The Money Podcast 7 Shocking Ways Banks Control Your Money
Rob reveals how banks really operate with your money. From shocking operational practices to the truth about bank bailouts, Rob exposes the seven ways banks control your deposits and why you might not truly "own" your money. This episode is a wake-up call about the banking system and offers practical solutions for protecting your cash!
KEY TAKEAWAYS
- Banks can legally use your deposited money for their operational expenses, including paying their own bills and staff expenses, effectively treating your deposits as their generated funds rather than your property in safekeeping.
- The fractional reserve banking system allows banks to lend out 90% of deposited money, meaning they only keep 10% of deposits on hand - if 11% of depositors wanted their money at once, the bank would be insolvent.
- Banks can restrict your withdrawals and control how you use your money, including limiting crypto purchases and requiring explanations for large withdrawals, while they freely invest and lend your money as they choose.
- In times of economic crisis, banks can be "bailed out" using taxpayer money or "bailed in" using depositor savings, meaning you pay for their mistakes either way through taxes or lost savings.
- The bank deposit insurance limit (£85,000 in the UK) applies per banking group, not per bank account or bank brand, meaning multiple accounts at different banks owned by the same group share one insurance limit.
- Banks can "debank" individuals based on their political views or social media posts, freezing or restricting access to funds, which becomes an even greater threat to personal freedom in an increasingly cashless society.
BEST MOMENTS
"If you want to be sure what you have in your hand, in your safety deposit box, under your mattress, or only you have access to, you own. What you don't, you don't."
"The banks are a for-profit corporation and their goal is to maximise shareholder value and they make money from you and your money."
"In times of revolution, wars, because countries need trillions to fund wars. Who do they need it from? Us. Because governments don't have their own money."
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ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
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