Looks like West Brom Building Society is going UNDER

bristolleedsfan

adminannie wrote: »

Hi I have just sent them a cheque for £15000 should I have the cheque stopped or just let it go


Annie

I say this in a light hearted way, Are you asking names on a screen to advise you what you should do with your own money. :huh: ( Post before yours at 7.15am should have answered your question)

oldagetraveller

adminannie wrote: »

Hi I have just sent them a cheque for £15000 should I have the cheque stopped or just let it go


Annie

You do have 14 days, from account opening, in which to change your mind and have your deposit returned without penalty, it's in the account specific ts & cs.
However, whether you take up this option is your decision. I've just sent them a £10000 cheque and still pondering the next step. I am an Icesave "veteran" and don't want to go through that hassle again although a British B S is a slightly different scenario hopefully with regards the FSCS?

Reaper

I'm not sure why people are worrying. It's nothing like Icesave.

British banks & building societies are always taken over by another institution or the government if that is not possible. The worst that will happen is you will finish the year with a different name at the top of your statement. You won't need to fill in forms or have your payments delayed by FSA bureaucracy. And you definitely won't lose your money.

We are about to start savings with them and are going ahead with it. We're keeping below £50k to make extra sure, but I'm relaxed about it.

mgh

If the WBBS is taken over, will we get a cash payment as just happened with the Chelsea/Catholic?

BruceyBonus

mgh wrote: »

If the WBBS is taken over, will we get a cash payment as just happened with the Chelsea/Catholic?

No way will there be a payout. Highly unlikely that there will be a member vote either.

RayWolfe

Do you not read anything?
or
Terrific joke.

agsnu

opinions4u wrote: »

3) The FSCS is being used as a bottomless pit - but it's all based on borrowing against future banking profits - so it can go bust itself

Future banking profits and any recoveries from liquidations/administrations (which, in most cases, should be reasonable - indeed, for B&B the Government has passed a statutory instrument rejigging the order of preference and giving the FSCS a higher priority claim than holders of subordinated debt; KSF administrators say they're looking at 70p in the £ recovery long-term IIRC, etc).

But yeah, it would probably not be in a happy place short term if there were any more large-scale bankruptcies.

soulsaver

[Deleted User] wrote:

Hi,



so, further to my post (5), do you think it's save enough to put 50K into this morning, or should I wait a bit?

I think there is no chance of a default in the short term & little chance in the longer either. And in that unlikely event, its probable that HMT would cover above £50k as has been the case in recent defaults.
But just in case of a 'u' turn, I'd put a little less than 50k in to allow for interest to be paid & stay below threshold. I'd go for monthly interest if available as technically in the 'event' FSCS only pays for cap & interest already in the account at default date. If annual you could possibly miss out on interest in the event the strict minimum was paid, which hasn't been the case to date (Icesave & ? ).
And agree with reaper, there won't be delays or hassle either in the event. The worst that could happen is they lumped into a BS where you already are up to the limit with a long fix.
And even then the rules were bent for the Nationwide, Cheshire, Derbyshire amalgam to protect depositors put in that position.

adminannie

bristolleedsfan wrote: »

I say this in a light hearted way, Are you asking names on a screen to advise you what you should do with your own money. :huh: ( Post before yours at 7.15am should have answered your question)

Yes your right but I went into a bit of a panic and just posted. promise to read through next time lol


Annie

agsnu

soulsaver wrote: »

But just in case of a 'u' turn, I'd put a little less than 50k in to allow for interest to be paid & stay below threshold. I'd go for monthly interest if available as technically in the 'event' FSCS only pays for cap & interest already in the account at default date.

Actually I believe it covers interest accrued up to the default date. Also, with Icesave they honoured fixed rate accounts through to maturity if you opted for it - surely they wouldn't have done that if they didn't have to? (seems like a lot of hassle and paperwork, since it meant paper form claims and falling due over a prolonged period rather than immediately)