19th century bank deposits loans to banks

The money in your bank account legally belongs to the bank

When you deposit money in an ordinary bank account, you generally become a creditor of the bank rather than the owner of particular notes stored for safekeeping. The bank owes you the account balance and can use deposited funds within banking rules. Your balance is a claim against the bank, not a labeled pile of cash waiting in a vault.

Like this? There’s a whole feed of it. Replace empty scrolling with things worth knowing.
Download Hence for free