The author imagines that all readers obviously know why his actions were so wrong.
My understanding of banks is much like his naive version. So what's the more enlightened understanding?
replies(1):
My understanding of banks is much like his naive version. So what's the more enlightened understanding?
When you're big enough for that to be a problem, like in the story, then someone who knows more that you've hired will have a stronger opinion of that.
After that you very rapidly get educated on the fact that money within a bank is not your money - it’s the banks money and they are not afraid to more or less tell you that outright.
There is very little recourse once you hit some internal KYC/AML or other “non-desirable” entity flags so it’s best to establish relationship banking prior to ever getting close to those (hidden and secret) thresholds. Even having multiple accounts at different banks isn’t much protection since they seemingly by law or regulation share these databases with each other. You will likely never make it off such a list if you get added to one.
For me at least that’s all private banking or even banking beyond a checking and savings account is. It’s paid insurance for continued access to the financial system.
The author's experience says otherwise. He even muses about how it only cost him 30 bucks to transfer 35 M and it was done almost immediately.