4 ms·
> Question: Who owns the deposited assets? Don't the original owners have dibs? If you give your money to something that looks like a bank, walks like a bank,
by insaneirish 4y ago
> Question: Who owns the deposited assets? Don't the original owners have dibs?
If you give your money to something that looks like a bank, walks like a bank, but is not actually a bank, don't expect them to be held to the same legal standards as a bank.
- adrr 4y agoDifference is the banks are insured. Banks can make bad investments with deposits and do go bankrupt. 2012 had lots of banks going bust when they invested in mortgage backed securities which is ironic because they were the ones originating these bad loans and they had to know they were garbage.