Refund of FSCS deposit offset by debt

mikeymo_3

I have about £40,000 in an HSBC current account, but I owe them £5,000 on a CC (low int bal transfer).

HSBC seem more solid than most banks, but if they do fail, is the compensation for the net amount. So in the the example above, am I covered for the max £35,000.

Cheers,

opinions4u

You'd walk away with £35k and no credit card debt!

Jonbvn

Plus the fact that if HSBC went down, I think the UK would look like the set of Mad Max IV.

pumpndump

Jonbvn wrote: »

Plus the fact that if HSBC went down, I think the UK would look like the set of Mad Max IV.

It's not entirely impossible. I do not have the latest figures, but I do know that a few months ago in the USA, HSBC owed $7.21 for every $1 of capital. It was thus regarded to be risky. On this side of the pond, it is regarded to be in good shape. That's the British public having the wool pulled over its eyes again.

Yesterday, in the US, Wachonia was taken over by Citibank, which is very strange, because from the same set of figures mentioned above, even though it is a bigger bank, Citibank was in a worse state than Wachonia.