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I know that it is possible to secure a deposit in the bank with any type of asset, but with the possibility of permanent disposal of it, meaning that its owner cannot ask the bank to lock it.
What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?
My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.
I know that it is possible to secure a deposit in the bank with any type of asset, but with the possibility of permanent disposal of it, meaning that its owner cannot ask the bank to lock it.
What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?
My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.
Well. There is little chance you or any of us will ever be able to see financial tools like that in traditional banks. Things have changed in these last twenty years in the global economy, banks do not longer see as many profits as they did bank in the early 2000s with the holding of savings of the population, the main strategy today is to capitalize out of the credit people ask to buy either things they do not need or things to survive in a daily basis.
This current economy relies much on people constantly consuming with their money and if banks gave more tools for people to be more responsible with their money, then it would be one less likely for them to need credit.
Besides, in the eyes on the holders of saving accounts, there would be no benefits from being locked out their savings. I would only consider to lock my money out my reach if their offered my extra interest for locking it all, when compared to having free access to one's capital.
Take for example what cryptocurrency exchanges do (like Binance) they have got two kinds of Earning/Saving accounts or products: flexible and locked. Locked savings always offer better annual interests than the flexible options.
Though, because of the culture of consumerism we are going through and the greed of big banks, you will never see those tools coming back, in my opinion.
