other banks. Don't put all your trust into one bank. I run into this problem with clients all the time, especially those who travel, banks don't want me to say this, but I tell my clients: put some emergency fund in another bank, so if you account freezes or your debit card blocked, you can at least pull funds from your emergency cash account.
Okay I am a bit shocked right now. Maybe it is normal, that a bank can do this. But should it be normal? Do they also do this with accounts that are really suspicious? Or is it about what bank you chose? Maybe Suisse or Luxemberg wouldn‘t be like this? Or the Bahamas? I don‘t know what to think right now. Maybe you are a victim of something that wants to take care, that taxes are being paid? In that case they would have to close the account real fast or the money is gone. But you pay your taxes. And you are a small fish compared to the real big deals going on. Seams like desperately trying to solve problems, that can‘t be solved that way? And you are the victim.
Guess what, it's the second biggest bank in Spain. Some might believe they're professionals.
I'm pretty curious to know how they'll react on our latest statement. If they're smart, they recognize their mistake... what they did is definitely illegal and could seriously harm their image.
OK, I was under the presumption that it was an American bank. I dont know how Spanish banks operate. But still, open accounts with other banks to diversify your risk. Don't put all your eggs in one basket.
Äußerst ärgerliches und inakzeptables Verhalten der Bank ... Normalerweise sollte doch in einem Rechtsstaat die Devise "im Zweifel für den 'Angeklagten'" gelten, d. h., wenn die Bank der Ansicht ist, es wäre zu verdächtigen Kontobewegungen gekommen, hat sie zu beweisen, dass an ihrem Verdacht etwas dran ist, statt den Kunden ohne jeden Beweis für die Verdächtigungen einfach vor mit für ihn weitreichenden negativen Konsequenzen verbundene Tatsachen zu stellen, von ihm den Beweis seiner Unschuld zu verlangen und dabei tief in seine Privatsphäre einzugreifen.
Ich hätte es nicht besser formulieren können! Danke, @jaki01 :-)
Man beginnt ja schon an sich selbst zu zweifeln, aber Dank Eurer Kommentare sehe ich, dass ich doch nicht so falsch liege. Es ist als würde man jemanden ins Gefängnis sperren und dann nachschauen, ob er überhaupt etwas verbrochen hat. Ich weiß ja selbst, dass ich nichts Illegales getan habe - daher ärgert es mich umso mehr. Ich bin sehr gespannt wie weit sie gehen werden!
das wuerdes niemals im Deutchland passiert! haha im having a dry humor day like usual :P
The old saying 'like money in the bank' used to mean that something was safe. Not any more. I was horrified when I started reading up on the history of money and learnt that once money is in the bank it's not 'yours' any more: Basically you give them money and they give you an iou - which incidentally they are not obliged to pay back in full if they run into trouble - which is the reason some governments give a guarantee on savings if something happens the bank. Crazy!
YES, it's really crazy!
Theoretically our money is safer at any place but in a bank.
Lots of banks here in Australia have terminated their relationship with anyone that’s dealing in crypto. I’ve heard stories of people with loans credit cards and big cash deposits being given “The” letter and needing to quickly find alternative banking arrangements.
I hear Bitwala are setting up a crypto friendly bank but it’s only for EU residents.
That's really impressive!
Since I'm EU resident I'll check out Bitwala. Thanks for the hint :-)
Hope you're having a great weekend, Stephen
Sorry you had that experience. When you've lived your life making a positive contribution and basically playing by the financial rules, it has to smart to be treated like a crook.
Now I can't say they are actually managing to do it, but this is one of the reasons I love the mission of Omisego so much. I used to always mis-remember it as "banking the unbanked," as in extending access to banking services to the poor. But no. There mission is "unbanking the banked."
Think about it. As terrible and unfair as this experience was, was it not also the most powerful blessing of clarity about just how badly you want to be able to live without needing banks?
And that's what has to happen. (Preferably not so traumatically, but some way.) Those of us who have always been able to count on banking services, while the vast majority of the world's population have not been able to, we are the ones who have to dismantle that power structure. And the way we do it is by opting out.
I can't say I'm there yet. But bit by bit, I'm working on it.
Exactly!
