Comments by "Matthew Nirenberg" (@matthewnirenberg) on "I Closed My Bank Accounts" video.

Even for normal people, why would you only have one bank account. In most countries banks only insure about $100k. Anything over that amount will be lost should the bank fail. If you keep your money across even a few accounts (each at different banks) you can ensure that your money is covered by the govt required insured amounts. Why work and save for decades only to keep your money in one account, suddenly have the bank fail and that $300k you saved suddenly become $100k (the insured amount)? Why take the risk of losing the bulk of your money? To anyone who says "most people don't have that much money" - what if you inherited it or what if you just sold your house to move and your account now has a lot in it?
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Why would you trust a 3rd party when you could have safes installed at each of your own residences around the world and keep bullion in your own safes? The reality is that if you don't hold it, you don't own it. Damn near every bank, safety deposit box and vaulting entity has: * A clause that lets them collaborate with law enforcement even if it violates your privacy (can result in having your property seized by the govt claiming "proceeds of crime" - the problem is the govt determine what they accept as proof of it being legally acquired so you're basically robbed by the govt as they always say "insufficient evidence" or "you could be intending on using it for illegal purposes" and you have zero legal recourse) * A clause that says that if they go under, the new controlling entity automatically acquires everything held to clear the debts that caused them to go under (i.e. a bail-in where you lose your stuff) * A clause that says that if they're struggling, they can "bail-in" themselves with your stuff (just like ALL "western" banks in CANZUK & CUNA can take your money to "bail-in" themselves if things are going bad) Also, the reason to have things vaulted is both security AND privacy. Why would you want that stuff held somewhere like Singapore where you have to AML/KYC for everything? That directly makes privacy irrelevant as everything has to be justified, audit-trailed and listed (also creates literal lists that could potentially end up in the hands of criminals). If you lock it up in your own safes or vaults you don't have to do any of that and can maintain your privacy. There's absolutely nothing normal about the tyrannical weapon that is AML/KYC that targets the normal people and violates their privacy for literally zero public benefit (as per many govt and NGO reports).
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LOL - Nomad Capitalist isn't an American - he renounced his US citizenship a long time ago. As for your talk about ruining a credit score, understand this - each major country and bank, have a different system. Some reward responsible behaviour such as closing a card or an unused account. Some (like in Australia) punish you for being financially responsible - you're not going to get loans or mortgages if you don't maintain a certain percentage of debt because the banks don't make money from people who aren't in debt, which is why banks love to let you "refinance" and go further into debt. My colleague looked at getting a bank loan for an extension to his house - the bank refused claiming that "because of not having debt, he posed an unacceptable risk to the bank, regardless of how much money was in his savings account". The result - he just paid for the extension from his savings and he started letting people know that the banks want to only loan money to those who can't afford it. Banks make the bulk of their money from the interest paid in the first 5yrs of a loan or 10yrs of a mortgage, every time you "refinance" they make more money and get to put the rate up on a new larger balance. Effectively its like "sucker scores" where the responsible person has a score of zero, and the irresponsible person has a score of one. When the bank multiplies your credit score by the sucker score, the resulting score is what they use to decide on whether or not they give you a loan (even if your wages can easily cover it). The most responsible people have a sucker score of zero which means their "score" is zero when being considered.
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