We all know that the Banks own our money. Else they would not reside in big ‘crystal fairy-tale’ palaces. You think – according to your statements – that you own a certain amount of money safely tugged away in some Bank. Not so.

Try this: Walk into your Bank and ask for all of your money (let’s say you have over 30,000 in your account) in cash. Big suitcase full of cash. Cannot be done. Although you paid cash (your hard earned money) to put into that Bank for safe keeping.

Of course, if funds are tied up in some fixed-term interest bearing instrument, then you cannot just ask for its return. But let’s assume, the money just sits somewhere and according to the Bank’s promises is accessible to you.

Case in point: I am on my death bed in hospital and I intend to not leave any money behind. I ask a hospital official to get the necessary papers (from my Bank) for me to sign, and others to counter sign and witness , requesting all of my funds to receive IN CASH and bring back to my hospital bed. Intent, to safely burn all that money.

I assure you, I won’t succeed. There will be a hundred thousand reasons quoted by that Bank to hold on to my money. Of course, one can always keep one’s money in cash under the mattress. Just be sure there is no break and enter event or a fire burning it all down.

But as it is, the money sits in some Bank, earns a low interest (for the Banks to use and invest at higher rates for themselves), and adding to your required income tax bills.