Hey Hive account@mitchesfoodrace,
Sorry you had to go through that.
I guess its necessary that they verify your id when they want to send your coins to your bank account. What if someone else hacks your account and asks for the money? Also remember that there's a 3rd party here in this transaction. The banks.

Open.eos etc are not IOUs. They are yours because you have access to your private keys for each wallet. Yeah. They are the same as BTC and EOS.

I hope I did justice the your questions. Keep steeming. Cheers!

#AIR-CLINIC