I guess they overlooked a small detail. When you deposit money at the bank, you are actually LENDING that money to the bank.
Apparently these generous folks are happy to have all of their and their family’s bank account confiscated!
If the Federal government is responsible for all your needs, well what they decide is your needs, then we dont need savings or loans anymore.
But past history has shown a few small problems with systems like those. Perhaps they should live in North Korea for a while a show-case for their desired economic system.