Comment on Elon Musk and company take @x handle from its original user. He got zero dollars for it.
CookieJarObserver@sh.itjust.works 1 year agoWhy would the bank give you your money, its their business and you gave it to them.
Not defending the Musk here, but literally it’s not your money anymore as soon as you put it in a bank account.
The money you put in your account belongs to the bank, and the account functions as an I.O.U… A very privileged one compared to other debts, and in most cases redeemable without notice, but you’re just another creditor.
That’s not how banks work.
Former banker here. You’re just fucking wrong about that. You’ve said zero true things.
If by “money” you mean the physical dollar bills you put in the ATM, then yes.
You got downvoted to hell, but you’re absolutely right. The fact that FDIC exists should be evidence enough to anyone with a functional brain that depositors in a bank are creditors and do not retain ownership of their literal deposit.
I wonder what other arrangement it could even possibly constitute.
Bailment? That would mean physically locking the bills that you deposit in a safe that you rent, which is possible I guess, but not what we’re talking about here. Trust? This would mean the deposit does not go on the bank’s books, and they cannot use it for their own purposes. This is clearly not the case, at the very least since investment banks and savings banks were merged. Agency? That would mean the bank uses your money to enact transactions on your behalf, again, clearly not the case.
That leaves the only other form of “I give you money and you give it back later”, name debt.
That absolutely not how shit works.
anteaters@feddit.de 1 year ago
Contrary to Twitter banking is regulated and governed by actual laws. It’s a completely different beast. Go ahead and google who the owner of the money in your account is and how that is regulated.
CookieJarObserver@sh.itjust.works 1 year ago
Its literally regulated as well, a account in general cant just be taken…
AlataOrange@lemmy.world 1 year ago
You might have dropped this (◠‿・)—“,”