Demand Deposit (6) - Two Owners

Having an asset with two owners might be fine for a while, if the real owner does not want to use the asset immediately. However, eventually problems will arise. If the owners of money in the bank want to withdraw it and the bank has done something else with the money, the conflict is obvious. If too many people want to withdraw money at the same time, the problem compounds. A bank run can occur, and the bank might end up defaulting on its obligations. This has happened to Countrywide recently, when depositors queued to withdraw their deposits, fearing that their money might not be there.

This problem does not arise with a warehouse. If all the people with stuff stored in a warehouse decided to take it out on the same, this would not matter. The warehouse owner would be very busy handing out stuff and he might be worried about his future income, but every person would get back what they owned. There is no reason why a bank should be any different. The solution to this is quite clear. If the warehouse owner claimed ownership of the stuff stored in his warehouse, he would be accused of misappropriation or theft. If a bank claims ownership of money entrusted to its care, the same applies. It has appropriated something that does not belong to it. It has stolen money from the owners.

The bible is clear that a thing cannot have two owners. If two people claim the same thing, the case should be resolved by judges.

In all cases of illegal possession of an ox, a donkey, a sheep, a garment, or any other lost property about which somebody says, 'This is mine,' both parties are to bring their cases before the judges. The one whom the judges declare guilty must pay back double to his neighbor (Ex 22:9).

If I say of my demand deposit ,'This is mine' and the bank is also saying, 'This is mine,' something is wrong. This is an issue that should be resolved by judges. If they find that the bank has claimed something that does not belong to them, they should be made to pay back double to the depositor.