Your Money in the Bank: Who owns it?

When you put money in the bank, you become an unsecured creditor.  That position does not necessarily allow you to pull out cash at any time.  Your money isn’t sitting idle in a bank vault.  They take possession and utilize it for their needs.  Additionally, you fall under their rules and regulations for disbursements.  They can limit your withdrawals.  They report any sizable cash withdrawals to the federal authorities.  Let’s face it, your money is not really yours, totally.  Once in the bank, you have “managed” access to it.  The current system insures that it keeps control using the legal contract you signed on your signature card.  Yep, it’s all legal.  Maybe not righteous, but it is legal.  See:

By the way, HSBC has branches in the U.S.  Isn’t it great that we have become a “world” community without borders?

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