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It’s also not really true. At least in many countries bank balances up to some amount (eg $250,000 in Australia) are insured by the federal government. But out
by lathiat 7y ago
It’s also not really true. At least in many countries bank balances up to some amount (eg $250,000 in Australia) are insured by the federal government.
But outside of that many things could cause the bank to lose your money. And there wouldn’t be a recourse for it.
- Khol 7y agoI suspect you're confusing money and cash - they're two distinct things. I would be incredibly to learn that my bank had anywhere near the amount of cash stored compared to the amount of money deposited there. Cash has storage costs and pays a 0% return where deposits with a central bank have historically paid higher than that. (This isn't universally true.)