Well it would be if there was money in your account to start with and your account was with a bank that was part of the legitimate banking system because money could be transferred to the account of the person who was being paid.#six wrote:https://youtu.be/ADinVQ4N_S8?t=2h3m28s
PoE discusses fraud and everyone laughs. Is PoE playing games with them?
He then goes on to discuss money in your WeRe account being cleared and no longer available for you to draw upon - Therefore if you don't have them money then it must exist somewhere, ie. the person it was paid too must have the money. What he fails to understand, and everyone in the room fails to understand, is that that is not how banking works.
The problem they have a great deal of trouble in grasping is that if you have an account with no money in it with a bank that's not legitimate and part of no system then how can the person who's owed money get paid?
It should be simple unless you believe that all money is created out of nothing so a numpty bank created out of nothing with nothing can produce something from all that nothing which becomes worth something simply by writing numbers on a DIY cheque. If any of that were true, why not just print your own cheque and save yourself £25 set up fee, £10 a month and a issuing a promissory note which can't possibly put money in your account but may well come back to bite you bigtime at some later date.