There is something very new here. The implicit Government backstop has been removed, and bail-ins written in as the new normal. That's new as of 20 years ago, since the whole era of moral hazard started with the S&L crisis. Ya, you're right about depositors being unsecured creditors to the bank, who technically own our deposits once lent to them. Dismissing this is as a "nothing to see event", is really a huge mistake..