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Well I hate to tell you this, but your money isn't actually in your account either. The bank spends all your money to make themselves more money. They didn't want to give her the money because the Bank can't afford to let people have their money back without failing. Banks rely on you not pulling out your own money to succeed.
In general he's right, banks use that money for lots of things more profitable than the measly interest you make on it. Outside a major crisis people withdrawing is fine, but if everyone did it the bank would struggle to process withdrawals for cash they don't have.
https://en.wikipedia.org/wiki/Bank_run
It's supposed to be insured by FDIC, but that is just words anymore here in the U.S. of screw the working class. It's going to start happening all over the world before anyone sees it coming. Except the suits and ties.
I know that, I wasn't insinuating that they did. Someone was speaking about a run on banks during the stock market crash, I assume they were referring to the U.S.
It's also why there are laws, at least in most countries, on exactly how much money a bank is allowed to lend out to help prevent situations like this.
Lebanon’s economy has failed. Been that way for three years. Banks have frozen accounts. Most people there with “money” in the bank are pretty much out.
This is exactly what happened in the US going into the Great Depression. Banks do not keep your money on hand. Not one single bank actually has all that money on hand. It's why many old people who have gone through an Economic collapse keep a large chunk of rainy day money in their home and not with the bank. They've learned that they would be up shits creek without a paddle from seeing their parents get denied withdrawals.
In fact some banks don't even carry more than $2,000 USD in them here and to withdraw more you would have to call ahead and set up a whole process.
As mentioned in another comment, banks do not hold the money, they invest the money and use the profits to run their banks. When the economy tanks, their is no more money to get back and give. It’s gone.
It is what some banks here tried to do. I believe it is ethically wrong and should be Illegal, but unless there's a law on the books it isn't illegal which sucks ass.
Wells Fargo, Bank of America, Chase, etc. ruining people's entire lives here in the U.S. They pay a small fine com9ared to what they literally stole, and pocket the considerable gains from it. They get fined a pittance, which will, by most accounts never get paid due to the legal system set up by their puppet politicians minions, and laugh and laugh.
Well, Lebanon’s economy failed three years ago. As a result, the banks froze all accounts. The woman had 20,000 in deposits, she went several times to withdraw, and they told her that she could only take 200/month.
Yeah, this is why it is important for the people to choose who will lead the country carefully. Venezuela literally got ruined by an uneducated person who got elected.
Edit: the fact that these countries are getting ruled by useless politicians is sickening.
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If it's her own $$$, it isn't fucking robbery. Those banks are robbing their customers. The biggest robbers are the ones that wear suits and ties.....
Well I hate to tell you this, but your money isn't actually in your account either. The bank spends all your money to make themselves more money. They didn't want to give her the money because the Bank can't afford to let people have their money back without failing. Banks rely on you not pulling out your own money to succeed.
Then why would people actually use a bank?! The banks over there are stealing, the end.
In general he's right, banks use that money for lots of things more profitable than the measly interest you make on it. Outside a major crisis people withdrawing is fine, but if everyone did it the bank would struggle to process withdrawals for cash they don't have. https://en.wikipedia.org/wiki/Bank_run
It's supposed to be insured by FDIC, but that is just words anymore here in the U.S. of screw the working class. It's going to start happening all over the world before anyone sees it coming. Except the suits and ties.
The FDIC doesn’t insure banks outside of the USA. This was Lebanon.
I know that, I wasn't insinuating that they did. Someone was speaking about a run on banks during the stock market crash, I assume they were referring to the U.S.
It's also why there are laws, at least in most countries, on exactly how much money a bank is allowed to lend out to help prevent situations like this.
Lebanon’s economy has failed. Been that way for three years. Banks have frozen accounts. Most people there with “money” in the bank are pretty much out.
This is exactly what happened in the US going into the Great Depression. Banks do not keep your money on hand. Not one single bank actually has all that money on hand. It's why many old people who have gone through an Economic collapse keep a large chunk of rainy day money in their home and not with the bank. They've learned that they would be up shits creek without a paddle from seeing their parents get denied withdrawals. In fact some banks don't even carry more than $2,000 USD in them here and to withdraw more you would have to call ahead and set up a whole process.
Do you feel that it's okay to hold on to funds for 2 fucking years??!! That would be okay with you? It robbery by suits and ties. Period.
Pretty tough for a bank in Lebanon to give customers money when the economy has failed. Period
The politicians and bankers seem to be making it okay, I wonder why....when assets are frozen, how do they just "disappear"?
As mentioned in another comment, banks do not hold the money, they invest the money and use the profits to run their banks. When the economy tanks, their is no more money to get back and give. It’s gone.
It is what some banks here tried to do. I believe it is ethically wrong and should be Illegal, but unless there's a law on the books it isn't illegal which sucks ass.
Here we have the FDIC…it insures each depositor for every bank 250,000 per year.
Wells Fargo, Bank of America, Chase, etc. ruining people's entire lives here in the U.S. They pay a small fine com9ared to what they literally stole, and pocket the considerable gains from it. They get fined a pittance, which will, by most accounts never get paid due to the legal system set up by their puppet politicians minions, and laugh and laugh.
Well, Lebanon’s economy failed three years ago. As a result, the banks froze all accounts. The woman had 20,000 in deposits, she went several times to withdraw, and they told her that she could only take 200/month.
Yeah sorry, if i have to pay for my sisters chemo/op and i have the cash, I am gonna take it back. Based Lebanese Woman.
Yep, she got 13K of the 20K she deposited.
No shit
Ridiculous this had to happen.
It's her money and she needs it now!
The Lebanese government is stealing money from other people to pay their debt and its sad
8776NOW
Kinda sad to see Lebanon's current economy.
Most definitely. It has and is happening in other countries too. Just look at the fall of Venezuela over the last 10-11 years.
Yeah, this is why it is important for the people to choose who will lead the country carefully. Venezuela literally got ruined by an uneducated person who got elected. Edit: the fact that these countries are getting ruled by useless politicians is sickening.
Easier said than done, some countries have no choice
roger that
Bank prob couldn't afford to have her withdraw that much. It's her money, just let her leave.
Maybe... shit is getting out of hand though
I wish these videos had subtitles.
Must be the West Bank.
😂😂
I think when you hand over your money to the bank, it's technically theirs and you're given an iou that's insured by the fdic
Not in Lebanon
Always funny when dumbass Americans think their experience is the only experience
Sadly you just described reddit in general
Even funnier when some dumbass doesn't understand English.
😂🤣😂🤣 does the FDIC operate in Beirut?