Triodos Bank Current Account

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  • isasmurf
    isasmurf Posts: 1,999 Forumite
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    Uxb wrote: »
    Those of us with long memories will recall much the same arguments being made about IceSave in 2006.....it was all covered under the Icelandic compensation scheme equivalent so "it's all fine".

    Well we all know exactly how that worked out don't we?
    For those on here that do not, when Icesave collapsed the Icelandic government basically said we are not paying - anyone: end of Story
    The UK government ended up stepping in voluntarily to refund Icesavers paid for by UK taxpayers.
    Icesave was slightly different in that it was part FSCS protected. As the Icelandic scheme guaranteed less than the UK level of protection, it had dual protection under the Icelandic scheme to £16,000 and topped up to the UK level of protection of £50,000 by the FSCS.
  • colsten
    colsten Posts: 17,597 Forumite
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    Uxb wrote: »
    Those of us with long memories will recall much the same arguments being made about IceSave in 2006.....it was all covered under the Icelandic compensation scheme equivalent so "it's all fine".
    Exactly! People who have never had to claim under a compensation scheme have generally very little idea how it works in practice, and what anxieties a claim can create.
    stclair wrote: »
    Complaints will be dealt with by the FOS:
    That is irrelevant. The FOS has no powers over a foreign compensation scheme. In fact, they have none over the FSCS, either.
    isasmurf wrote: »
    Icesave was slightly different in that it was part FSCS protected. As the Icelandic scheme guaranteed less than the UK level of protection, it had dual protection under the Icelandic scheme to £16,000 and topped up to the UK level of protection of £50,000 by the FSCS.
    That didn't stop the Icelandic protection scheme to simply ignore any liability. Whilst we all got our money back (from the FSCS, on instructions by the Chancellor), it took the UK the best part of a decade to actually recover monies from the Icelandic Government.
  • stclair
    stclair Posts: 6,844 Forumite
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    colsten wrote: »
    Exactly! People who have never had to claim under a compensation scheme have generally very little idea how it works in practice, and what anxieties a claim can create.

    That is irrelevant. The FOS has no powers over a foreign compensation scheme. In fact, they have none over the FSCS, either.

    That didn't stop the Icelandic protection scheme to simply ignore any liability. Whilst we all got our money back (from the FSCS, on instructions by the Chancellor), it took the UK the best part of a decade to actually recover monies from the Icelandic Government.

    I think you may need to reread the thread. A previous poster stated the FOS wouldn't deal with complaints and it's clear that they will be the link previously provided.

    They won't be covered by the UK compensation scheme but UK customers will be covered under the Dutch equivient as previously stated.

    I clearly don't get what you don't understand or what the problems is? If I had x amount of money and they went bust I would be compensated for a similar amount by the dutch compensation scheme. As they are a Dutch organisation .
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • eskbanker
    eskbanker Posts: 31,333 Forumite
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    stclair wrote: »
    They won't be covered by the UK compensation scheme but UK customers will be covered under the Dutch equivient as previously stated.

    I clearly don't get what you don't understand or what the problems is? If I had x amount of money and they went bust I would be compensated for a similar amount by the dutch compensation scheme. As they are a Dutch organisation .
    colsten's issue is with the practical realities of reclaiming from a non-UK compensation scheme, see http://forums.moneysavingexpert.com/showthread.php?p=72490630#post72490630
  • colsten
    colsten Posts: 17,597 Forumite
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    stclair wrote: »
    I think you may need to reread the thread. A previous poster stated the FOS wouldn't deal with complaints and it's clear that they will be the link previously provided.

    They won't be covered by the UK compensation scheme but UK customers will be covered under the Dutch equivient as previously stated.

    I clearly don't get what you don't understand or what the problems is? If I had x amount of money and they went bust I would be compensated for a similar amount by the dutch compensation scheme. As they are a Dutch organisation .
    Please will you stop saying that the Dutch compensation scheme gives UK residents the same protection as FSCS. It does not. It is very clear from your comments that you only have theoretical knowledge about having to use a compensation scheme, and a foreign one at that. I, on the other hand, have first hand experience of both. I am not easily intimidated by complexities of the personal finance world, which is why don't believe bank employees, and especially RBS ones, when they say it will all be alright.

    People who choose to put their money into a bank that is not covered by FSCS are accepting a higher risk of losing their money because the foreign scheme is not subject to UK jurisdiction, and individuals couldn't afford to bring a court case to a foreign court. Quite apart from the inherent risks of relying on a non-FSCS protection scheme, the uncertainties created by Brexit add a further layer of complexity.
  • Stuart_W
    Stuart_W Posts: 1,735 Forumite
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    edited 4 May 2017 at 11:42AM
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    If they really wanted to be a challenger current account provider, you have to wonder why they don't apply for a UK banking licence and then with it come under the FSCS and UK regulatory system.

