$120,000 Vanishes From Woman’s Bank Account, Banking Giant Says Account Will Be Terminated: Report - The Daily Hodl
A woman in Arizona says her life savings of $120,000 has disappeared from her bank account – and her bank is now giving her the boot. Margaret Lomax says she transferred the money to her Citibank account from a regional California bank called Farmers & Mer...
When you’re poor and week to week you don’t have to worry about shit like this kek. Brokeness is a blessing.
Says she violated their T&C...how? Pretty big detail to be missing from this FUD article.
Soooo... what's the alternative? What isn't an institutional bank? A Credit Union? Because many of those are insured/established in a similar manner... utilizing derivative investments and over leveraged assets to offer high yield savings.
Only thing I could think to do would be to utilize multiple credit union accounts, questioning their financial practices, and focus on opening accounts with the smallest possible CU's on the local level. But that would be a serious PITA to do/track.
This has been keeping me up at night because my business requires the vast majority of revenue to flow through an institutional bank. If a bail-in were to happen; all of my employees would be screwed, as would I.
ISDA banks like JPMorgan, Citibank, Bank of America, etc. are the biggest risk. Your personal vault would be ideal for your own money, but Credit Unions are your second best bet and would be better for your business in my opinion.
Eventually I see Bitcoin being a star solution for businesses in the very near future thanks to banks and governments regularly shutting out people's access from finances for political reasons.
Sounds like you’d all be at some kind of “Precipice”.
Stack, keep stacking and don't stop. 🥈🏅
Diversify your eggs...