Recently I opened an IRA account at Fidelity. I had my 401k with them for more than a decade. Soon after I opened it they locked my account demanding ID and papers proving my residential address. I'm not sure what else they may request, but fact is I can't use my hard earned funds at this moment.
I experienced similar locks at a bunch of other websites. It looks to be a norm nowadays to randomly lock accounts. Now if similar things start to happen to bank accounts and retirement funds it's easy to understand that it will ruin people's lifes.
Bottom line is - we shouldn't fully rely on electronic money. I will do everything to avoid living in a cashless society.
I experienced similar locks at a bunch of other websites. It looks to be a norm nowadays to randomly lock accounts. Now if similar things start to happen to bank accounts and retirement funds it's easy to understand that it will ruin people's lifes.
Bottom line is - we shouldn't fully rely on electronic money. I will do everything to avoid living in a cashless society.