Pruzbul on a Bank Deposit

The seventh year (Shemittah)

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Question

Hello Rabbi, I saw it written that a person who has money in the bank must make a pruzbul so that it will be permissible for him to collect the money from the bank after Rosh Hashanah. I do not understand, as the rule that the seventh year cancels a debt applies only to loans and not to deposits. Therefore, shouldn't the money I deposit in the bank be unaffected by the seventh year? I would appreciate a clear and understandable answer. Thank you.

Answer

Hello, The difference between a 'deposit' and a 'loan' according to Halacha is that a deposit is meant to be kept by the guardian, and there is no permission to use it. A loan, however, is allowed to be used by the recipient for their needs. In the language of the Sages, 'a loan is given for expenditure.' Since the bank uses the funds deposited with it for various businesses, the money we 'deposit' in the bank is not a deposit but a loan. And a loan is canceled in the seventh year.

Source

Kiddushin 47.

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