4 ms·
There's nothing to suggest the Bank have "stolen" OP's money.
by djmobley 9y ago
There's nothing to suggest the Bank have "stolen" OP's money.
- alistairSH 9y agoWould you prefer "holding the OP's money hostage"? Call it what you will, it doesn't make the situation any less ridiculous.
- qubex 9y agoActually, and somewhat counter-intuitively, money you put into a bank account belongs to the bank, as an account-holder you have a credit and they have fiduciary duty towards you. But in a very fundamental sense the property of your money has passed to the institution you bank with. They do however have the duty to make it available you, or rather, do as you instruct them to up to the value you banked with them. EDIT: Foley v Hill, the foundational precedent https://en.wikipedia.org/wiki/Foley_v_Hill?wprov=sfti1 https://en.wikipedia.org/wiki/Foley_v_Hill?wprov=sfti1
- jacquesm 9y agoThis is correct, and similar legislation exists in many other jurisdictions. It is one reason why you want to be somewhat careful with who you bank with.