Thanks for your valuable comment :-)
Banks are trying to force their clients to stay instead of giving them reasons to stay. Banks used to offer more than the next and gain (keep) clients that way. Now they are crap.
The same problem has hit the compliance department
and crypto exchanges lateley. I recently had my entire portfolio kidnapped at Bittrex of all places.
I chose the go to hell approach with them
I paid someone to give me their name, document, and most recent utility bill. My account was freed up and all money removed by me - good bye!
Then I made a post about it. https://steemit.com/bittrex/@sponge-bob/when-bittrex-wants-to-know-your-name-pull-a-sponge-bob-on-them
I hope you are able to gain control of your money again. Fake info won't do the trick with banks. I have always told people to be careful how much they put on an online exchange. Now I will warn them about banks too.
I won't fake anything. I just take my money and go... and I tell everybody I know not to work with this bank anymore :-)
You need the Bank of old Tony :)
What a load of crap, tell me if it's S-n---d-r so I can switch too!
LOL - yeah where is Tony when he's needed most?!
It's not S-n---d-r, it's B-VA I'm sorry :-) But my lawyer told me that it doesn't matter with which of them you work exactly, they're all the same when it comes to blocking accounts and freezing money. It seems that banks are especially pressured by governments through "la ley the blanqueo" (prevention of money laundering act). If you've got any money on your account of which they can't tell exactly where it comes from, they force you to demonstrate its origin and purpose. In the past they only checked transfers of €15,000 or more - that has changed now. Now they just want you to be completely naked. I have nothing to hide actually, but I don't like being naked... especially not in front of my bank agents.
Let's call Tony!!! :-)
My accountant of many years dumped me when he heard me mention bitcoin (2013)
My bank had no idea what bitcoin was - I had to tell them that I sold 10 btc for 30k - my end of the deal was reversed reversed transfer. As soon as they heard bitcoin, the didn't care about the guy who stopped payment. They wanted to know more about my bitcoins. I said "Close the account." and walked out.
My other bank has the same amount frozen - can't access it for the last three years. I still have the bank account but I don't dare go in and ask for my money. I don't need it. I have cash, metals and steem!
ahh B..A, yes i know of them. Decent phone app :)
haha, well at least your humour and your cash is not lost in this instance!
I don't need a Tony yet, but maybe I should make arrangements!
They're following a new law:
http://www.diariojuridico.com/gobierno-refuerza-las-medidas-blanqueo-capitales-la-financiacion-del-terrorismo/
The C-i-xa bank called my father today and told him that he'd need to provide some information about his financial activities. They told him that they were forced to do this following a newly legislated law. While my bank blocks my account and blackmails me, my dad was invited to a meeting where he can easily present the papers and the bank agent himself will photocopy them in the office. That's how I'd expected it to happen with my bank, too! Guess what I do now: yip, open a bank account at C-i-xa bank :-) (and publish another nice article about B-VA)
I see!
Very good on his bank to do that, and a wise move for you to switch.
If you do get to speak to them about your papers and have some advice for us Steemians (especially those in 'Spain') then that would be cool.
Good luck!
I'll publish another article about the new law soon... Of course: in Spanish :-)
Mine was that one. The one ending in Rio. They got 10 bitcoins from me when a transfer was reversed. No protection.
oh my!
That is not cool, just read a bit more of the story below.
Sorry about that, i'm glad you are doing ok not to need it! Yikes!
Now that I think about it, that was a lot of money. At the time though, it was just $3000.00 at each bank. I'm going to go back to 'not thinking about it'.
You can't fake data with banks. I dropped all my banks, so the only comparison I had was a centralized exchange. I wish you the best in getting your money out.
Well, personally I've always seen the banking system as a ponzi scheme...They make money out of nothing! - Our Money!
Charging for incredible things like card maintenance even when the cards was not for once used!
And dey come up with so many delusional slogans about having the customer first in mind....But all they really have in mind is a client's pockets and how to get in it.
This is a major reason why decentralized solutions remain the best...fair and trustless.
I hope you get your account unblocked soon
@surfermarly
Take care
Thanks for stopping by!! Encouragement is really what I needed now :-)
Nothing of their marketing talking is true. Their only interest is to keep as much of your money as possible for themselves.
Uwc ma'am
I hope your lawyer deal terribly with 'em☺️