Happy with your Bank? I'm not!

As it says - all of the financial stuff!

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troyan
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Re: Happy with your Bank? I'm not!

Postby troyan » Tue Nov 07, 2017 5:34 am

not great news if you have over 75 k, or if you were a Greek faced with closed banks then limits put on the amount of your supposed own money you could withdraw.........because Banks do not have your money, its a fantasy world as is unbacked fiat currency.
On topic I am with DSK Bank in BG now 14 years and have no complaints, I still have the bank book and look forward to my visits to the bank watching all the bits of paper being ripped up by the cashiers with rulers.

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houseman
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Re: Happy with your Bank? I'm not!

Postby houseman » Thu Nov 09, 2017 5:06 pm

Factual update: the FSCS protects up to £85,000 per bank in the UK. As long as you don't have various bank accounts with banks which are related to each other the £85k protection is valid for each and every bank account you may have.
I really don't think the present UK economy compares at all with that of Greece 8 years ago, but let's not go off on another tangent. :)

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troyan
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Re: Happy with your Bank? I'm not!

Postby troyan » Mon Nov 20, 2017 7:12 am

legally you do not own your money once you hand it over to a bank

https://www.youtube.com/watch?v=U4K6xPm7RG0

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houseman
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Re: Happy with your Bank? I'm not!

Postby houseman » Tue Nov 21, 2017 12:39 pm

Given the government backed guarantee from the FSCS, if it were true that banks "own" your money, it would only be a technicality, and not relevant to any realistic scenario (I discount the possibility of sovereign debt wipeout or political revolution). I would rather trust stable, traditional legislation-backed banking than an unprotected volatile confidence-dependent alternative money club.


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