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The Banks would prefer you to pay a fee so that you can donate your valuables to that Bank. If you don't control those assets, they are no longer yours. You d
by simonblack 4y ago
The Banks would prefer you to pay a fee so that you can donate your valuables to that Bank.
If you don't control those assets, they are no longer yours.
You doubt that? Just try to access that safety deposit box when that bank is closed for the night. One day that Bank will close for the night and not reopen for quite a while if at all. What will you do then?
- homero 4y agoMost of my local banks stopped opening at all. Idk if they have safety deposit boxes that can't be accessed now.
- loeg 4y ago> One day that Bank will close for the night and not reopen for quite a while if at all. Are you talking about Fridays? Or something else?
- simonblack 4y agoThere are lots of instances where Banks and/or other financial institutions close for the night 'as usual', but then never reopen. What happens to all those accounts that are never able to be accessed again by their 'owners'? Examples: Lehmann Brothers in New York, Pyramid in Australia, that Scottish bank in England some 10 years back, Barings Bank, etc, etc. And there was also the Savings and Loan fiasco in the US around 1990. Most people lost the lot, or at the very least lost a goodly proportion of their assets.
- yareally 4y ago> "What happens to all those accounts that are never able to be accessed again by their 'owners'?" It's not an issue on the United States. Many countries have similar insurance programs https://en.m.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation https://en.m.wikipedia.org/wiki/Federal_Deposit_Insurance_Co...
- quickthrower2 4y agoIf I go far away on holiday the assets in my home are no longer under my control.
- simonblack 4y agoThat is so true. And there is many a husband (or wife) who has come home after work to find the house completely stripped bare, and the spouse nowhere to be found.
- deleted 4y ago[deleted]