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How Does Online Banking Work

BuckGup
By BuckGup
in General Discussion
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How is money handled with online banking? What determines you have $20,000 in your bank account and what do banks use to determine that the money is actually real? I'd assume it's a private ledger shared between banks that use the ACH but how to they know each transaction is real? Do they use POW or POS? Is there a limit to what a bank could fill your account with like a hard limiter? What backs credit cards? If I spend $20,000 all on credit and never pay it back who originally had the money? What stops a bank from simply giving itself money? What's used to verify a transaction is real?

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Just keeping this here as a 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Posted

OK forget all the techno giberish. Read up on how economics work.

The technical side is more or less irrelevant. There is a lot of legacy involved

 

 

Read up on underwriters

https://www.investopedia.com/terms/u/underwriter.asp

Fractional-reserve banking

https://en.wikipedia.org/wiki/Fractional-reserve_banking

Society for Worldwide Interbank Financial Telecommunication

https://en.wikipedia.org/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication

 

What Is Credit Card Authentication

https://www.investopedia.com/terms/c/credit-card-authentication.asp

Read the whole thing on the middle man and anonymisation of transactions.

There is a funny movie called the middle man. Mostly BS but has a lot of truth in it. The Porn industry was a driver. Now as Visa and Mastercard blocked PornHub they actually might push crypto currency adoption. Porn was a big factor in BetaMax vs VHS.

 

 

After you get the basics ask more questions.

 

 

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2 minutes ago, BuckGup said:

How is money handled with online banking? What determines you have $20,000 in your bank account and what do banks use to determine that the money is actually real?

Online banking works exactly the same way banking has worked for ages. They have a ledger somewhere where they keep track of how much money you deposit or withdraw. In this day and age the ledger is probably on a computer already anyway. In a sense the bank determines that you have $20,000 in your bank account, by keeping track of how much money you or someone else paid into your account. This in turn is audited by internal and external auditors whose job is to make sure no nonsense happens.

 

2 minutes ago, BuckGup said:

I'd assume it's a private ledger shared between banks that use the ACH but how to they know each transaction is real?

I would assume banks establish some form of trust between one another. It's probably a fair assumption that this is also verified by a third party (e.g. the state)

 

2 minutes ago, BuckGup said:

What stops a bank from simply giving itself money? What's used to verify a transaction is real?

"The bank" is not a single entity. All of its employees would have to be in on that to make that work long term. Banks are not only subject to internal audits, they are also checked by external auditors. This may not be fool proof, but you have to get very lucky to hide illegal activities for long, especially if the sum of money involved is large enough.

Remember to either quote or @mention others, so they are notified of your reply

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Tldr: it's annoying as hell "please input your pin that we send you on a lousy low quality piece of paper" 

 

"and don't forget your tan and pan, because pin wasn't annoying enough" 

 

 

No, thank you very much ~

The direction tells you... the direction. 

-Scott Manley, 2021

 

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I not 100% sure myself but It is the central bank that make the money and would have ledger of some type, it could be anything type from database to blockchain. Allow the bank would have it only ledger has way.  I not know if the ledger are share between the banks but most likely with the central bank. I hear that Santander (UK Bank) is using blockchain as a ledger for part of the business.

 

It not much different from how cryptocurrency works other them the central bank can make more money into the system when it or remove some.  Also, so call flat money is back by the government. This is a very big deal for when thing go wrong like a recession. 

 

If you into cryptocurrency them think as banks accounts are wallet but with a lot of benefits, credits (credit card, loans), interests... 

 

 

 

  

 

 

 

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Ok, so this is basically super simplified, but...

 

How is money handled with online banking? - Same way as with normal banking, the entries (debit or credit) to an account are on your own accounts ledger. 

 

What determines you have $20,000 in your bank account and what do banks use to determine that the money is actually real?  - Not quite sure what you are getting at here, but again, the ledger of your account determines what you currently have in there.

 

I'd assume it's a private ledger shared between banks that use the ACH but how to they know each transaction is real? - There are normallly funds held on deposit in the central bank of whichever country. The transactions are totaled and settled between the banks. Basically Bank A would say, I've sent you X amount to your bank and received Y amount from your bank, the net amount owing is Z. Then the funds difference would be settled. If they don't add up between the banks, then they'd have to look in to it, or I imagine if it's only a smaller amount that isnt worth looking in to, write it off the difference to the banks profit and loss sheet.

 

Do they use POW or POS? - Take it you are meaning proof of work here, like blockchain stuff? They may do something along these lines these days, I know a lot of banks have been looking in to it, but they didn't when I was working in one 7 or 8 years ago. A lot of banks have super old legacy systems held together with tape, so can't imagine changing basically everything it to blockchain stuff would be easy.

 

Is there a limit to what a bank could fill your account with like a hard limiter?  - No, but depending on your account history, something unusual would normally (and should) be flagged for someone to look at as part of anti money laundering legislation - Think HSBC getting fined a fuckton in the US for laundering some money for cartels etc.

 

 

What backs credit cards? If I spend $20,000 all on credit and never pay it back who originally had the money? This will probably depend on your country, but where I'm from, they are essentially an unsecured loan up to X amount on money. As to who originally had the money, likely nobody. Banks usually only hold 10-20% of the actual money they are 'using' at any given point, the rest it sort of created out of nowhere as needed (this is a very simplified statement). If however, you fail to pay it back, and the bank can't get the funds back from you and have to write it off, it would essentially be written off against actual money that the bank held as it would come on to the banks overall profit & loss statements or if the credit card was underwritten, from whichever company was the underwriter. 

 

 

What stops a bank from simply giving itself money? - They essentially do when they hand out loans and mortgages. Giving themselves specific money from nowhere? They'd likely get slapped around by financial ombudsmen, auditors, shareholders and likely the police/fraud investigators depending on the context of what it was to do with. Basically, nobody wants a bank to become an Enron.

 

What's used to verify a transaction is real? - In general, whatever is on the ledger, it is on the ledger and to verify, it was depending on the type of debit or credit.

 

For Swift payments, there are essentially checksums verifying the original payment instructions along with a unique identifier for each payment.

 

For cheques (at least where I worked) ones over certain values were checked to an increasing extent depending on that value, including callbacks to the customer to verifiy all of the details (payee, amount etc.). Low value cheques were checked less often and to a much lesser extent. There was also an automatic system in place to flag up any unusual cheques (out of order usage, from a new chequebook and other things etc.) and these were checked in more depth.

 

For point of sale transactions (using your card in a shop for example) basically the system connects to their bank in an encrypted way, saying 'I've got this sale for this amount, and for this card number, is it ok?'. The banks system then will connect to the cardholders bank and go 'We've got this, they got enough money? Is the card blocked? etc.' They will then reply authorised/not authorised, and it follows its way back through the chain to the terminal you are using - it's basically the same deal for online shopping too.

 

As a customer, if you aren't sure that something is correct, or is generally flat out wrong in your account, the bank can look it to things further and provide more details. Copy of the payment instruction/message (which would have the senders name and where funds originated from and are going to), copy of the cheque, copy of the sales receipt etc.

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