"The moment you deposit funds, you're no longer the owner. What you are is really just an unsecured creditor. Your money is not stored in a personal vault, it's now owned by someone else, and they get to decide if they want to let you have it back, or not."
"People assume that because they have a plastic card in their wallet, they have full power over their wealth. But in reality, every transaction or ATM withdrawal requires approval."
"Banks thrive on this illusion. They manage the databases and they make the rules. It means the bank elects if you're able to survive in the modern world or not."
"Because blunt, hamfisted algorithms are making decisions, far too many innocents get caught out."
Bank balances are not actual cash but entries in a digital database controlled by banks. Once money is deposited, ownership transfers to the bank, making individuals unsecured creditors. Transactions require bank approval, creating an illusion of ownership. Banks manage financial infrastructure and set rules, determining access to funds. This system can lead to innocent individuals being locked out due to algorithmic decisions aimed at preventing fraud and money laundering.
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