This needs to be realized. Most people don't know that after 2008, govts around the world created legislation so that deposits to banks are now classified as unsecured loans. When you put the money in the bank, then own it, even if they owe you the amount. So when a bank collapses, their first port of call is the funds they have access to, which was once YOUR money, but no more.
It's called BAIL IN, instead of Bail Out.
And all the major banks are in debt to derivatives to the tune of trillions of dollars, collectively.
TOS that states theft is illegal. Is there another way to interpret that? Am I missing something? I can’t set up a t shirt company, and say that if you buy a t shirt, I’ll raid your $ account to the tune of whatever I see fit. That would not fly. TOS is not higher than the law.
What?! I don’t see how this could be legal. This is theft and if they even try it, they will be sued out of existence.
Theres currently no law that would prevent them from doing this since you are required to agree to the terms to use the platform.
Terms can’t be illegal, correct?
Correct, but theres no law saying that a company cant put it in their TOS that they will take funds from an account that they manage.
It should be illegal, but at the moment, it is not
This needs to be realized. Most people don't know that after 2008, govts around the world created legislation so that deposits to banks are now classified as unsecured loans. When you put the money in the bank, then own it, even if they owe you the amount. So when a bank collapses, their first port of call is the funds they have access to, which was once YOUR money, but no more.
It's called BAIL IN, instead of Bail Out.
And all the major banks are in debt to derivatives to the tune of trillions of dollars, collectively.
TOS that states theft is illegal. Is there another way to interpret that? Am I missing something? I can’t set up a t shirt company, and say that if you buy a t shirt, I’ll raid your $ account to the tune of whatever I see fit. That would not fly. TOS is not higher than the law.
Theft is already a crime.
I agree, but their argument is that it isnt theft since it's in the TOS
Theres no legal precedent because this hasnt happened yet with any other company.
I agree that its theft, but a court possibly wouldn't, at least at the current moment