    This will remain a niche product for a very small niche market. The boss was on Moneybox at the weekend thrilled to bits that they had 5,000 pre-register interest after the first week - showing their niche market small ambitions. Sustainable for Triodos means remaining small. No where near the size of the number of Co-op customers.

    If they'd had the resources to become UK registered and sort out cash handling a bit better, and work out a way to not charge £36 a year, and join the current account switching service then a huge number of Co-op customers would have walked right in with minimal persuasion, I'm sure. (They would, however, probably also go bust as in the whole scheme of things there isn't that much money to be made with current accounts unless you can acquire decent scale).

    The Co-op is constantly rubbished for having majority "hedge fund" owners, or in other words private owners of shares who's intention of ownership is to make money (although that hasn't worked to well for them at the moment). Triodos is also privately owned by shareholders. No one seems to mind that.
  • stclair
    stclair Posts: 6,844 Forumite
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    edited 4 May 2017 at 2:31PM
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    colsten wrote: »
    Please will you stop saying that the Dutch compensation scheme gives UK residents the same protection as FSCS. It does not. It is very clear from your comments that you only have theoretical knowledge about having to use a compensation scheme, and a foreign one at that. I, on the other hand, have first hand experience of both. I am not easily intimidated by complexities of the personal finance world, which is why don't believe bank employees, and especially RBS ones, when they say it will all be alright.

    People who choose to put their money into a bank that is not covered by FSCS are accepting a higher risk of losing their money because the foreign scheme is not subject to UK jurisdiction, and individuals couldn't afford to bring a court case to a foreign court. Quite apart from the inherent risks of relying on a non-FSCS protection scheme, the uncertainties created by Brexit add a further layer of complexity.

    I'm not saying it's the same I'm just saying you'll be able to claim compensation to a similar value as the UK scheme should it go tits up:

    Triodos Bank is covered by the Dutch deposit guarantee scheme.
    All banks in the Netherlands licensed by De Nederlandsche Bank (DNB, the Dutch Central Bank) participate in the Dutch Deposit Guarantee Scheme.

    Triodos Bank in the UK is part of Triodos Bank NV which is based in the Netherlands and has a banking licence from DNB. Because we are part of Triodos Bank NV, our UK depositors are covered by the Dutch deposit guarantee scheme, rather than being covered by the Financial Services Compensation Scheme (FSCS) in the UK.


    What is the limit of cover provided by the deposit guarantee scheme?
    The deposit guarantee scheme guarantees up to €100,000 per person. The scheme applies per person per licensed bank, regardless of the number of accounts that they hold.
    This limit applies to the total of any deposits you have with all branches of Triodos Bank.

    For joint accounts held in the names of two people, both account holders can claim compensation up to €100,000 each. A balance of €200,000 held in a joint account is therefore fully covered.

    100,000 Euro equals = 84742.15 British Pound

    https://www.triodos.co.uk/en/about-triodos/important-information/deposit-guarantee-scheme/

    There words not mine...
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • badger09
    badger09 Posts: 11,247 Forumite
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    stclair wrote: »
    I'm not saying it's the same I'm just saying you'll be able to claim compensation to a similar value as the UK scheme should it go tits up:

    Triodos Bank is covered by the Dutch deposit guarantee scheme.
    All banks in the Netherlands licensed by De Nederlandsche Bank (DNB, the Dutch Central Bank) participate in the Dutch Deposit Guarantee Scheme.



    There words not mine...

    colsten is well aware of that guarantee, as are many of us who regularly post on here.

    However, as we also know from experience, the guarantee may turn out to be no guarantee after all, as was the case with the Icelandic scheme.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    colsten wrote: »
    People who choose to put their money into a bank that is not covered by FSCS are accepting a higher risk of losing their money because the foreign scheme is not subject to UK jurisdiction, and individuals couldn't afford to bring a court case to a foreign court. Quite apart from the inherent risks of relying on a non-FSCS protection scheme, the uncertainties created by Brexit add a further layer of complexity.

    Vergeet niet uw aanvraag om terugbetaling of juridische stappen zullen waarschijnlijk in het Nederlands moeten worden gedaan, althans gedeeltelijk. Google vertalen is geweldig, maar gaat alleen zo ver. ;)
    "In the future, everyone will be rich for 15 minutes"
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    edited 3 July 2017 at 3:46PM
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    Personally, I'm not as paranoid as MSE when it comes to the guarantee schemes of other countries. If we are using the rather infantile excuse that Iceland defaulted then so can other countries then the U.K. has to be included in "other countries": Not really all that constructive in attracting foreign investors. A case of "Iceland defaulted then so can the U.K."?

    Anyway on a more constructive note, Triodos are still keeping the final details of their current account secret stating that those final details will be provided when an account is offered. So if anyone has those details please post it. Ok, ok I'm impatient.
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