Dunfermline Building Society Collapses

sheslookinhot

The Dunfermline Building Society has collapsed and is to be put on the market by the government, BBC Scotland has learned.


http://news.bbc.co.uk/1/hi/scotland/7969882.stm

starlight_xx

Excuse me if this is a daft question, but I barely have enough money to get through the month let alone invest/save but my mum does. She has various money invested in the Dunfermline, what does the collapse mean for people like her??

Baldur

starlight_xx wrote: »

Excuse me if this is a daft question, but I barely have enough money to get through the month let alone invest/save but my mum does. She has various money invested in the Dunfermline, what does the collapse mean for people like her??

There's no such thing as a daft question but it's probably too early in the process for you to receive any useful answer - keep watching the situation.

starlight_xx

Thanks Im just worried about her money, my dad died a few months ago and mum has not only had to take on the finances (an alien world to her) but with Insurance policies and other money shes rec'd since his death she has a good bit of money behind her. Id hate for her to lose anything.

Stavros_3

I wouldn't worry too much, if this government can bail out UK savers with an Icelandic bank, they most certainly would not let a UK bank go bust and everyone loses their money. Thats called hypocrasy and political suicide. Someone will step in and take it over, or the government will take full or part ownership.

cvd

The Dunfermline will no longer be able to contribute its share to the FSCS. Indeed, it may end up being a cost to the scheme. So the levy on other building societies will go up - and some other building societies are teetering on the edge. So there could be a domino effect here.

Robert_Sterling_3

Worry ye not.

Unless the balance exceeds £50,000.
Dunfermlin is a Building Society and no "ordinary" members of a building society has ever lost money.

Some directors of the Grays Building Society lost their money in the about thirty years ago after the Chief Executive, who was also the chairman, shot himself.

Count_Dante

Don't worry. The time the government allows an institution to go belly up with saver's cash will be when the government itself has gone bust.

starlight_xx

Robert_Sterling wrote: »

Worry ye not.

Unless the balance exceeds £50,000.

It does

bristolleedsfan

Id be interested to know whether anyone made a withdrawal request by post since last weekend and has actually had the transaction done by Dunfermline BS, being as it was supposed to be "business as usual" last week and that it was stated that "Additionally, our network, telephone service and website services are continuing to offer superb service to our Members" :think:

Megalomaniac

I had my ISA with Icesave....

I had my instant access savings with Kaupthing....

I transferred my ISA with Icesave and with Barclays to Dunfermline...

It seems like I have the kiss of death on any instituion that holds my money! Did I mention I have instant access savings with Egg (Citibank who was bailed out by the US government)?

Great! At least it seems the savings will just be transferred somewhere else ala B&B according to the article... I wonder if the terms will remain the same on the fixed rate products.