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> Just because 100,000 people dumped money into your account for cause doesn't mean it belongs to you personally. This is the first time I've seen someone make
by phil21 5y ago
> Just because 100,000 people dumped money into your account for cause doesn't mean it belongs to you personally.
This is the first time I've seen someone make this completely true point about the banking system.
It's not right or just, but money in the bank is not your money. It is your bank's money, and they may or may not allow you to transact it at any given time. Your recourse's are few and extremely expensive.
If anything positive comes out of this, I hope it's more folks realize this.
- JamisonM 5y agoI think actually you will find in the normal course of life your recourse against a financial institution that freezes your funds in Canada are many and very affordable, even free. It is a highly regulated sector, there is frequent reporting and quick reviews. In the specific case of the GoFundMe money TD Bank was immediately at the courts begging for someone to tell them what to do.