Kelvin Low, Associate Professor of Law and Associate Dean (External Relations) at SMU commented in ST forum that the recent articles and letter in the press demonstrate a lack of understanding of the legal nature of bank deposits. He advised that when someone deposits money with a bank, he is in effect lending money to it. Property rights to the money pass to the bank. In return, the bank owed its customer a debt. At that point, any money stolen or pilfered from the bank is its money, not its customer's. He added that it is technically not accurate to speak of the bank ?reimbursing' its customers. All it has done is correct its accounts to accurately reflect the state of its indebtedness to its customers.
The Straits Times