HBOS/Lloyds TSB merging

sabretoothtigger

No a bankrupt company must pay its debts from its assets and the government is first to be paid so you will just owe the government instead, probably similar to nr except with no savers it would very be inefficient

Kellyjordan22

I work for HBOS.......well I did..........

Predicted 40000 job losses - its not looking good.

fallen_angel_shelley

i opened a student account with halifax a couple of weeks, can anyone tell me, if they do go under what would happen to the money in my student account, would i still be able to withdraw it or am i best using another account to have my student loan paid in to until things are a bit clearer?

nesssie1702

There's a lot of speculation going on?

[Deleted User]

Judging by the usual amount of imagination involved, the new name will be Halifaxbankofscotlandlloydstrusteessavingsbank.

nico26

nesssie1702 wrote: »

There's a lot of speculation going on?

Yes I agree yesterday it was all the savers and now it all the staff. As usual Media scaremongering. Wish the would stop all this crap speculation until facts are known. Its not helping anybody

robpw2

whats wrong with a bit of speculation lol keeps the world going and raises the share prices

Entertainer

fallen_angel_shelley wrote: »

i opened a student account with halifax a couple of weeks, can anyone tell me, if they do go under what would happen to the money in my student account, would i still be able to withdraw it or am i best using another account to have my student loan paid in to until things are a bit clearer?

They are not going under. You are backed by the government compensation scheme so you would get 100% of £2,000 and 90% of the next £33,000. I'm not sure how long it would take to get your money as this has never happened before (a big U.K bank going bust). Basically, don't worry about it, just carry on as normal.

robpw2

But I have an account with both banks. What then?
Under the terms of the Financial Services Compensation Scheme (FSCS), the compensation for savers in bust banks goes up to £35,000 per "authorised institution", not per account.
If a newly merged bank became just one authorised institution with the Financial Services Authority (FSA) then you would have cover for only the first £35,000 of your money, not more. But banks sometimes retain their separate authorisations with the FSA after a merger, as in the case of the RBS and the NatWest


http://news.bbc.co.uk/1/hi/business/7620744.stm

for all other questions look here this is really useful;

Baldur

Entertainer wrote: »

....you would get 100% of £2,000 and 90% of the next £33,000.

It's the Financial Services Compensation Scheme and the level of protection is 100% of £35,000