Banks are watching our transactions

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Avatar for bala41288
4 weeks ago

We have to be very careful with our transactions. A few days back I shared an article on why we have to be very careful with the P2P transactions we do. Yesterday I noticed that Banks are very keen on what is happening in our account and they get immediately triggered when something big is happening in our account. I recently had an experience similar to this and I wanted to share the information in this article.

When we keep our funds in bank accounts, it is obvious that we are giving Banks full freedom to make use of our money. That's why to take sign up for some forms when we create an account. Technically our account is going to be created and the funds we put inside the account are going to be indirectly used for investments by the banks as long as we don't ask for the money back from them immediately.


Banks act like a pool of money reserve and that gives them the freedom to keep only a little for liquidity and make use of the remaining for additional investments. That is how banks operate. They do this as a business and make additional money from investments and with that, they do all their staff expenses and other operational expenses. I was surprised by the fact that they watch each and every transaction that happens on our account and if there are huge credits in the account, they call us and ask us for the source of the credit.

Two days back I had to withdraw a big amount by closing one of the deposits. Within a few minutes of the closure, I got the amount credited to my account and some representative from the bank immediately called me and started asking me questions. The first question was why I wanted to close the deposit and withdraw the money. The second question was why I want this money now. I felt awkward explaining all these things to some bank representative. But they did tell me that they do all these things for safety and security reasons. I actually felt insecure and only after their questions, I had a feeling that there might be some security issues because they were watching the transactions I was doing.


I did not leave them and started asking questions to them. When I had some issue with my account a few months back, I was literally struggling to get a contact to get my issue sorted but today when I do a big transaction on the account, they voluntarily call me from the bank and ask me all these questions. But one thing I like about my bank is that at least they are doing all these things. As a safety measure, they monitor the movement of funds and if it is suspicious, they would be able to take some action immediately I believe.

I believe decentralization may not be able to solve this. It can even make things worse where there is more transparency and people can easily find out which account is sending how much. With blockchain technology, we are able to make our life easier without a middle man but data is still exposed to everyone. For example, we are able to see all the transactions that are happening inside an account on Hive. But at least the other advantages we have on Hive make it a great place.

If you like what I'm doing on Hive, you can vote me as a witness with the links below.

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Avatar for bala41288
4 weeks ago


Yes, if there is something big transactions in your account they will gonna look out for that, maybe for the security purposes.

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4 weeks ago