Re: Banks taking advantage of us all. We should all do something about it!

tomwakefield

Eric got there first

P.S. count me out. Whether you love 'em or you hate 'em, I'm not the kind of person to leave my life savings under my mattress. I'll get even less interest that way!

Incyder

if you hate banks then use a building society instead. i do.

ILW

Would it really bring the whole system down if most savers decided to withdraw their deposits?

pinkdalek

Incyder wrote: »

if you hate banks then use a building society instead. i do.

until Santander buys them out.....:rotfl:

opinions4u

ILW wrote: »

Would it really bring the whole system down if most savers decided to withdraw their deposits?

Yes.



.

JuicyJesus

ILW wrote: »

Would it really bring the whole system down if most savers decided to withdraw their deposits?

Remember Northern Rock? That's an example. And NR wasn't a commercial bank. And it was tiddly. Try it with a large bank that supplies lending to small businesses, especially day to day cashflow support like overdrafts, and then watch what happens.

ILW

JuicyJesus wrote: »

Remember Northern Rock? That's an example. And NR wasn't a commercial bank. And it was tiddly. Try it with a large bank that supplies lending to small businesses, especially day to day cashflow support like overdrafts, and then watch what happens.

Never realised that savers had such clout. seems like an organised campaign could get better rates on savings. Interesting.
Could be like the petrol protest a few years ago.

opinions4u

ILW wrote: »

Never realised that savers had such clout. seems like an organised campaign could get better rates on savings. Interesting.
Could be like the petrol protest a few years ago.

Moving your money from one low paying bank to another higher paying one is market forces.

Withdrawing funds en masse would just cause the collapse of all banks affected and an economic tsunami that would take a decade or longer to recover from.

ILW

opinions4u wrote: »

Moving your money from one low paying bank to another higher paying one is market forces.

Withdrawing funds en masse would just cause the collapse of all banks affected and an economic tsunami that would take a decade or longer to recover from.

But a serious threat to do it could in effect force the banks to pay higher rates to savers, they would have to increase rates to borrowers to do it, but it does appear that it is the savers who actually hold the true power without realising it.

dunstonh

Anyway, I think its a good idea, what do you think....

It would be the lunatics running the asylum.

A better idea would be for you to have a greater understanding of the issues. For example, how about blaming Governments for fuelling a debt driven growth boom. Or blaming consumers for spending money they didnt have and going down a nanny state because they have no self control. You can blame the banks for becoming complacent with risk (which is a human trait that most people suffer in all areas of life). You can blame the regulators for not understanding the issues and micromanaging the minor things whilst ignoring the big things (which they are still doing today!).