I wrote to my bank recently to inform them that I was contemplating starting an e-business. A problem I had with my current account with them is that it takes days after someone makes a deposit before I am able to ‘see’ it in my account – on internet banking.
I know there are other alternatives available, within the existing banking industry. (How do thousands/millions of e-businesses operate, dispatching their product immediately upon payment).
The lame, impersonal & generic reply I received did not answer any of my questions directly, it continued with a load of irrelevant self praising drivel which did not offer me any solutions at all. It was basically saying, tough titties, we can’t help you and we don’t give a shit about you or your business.
In this day and age, with instantaneous electronic wire transfers, a booming internet economy, the banks themselves now under threat by emerging fintech startups – I find their attitude amazing.
While at the same time they push advertising in my face telling me about how it is possible to ‘love’ a bank!
And more so, because I know the solution I’m looking for does exist, probably within the same bank. It’s just that I have to do the research, so that I can educate the teller about the products that they can offer.
Just another small example of why they will soon be left behind.
Indeed they are well aware of this – so what is their response….to pull their finger out and provide better service? Of course not, it’s to begin freezing the accounts of Cryptocurrency traders. (The enemy).
”Michaela Juric, who is known on twitter as Bitcoin Babe, said she had business accounts closed by 30 banks and posted a picture of a letter from ANZ, saying it was closing her accounts effective 30 January 2018 in accordance with its terms and conditions”.
CoinSpot has frozen AUD deposits due to inability to find a Bank. In an email to members it has stated:
“We assure you we are just as unhappy with the situation as you, but unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry,” it said.
US Banks are freezing out users of Coinbase.
Of course this is all to keep us safe. Only criminals, money launderers and scammers use Crypto-currencies. Banks could NEVER engage in criminal activity, because they are regulated!
I wonder just what they think the reaction of people will be to their ‘crackdowns’ on the dissident rebels who would DARE to manage their own money.