I don't control the money I hand over to my bank, but short of complete societal collapse, Mad Max style, it will be used, and accessible in ways that are very clearly defined. It's not just going to dissapear to the Bahamas one day.
Yes, and as banks are repositories of money (sort of like Dropbox and iCloud are repositories of personal data) that makes sense. But banks are not the only institutions authorized to possess money.
Even at a bank, if you open a joint account (enable sharing) and the other person absconds with the contents, you’re out of luck.
And if the bank decides to break that agreement and run off with the cash (Or just lose it), there exists a regulatory framework that will resolve 99% of these sorts of issues.
This is also where GDPR is at. Without it, in theory, you have a shrinkwrap tl;dr agreeement with the service, but in practice, they can do whatever they want with your data, with no repercussions.
See: Facebook and CA. Facebook misused my data (Because my friends opted in to sharing it), CA misused my data (Because they weren't even supposed to be given access to it), and the outcome? Nothing of consequence.
GDPR does three things:
1. It makes those repercussions have teeth.
2. It makes sure that you give informed consent to use of your data. (Unsurprisingly, similar laws exist for banks!)
3. It clarifies what has to happen when you stop being a user of a service. (Prior to it, de-facto, your data would be opted into whatever changes of the data usage policy the service made - regardless of whether or not you still had an active account, whether you agreed with the ToS, etc. If you deleted your Facebook account, you had zero leverage of how your data would be used.)
