The trick is to not get angry. Withdraw cash at ATMs or move all your money out of banks.
https://video.nostr.build/0a8ce91b206bf33a613c5d5d42325d88a8f032de00849b11af3cad9bf37cc74f.mp4
Discussion
That’s how shit is in the UK now?
AML and KYC in practice. I think thousands of UK accounts are frozen every week for AML violations.
They'll freeze accounts if you withdraw more than £250 a week in some cases.
It's probably already too late. Idgaf, I tried telling people for years.
This is how I feel for the most part. Sometimes I think I got to somebody and I think they are starting to come around, but then they send me some shitcoin propaganda or how they are going to game the system and I just facepalm myself
Wow. I don’t keep any more money in the bank than I need to pay my bills with, and I know shit can go downhill really fast. But in my experience in America so far in my life, we aren’t anywhere close to that yet. I would be shocked for my bank to do that to me at this point in time over $2500.
I feel like I have seen videos from the US with similar themes in banks. In practice, most of us aren't drawing large sums in cash so we don't know the limits imposed on us. For our safety of course.
Imagine some random woman having the power to withhold your money until you prove to her what you intend to spend it on. Just mind blowing!
17k UK accounts a week...
Definitely. Over $10,000 and they make you start to report stuff.
True, but I did have a family friend that lost a lot of money from her bank getting hacked a few months ago. But agreed, I think we are quite a ways from this being an issue in the US. And if it does come to that, I wouls hope we would see some warning signs. In the end, I only keep in fait what I'm willing to loose
Don't forget they're looking at people who withdraw $600 or more from ATMs here in the US now.
Something you’ve experienced? I’ve done that so many times I can’t even count. Unless it’s just starting recently. $600 is usually the maximum I can take out of an ATM at a time.
No, it's actual news. And I forgot it was $200, not $600, and though it's currently limited to the Southwest border states, I would not be surprised about more currency surveillance such as this in the future in other areas of the US. https://www.fincen.gov/news/news-releases/fincen-issues-southwest-border-geographic-targeting-order
This is coming to all of banking it seems. No loopholes left unclosed.
In terms of 'the state', if we look back on past years, it has only trended in a negative direction for all aspects of society. By design.
Not your keys, not your coins...
Made me so angry.
Would they not be forced to give him all his money if he moved his account to another bank?
All banks follow the same regulations or they will be penalised. It really isn't your money if it's in the bank.
No for sure, but that doesn't change the fact that people implement rules in nuanced ways... And in this case he mentions being called a "liar". Maybe the next bank wouldn't be so exacting and punitive and petty.
Plus by closing the account he gets access to 100% of it immediately.
I mean, by all means exit to Bitcoin, but dude might be a no coiner. Trying to think of a solution within the system.
Closing the account would have been a better approach. Would they not have been forced to give him his cash?
I don't know for sure, but I imagine they have made provisions for that. For example, they may be able to transfer it to another bank, but not as cash.
I thought of that.
If true, that'd be insane...
What if you just say, yeah I'm not going to use another bank. Gonna put it in my mattress?
I mean it's crazy that we're even having to have this conversation...
UK is a joke
Wow. 🤯 I’d be just as pissed as this guy. Thank god I’ve found Bitcoin when I did and live in the USA. 🇺🇸
Now imagine a bank run where everyone wants to get cash out.
I would like that very much.
Money in the bank is a 2-of-3 multisig between you, your bank and your Government.
Had this happen to a friend just a few weeks ago.
All this for 2,500£ ? That’s some crazy shit right there. Makes me think it’s just a matter of time.
"Savings accounts" are **loans you give to the bank**
You are the lender; it's your risk. Plan accordingly.
FAFO. A new Bitcoiner is born 😎
Monero solves this.
Also, fraud is a thing. Cash withdrawals of such a high amount is unusual. Not saying he shouldn't have access, but also checks and balances right?
There's wire fraud everyday, imagine waking up and 2k is missing in your account because "you" withdrew cash.
I can understand the customer and banks perspectives here.
15 years ago I was able to withdraw around 25k in cash. They asked me what it was for, I told them building works. Got my money instantly.
In reality, they are primarily doing this for control, and so people can't dodge taxes.
Very difficult not to get angry in a situation like this. Even watching it drives me wild!
His daily ATM withdrawal limit is probably something pathetic like 200 bucks. Should have asked to wire the money to a casino, then I'm sure they would have obliged.
Bitcoin is riskier than casinos, probably. 😜
Wild!