“Drive ’em away” Practice #1 – Zombie Banks: This catchy title of an article caught my attention – “What is a zombie bank account?“. I’d never heard the phrase before so I took a look. According to the author Erin O’Neil “A zombie bank account refers to the practice of banks reopening closed checking accounts without notifying the account holder, or bank accounts “coming back from the dead”. Having been a victim of the practice myself by one of the companies mentioned in the article (Fifth Third Bank) to the tune of a few hundred dollars I can say I’m grateful for being able to be my own bank with Bitcoin.
“Drive ’em away” Practice #2 – Fee Schemes: An article titled “When your bank doesn’t want you” does a great job showing how and why banks are raising their fees even over huge customer objections. According the Reuters, nearly ten percent of customers switch bank every year and fully a third of those are moving because of fees.
With Bitcoin you can be your own bank at no cost.