Former banker here. You’re just fucking wrong about that. You’ve said zero true things.
Comment on Elon Musk and company take @x handle from its original user. He got zero dollars for it.
apollo440@lemmy.world 11 months agoNot 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.
Chalky_Pockets@lemmy.world 11 months ago
gamer@lemm.ee 11 months ago
If by “money” you mean the physical dollar bills you put in the ATM, then yes.
TerryMathews@lemmy.world 11 months ago
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.
apollo440@lemmy.world 11 months ago
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.
CookieJarObserver@sh.itjust.works 11 months ago
That absolutely not how shit works.
Nobug404@geddit.social 11 months ago
That’s not how banks work.