Do banks still understand the meaning of collateral?

maninthestreet

This is the UK in the 21st century, not the Wild West in the mid-19th century. Surely selling the gold bars would be the best way to raise the cash you need?

ILW

How would they know if it was real and if it was yours?

MoneySaverLog

Yellow bricks are overvalued, much the same can be said about the normal bricks and mortar too.

pmduk

At the end of the day, you've chosen to do as little business with them as possible. They've returned that confidence.

innovate

pmduk wrote: »

At the end of the day, you've chosen to do as little business with them as possible. They've returned that confidence.

And I am glad they did. At least I can have some confidence that they still are bank, rather than a pawn broker or a bazaar or a payday lender.

RobTang

You must see that such a service would not be in the normal services of a retail bank.

Plus even if the gold bars wasn't a problem, the interest they will make off you is tiny, its really not worth their while to do to it for you, its not like you keep lots of money with them or apparently use many of their services.

The few hundred quid they will make off you will easily be swallowed by setting up the OD, verifying the gold, storing the gold, taking up time to process the non standard transaction.
I cant see how they will make money, so why should they offer it to you ?

mgdavid

funniest thread this month - is the OP for real?

innovate

mgdavid wrote: »

funniest thread this month - is the OP for real?

Ronnie Biggs is still alive. And still has connections.

During is time in exile, he should have had ample opportunity to get "receipts" for his gold bars.

Whether there are any connection to RB or not - -- if I worked in Lloyds (or anywhere) where someone wants to get a security with the help of gold bars, I'd just string a conversation along until the police arrive to arrest them.

dalesrider

RSL wrote: »

I have an online business and my wages coming in each month. This is not left in the account but gets invested in bullion and other ventures..

Well if your online business can afford to pay you 10K a month. Can it not afford to lend you the shortfall? Or even pay you 5K mid term.

It would simply not be worthwhile the banks doing what you are asking.
Remember just like your company they are there to make a profit. And your request is simply not going to do this.

This post makes me think of the current Mazda vat free add. With the woman calling the taxman for someone evading tax :rotfl:

JuicyJesus

This has to be a troll. Nobody could be stupid enough to think that a retail bank would accept a precious metal as security for an overdraft. Nobody could think a bank would do so for someone who just rocked up on their doorstep, with a relatively inactive account that they purposely don't keep any money in. Please, Jesus, let this be a troll.