asked in Business+Finance by ELITE (3,548 points) 3 7 11
Do you have absolute trust in your bank to secure your money in your interest and not steal from you?

There have been a lot of cases where banks fold up and customers end up losing millions of their money. 

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7 Answers

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answered by ELITE (3,642 points) 6 8 14
I don't have a lot of money so, I am not afraid and I trust my bank to make a safety of my tiny money. I mean banks are there to protect our money and income no matter how small or big it is. I believe it is not the bank itself who will steal the money but those people who have dark motives.And also, if you are careless to give your bank details to strangers you meet online,yes that's is probably the most possible that they will steal your money but, not the bank. When you open a bank account you have to look up the type of bank that it's been there operating for a long time and not the new one, mostly new one is not stab\ilized enough to stand what's ahead. Strategically, for me to have a bank account even my money is juts coins, I will choose the one that is trustworthy enough.
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answered by ELITE (3,091 points) 2 6 11
I've never and will never trust my bank even in a second not to steal my money,  because I've known and been taking good observation on how banks steal or deduct fund from customers. Let share a short story with you.though it was written as jokes but truly it happens. "Two armed robbers when to rob a bank and after opening the vault. The manager told them its all 50million they have. So they went away with the money despite one of the robber insisted they count the money, the other one said the total will be announced on TV. So they both 0ut on their TV waiting for announcement. Then the media announced 150million. So the two thieves counted the money and only saw 20million. What it implies is, the bankers shaved the opportsteal 130million even much larger than what thieves took. Bankers use every means to steal. .
replied by ELITE (3,210 points) 4 8 18
That's a very funny story, a good joke I must say. But in reality, it's quiet the opposite. Every single penny, cent or kobo that goes into the bank is accounted for, especially the physical cash in the vault. The money in any branch's vault is very well recorded at the headquaters. There's a very s chance of getting away with a dollar without the systems record knowing about it. 
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answered by ELITE (3,210 points) 4 8 18
edited by
I really don't understand what you mean by asking if a bank can steal customers money. Maybe your definition of stealing is quiet different from mine or you're referring to specific situations of unjust deductions. If not so, then i'd say that banks do not steal people's money. It's against every single terms and policies that a bank has. And besides, banks do not have complete authority over their own operations, they are strictly monitored and regulated by an apex bank and other relevant authorities depending on the situation.

I absolutely trust my bank to keep whatever little money I have safe for whenever I need it, even in cases where the bank gets to the point of folding up. A bank folding up doesn't mean a customer's money is entirely gone. Am meant to understand that there are certain requirements that have to bet before anyone or group can eatablish a bank. Amongst those requirements is a certain large amount of cash kept with an apex bank for insurance purposes and other circumstances including bankruptcy. Hence, customers can very well get their money back using this medium and depending on the process of claim set in place by the regulatimg authorities who will be tasks with re-embursing them.
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answered by ELITE (3,008 points) 2 6 13
Yes, I trust my bank that they will not steal my money or loose all my money if they eventually folds up untimely because I operate with very strong banks that have been waxing stronger as the technology advances, however the Central Bank of my country has made all banks to make a deposit of certain amount of money which run in millions of dollar in to their cofer as emergency fund in case they fold,  this is deposited unless there licence will be revoked,  banks that could not meet up with the amount either close down or merge with another bank.
Even the little charges they sometimes deduct are always verified, if they are unnecessary the Central Bank fines them and instruct them to stop such deduction.  Banks are closely monitored in my country to avoid fold up .
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answered by LEGEND (6,077 points) 6 9 22
Yes, I do. I have hundred percent trust on the bank I am using, because it is not any one of those banks that are not up to par with modern banking systems. Prior to now, it was very risky to have trust on the bank one is using, because there weren't robust enough to keep up with their promises, which forced some of them to fold up, and perhaps causing people to lose huge amount of money.

Interestingly, all these drama were nipped in the bud, when countries were compelled to practice global banking ethics by the world bank. Ever since this verdict was passed, all the banks are now operating according to global banking standards. That's why any part of the world you find yourself, you can carry out simple banking transactions effortlessly without the fear of having your bank account jeopardized.

But one thing is certain, don't engage transactions that would put your account at risks, because circumstances like this, your bank can't be held responsible for your mistakes.
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answered by VISIONARY (9,003 points) 6 10 19
Well, in life nothing is certain,we can't placed an exactness on a thing no matter how much trust and confidence we may have about a thing. When it comes to the issue of banks folding up,we can't just be too sure about payout before they run away with our money. People are hardly good with money so we can't vouch for any bank or individuals working there but we can just believe nothing can ever go wrong.

Sometimes we can just take precautions by banking with well recognised banks maybe the old generation banks and just hold on to their integrity and reputation and believe they will not tarnish their image by stealing customers money. I know they are usually paid well but trust humans to become greedy.
I always hope that banks will just do the right thing at all times.
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answered by ELITE (3,005 points) 3 10 14
As far as I am concerned, I have always looked at a way that I can get to understand what my bank is doing, but the issue that we are having at the moment is as a result of the banks that we have in Nigeria doing a whole lot of activities that is always geared at stealing from the customers. I don't really understand the reason we should always pay a particular fee when we are carrying out some transactions such as bank transfer, airtime recharge and the rest.

Sometimes, I always try to calculate how much people will pay when they do online bank transfer and I notice that these banks don't have mercy. There was a time that they get to charge some ridiculous amounts on SMS charge and I kind of wonder the texts that they sent that will warrant such. As far as I am concerned, the best thing to do is to use money to invest instead of having to keep it at the bank.

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