Community chest theft?

[Canadane]

Working as intended does not mean it is working good.

Being able to promote people above yourself is just plain wrong.

There is no "above" you when you're not the Master.
All non-master ranks are equal. This is a bit strange yes, but it does maximize the amount of control a master has over their FC.

[Dustytome]

You cannot promote to a rank higher than your own if you have the permission to do so. Something I heard through past convos about being able to promote higher and FC's being stolen in their entirety. SE Fixed it to where only the Master of the FC can assign a new master, and doing so will immediately drop said master to the lowest rank, and all ranks under the FC master can only promote to their current rank to prevent that very thing from happening. Assigning permissions to the FC chest based on the ranks is the easiest way to control access and prevent mishaps from happening.

There is no true hierarchy other than the top rank and everything else. If you have it set to show:
Master
Rank 1 - promote/demote
Rank 2
Rank 3
Rank 4 - promote/demote
Rank 5
Rank 6

Rank 4 in this example can promote anyone at all (including themselves, but not the Master rank) up to Rank 1, they can also demote anyone up to Rank 1 to any other rank.

[Okamimaru]

My chest is full of food buffs and dyestuffs... gil can be added but not removed... all gil added is considered a donation to improving the fc house... if you have access to it in the chest help yourself...

[Emstidor]

everything expensive always goes on retainer, if I had many people in fc and a community chest, I wouldn't even use it for expensive items or gil.

Due to the fact SE always does nothing even on FFXI.

heard about this happening on FFXI few times and GM's do nothing but funny thing is if you lot on a item and another person wanted it and they gm you then you have to drop it and even here in ffxiv drop items..

but they cant make that person give stuff back? that is funny.

You're mistaken, GMs very much do have the power to give and take away items. If you join a Party Finder party with a condition, like called or reserved drops, and there's proof that everyone agreed to it, you can be reported for not adhering to it and the GMs will remove the items you gained by breaking the agreement and give it to the proper person.

For example, I obtained one of my primal horses like this back in 2.0 after the guy rolled on it and won even though there had been a previous in-party-chat agreement that I had dibs. One GM report later and I logged in to find the horn in my inventory, and gone from his Lodestone character page.

The issue with company chests is about them not wanting to get involved in potentially unclear player disputes, not about GM powers.