A financial professional paid $10 to his bank for making more than six saving withdrawals. Later, he admitted that using Bitcoin could have been cheaper.<\/p>\n
Pat Chirchirillo, a financial advisor at Philadelphia-based McAdam Financial, found a 3,233% different between the cost of withdrawals in banks and Bitcoin. From the look of it, he overreached his withdrawal limits, per a Federal rule called Regulation D which limits per saving account withdrawals by month. As a result, his bank – Bank of America – charged him a $10 fee as an act to ensure that Chirchirillo uses his savings account for just saving.<\/p>\n
However, he took the opportunity to compare the banking system with cryptocurrencies like Bitcoin.<\/p>\n
“Bank of America just charged 10 dollars because I made more than [six] transfers between savings and checking this month,” tweeted Chirchirillo. “[Six] transfers with crypto would cost about 30 cents. That’s 3,233% more expensive.”<\/p>\n
\nBank of America just charged 10 dollars because I made more than 6 transfers between savings and checking this month. 6 transfers with crypto would cost about 30 cents. That's 3,233% more expensive<\/p>\n
Long Bitcoin, short the Bankers @APompliano<\/a> #disruption<\/a> #RentSeekingMiddlemen<\/a><\/p>\n
— blackjack.eth (@blackjackdoteth) January 30, 2019<\/a><\/p><\/blockquote>\n