Re:U.S. FDIC tells Signature crypto clients to close account...
by JumpCrisscross on Wednesday March 29, 2023 @12:05AM
(#35352350)
> the bank's consideration ends as soon as they receive the money and put it in their vault
A regional bank is choosing to stick with its area of specialty. There remain banks who specialize in crypto, and differentiate themselves on that basis.
> it just seems morally wrong to me
Only one component is related to withdrawal probability. The others, like service cost, fraud risk, et cetera, are business decisions. It's odd to say a bank choosing a specialty is wrong. (Or vice versa, that a bank should be forced to serve clients it finds morally repulsive.)
That said, you and I see eye to eye when it comes to natural persons: a bare-bones bank account should be entitled to. In the era of cheque-writing, there was a necessary credit component to account opening. That's no longer necessary. (For businesses, it would require dismantling our AML system.)
A regional bank is choosing to stick with its area of specialty. There remain banks who specialize in crypto, and differentiate themselves on that basis.
> it just seems morally wrong to me
Only one component is related to withdrawal probability. The others, like service cost, fraud risk, et cetera, are business decisions. It's odd to say a bank choosing a specialty is wrong. (Or vice versa, that a bank should be forced to serve clients it finds morally repulsive.)
That said, you and I see eye to eye when it comes to natural persons: a bare-bones bank account should be entitled to. In the era of cheque-writing, there was a necessary credit component to account opening. That's no longer necessary. (For businesses, it would require dismantling our AML system.)