Dunfermline Building Society Collapses

will-in-estoril

Very close to the PM's heart (and constituency) so wouldn't be unduly worried.

Milarky

I'd expect the savers (all deposits etc) will go into another building society - rather than a non-mutual - since otherwise the question of 'compensation' (legal threats etc) raises its ugly head as they are in the position of shareholders at B&B whose 'loss' remains to be quantified, I believe. Shorn of its toxicity, the Dunfermline would then look attractive even to hard up societies - because it would only consist of depositors - backed by government money.

Mortgage customers would, however, definitely lose their membership rights. Therefore no 'compensation' and the question of where the savers end up is moot.

(Any thoughts?)

Robert_Sterling_3

starlight_xx wrote: »

It does

If it is a joint account then the limit is £100,000.

If it is not a joint account the first £50,000 is guaranteed.

So try and move some out sharpish.

If you are lucky another building society might be given an incentive to pick up the pieces which would solve your immediate problem and you could then reduce exposure to below £50,000.

sheslookinhot

starlight_xx wrote: »

It does

Can't say you've not had enough warnings

scott_lithgows

Megalomaniac wrote: »

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.

My woes !
cashcard with National Girobank,sold to A+L.No compensation so annoyed:mad: .
So moved cashcard account to National+Provincial BS(where passbook was,also got mortgage from them),sold to Abbey.Compensation(shares) but loads of problems:mad: :mad: .
So moved cashcard and passbook to Bradford+Bingley,mortgage to Yorkshire.B+B taken over by Abbey:mad: :mad: :mad: .Opened passbook with Yorkshire and Dunfermline:rolleyes2
So my moneys on Abbey taking them over !

Stavros_3

Stop worrying. Breaking news on Sky. Gordon Brown has announced all savers deposits are safe. They never want a repeat of the queue's outside the Northern Rock again, surefire election loser. HERE

steady__eddie

Originally Posted by 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)?

Any chance that you could pm me and let me who you intend to save with next ? Only so that I can avoid them.

Mikeyorks

Megalomaniac wrote: »

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...

Your real name's not Jonah by any chance?

If you could keep us all posted with your financial inclinations ......... we can then all safely go in the other direction!

starlight_xx

sheslookinhot wrote: »

Can't say you've not had enough warnings

Oh thanks! If youd actually read my earlier post youd see my mum has the money as shes recently got insurance payouts after the death of my dad. She only deposited 2 cheques last week.

Appreciate your compassion there

asbokid

starlight_xx wrote: »

Oh thanks! If youd actually read my earlier post youd see my mum has the money as shes recently got insurance payouts after the death of my dad. She only deposited 2 cheques last week.

Appreciate your compassion there

So sorry to hear about your Dad, Starlight. Losing a parent is the saddest thing to cope with. I'm sure your Dad's insurance payout is now safe.

You raise an important point though.

In the current climate with banks dropping like flies, it could be sensible to request that any large payment, from an executor, for example, be made in multiple cheques. These can then be spread across a number of financial institutions, reducing the risk to you.