Actually you dont have your money with XYZ Bank. Legal title to the money passes to the bank and you are an unsecured creditor of the bank. You have a deposit entry which is payable on demand to be converted into your money in a transaction called a withdrawl. The relationship between depositors and banks is the same as the one between Opes Primes investors and Opes Prime. I recently got the FSG and PDS for opening a simple account at ANZ, it was 80 pages in total. All this will become clear when the first Australian bank crashes when the property bubble bursts.
