I have been involved in the recent problems encountered by Royal Bank of Scotland and Ulster Bank customers.
Sorry I can't post a link as I am still getting used to browsing on iPad.
Anyway just to say that things I have learned on here over the past years have helped me through this, namely not relying in being able to get money from bank. I kept a little cash on hand and also have two current accounts with two banks.
I have been disadvantaged but was able to cope.
My bank will not be sorted until next week, I have had to inform my mortgage provider and I can't access my monthly wages yet but nothing too drastic.
I have been amazed how many local people live so hand to mouth and were in dire straits the day it happened. News stories were abound of people with no food etc.
Just one example of how a little preparation can make a massive difference when things happen beyond your control.
Hi Kelly, I also experienced problems in trying to access my money recently although not because of the RBS incident. I had a bond which matured with a bank and they then put the money into an account with virtually no interest so I wanted to withdraw the money and place it elsewhere. I tried to transfer the money via the internet but my debit card was locked. I phoned and they told me to unlock the card at the local ATM - which I did, but it still wouldn't work for the internet. I phoned again and they told me that I should have used one of their ATMS to unlock it - but I live in an extremely remote area with no branch or ATM of that bank within a 6 hour journey. I decided the easiest thing was to close the account so wrote to the bank asking them to close the account and send me a cheque, waited 2 weeks - nothing. Phoned again to be told they had not received the letter. the guy at the call centre was then at a loss as to how I could get my money out. Finally after almost a month of trying to get the money I managed to transfer it from the original bank to my other bank account via the internet by just keeping trying different things and without using my debit card for verification which was rather worrying. The moral of this story for me was, like you lucky I had cash in the house, and always bank with a bank that has a branch locally.
It looks like it will be well into next week before this is sorted at my local bank.
This is a bank partly public owned, but the cheif executive will forgo his £2.4 million bonus this year. This is reassuring as he will struggle like the rest of us to live on his meagre salary of only £2.1 million.
Chris, it is only when you try to access your money that you see how they can create problems. If I had wanted to I could have queued up at my local branch with my payslip and they would have given me cash. But some people did not get their money despite this.
Thanks for sharing your expereinces, Kelly. I personally wasn't affected (more below), but have friends who were. Good to see that the precautions advocated by CM stood you in good stead in your hour of need.
For those who endured the situation, I think it was a good foretaste of what a 'bank holiday' may entail should such an event come to pass. Likewise I was a little shocked at my friends who were so dependent on everything working just fine all the time, and had no fallback to get them through even a week or two of disruption. There were others I heard of who did earn a little more of my sympathy, as they were in situations difficult to protect against, such as folks who found themselves temporarily homeless as their house purchases were hit by the problems. But for the majority, a good wake-up call about resiliency and back-up plans, I think.
For my part I'm with the Co-op Bank (and have been for the last 30 years or so) as I don't like the big banks at all. For savings I use an ISA with Triodos bank which is very ethical too. Neither of these institutions was affected in 2008 etc because of their ethical policies (Triodos specifically avoids ALL derivatives and is very transparent), and I'm glad to say the CEOs of both earn approx £250k p.a., so are not what you'd call greedy fat-cats. I believe these are probably the two most resilient banking entities you'll find in the UK and would recommend them to anyone wanting to get out of the TBTF mega-banks. Google is your friend if you want to know more ;-)
Thanks Macs, I am going to switch to the co op bank even though they don't have a local branch.
They are still not saying that this will be resolved this week. People are moving in their droves to other banks.
Kelly, if it's any help in an area without a local Co-op branch, it is possible to deposit cheques into Co-op accounts at the Post Office, just ask for a Co-op deposit envelope at the counter. I find it useful - I don't get many cheques these days, but it's handy to be able to walk down to the village PO rather than drag myself into town to the bank.
Thanks, they were very helpful when setting up my account and told me about the post office so that will save me going to bank.
Only problem is I never have to deposit anything other than wages. lol A few cheques would great maybe a lottery win!
12 month loans are approved by the credit provider without investigation into the receiving credit profile. Lack of credit check makes these loans available for all kinds of bad credit holders. It is likely that there are people with serious credit problems of CCJs, IVA, arrears, defaults, foreclosure, late payments, missed payments, skipping payments, foreclosure or bankruptcy can easily acquire these grants without any credit check formalities. Timely payments can improve bad credit holders to their poor credit scores. http://uk12monthloans1.co.uk/
Good news for borrowers who want to get 12 month payday loans is that they do not need to pledge any collateral against the loan amount. So you are getting ready to purchase money of £ 100 to £ 1500 with easy and flexible repayment period of 14 to 31 days. There is no question papers and documents by fax. It can be reached and mentioned several requests, the pay of pocket money loans as medical bills, credit card dues, fees or tuition for your children, birthdays, loan installments, travel, etc..
Members to support one another in investing endeavors
Preparing those people on Ise Lodge (Kettering) Northants, interested in the future post fossil fuel.
A meeting place for all who are interested in building or sharing a resilient lifestyle up here in the North.
A group to form alliances for survival
Engaging and Preparing in Metro-West Boston