co-op bank more dosh than disability

[Deleted User]

anyone with a co-op bank acount may want to take a look at the news to see whats happening
they have been downgraded by moodys to junk bond status,and the boss his quit today,it is suggested it may need a major bailout
let me put it this way if i banked with the co-op i`d be taking my money out pdq
not strictly disability related i know but certainly dosh related

Two4Tuesday

Aren't they covered by the £85,000 government guarantee? I doubt most moneysavers here will have more than that deposited with them.

Dogger69

If everyone withdraws their money then yes, the bank definitely will be in trouble. Very poor advice.

No idea why it has been posted on this board ...

[Deleted User]

Dogger69 wrote: »

If everyone withdraws their money then yes, the bank definitely will be in trouble. Very poor advice.

No idea why it has been posted on this board ...

its all over mse and other areas of t`internet,its just a heads up for anyone depositing with the co-op who might only read this bit of mse....but forgive me for breathing

jon142

Forgive me for my stupidness but say coop did go under and has 5 million customers with 85,000 in their accounts... Who is going to be footing the bill under The compensation bill?

Because that bill would be £425 billion not really pocket change is it? and the government is broke.

I think that £85,000 figure is shouted about with no real backup for anyone.

alastairq

Co-op will not go under, period!

suggest reading the below? Better informed and less of an agenda than the Sun?

http://www.bbc.co.uk/news/business-22479521

anoncol

woodbine wrote: »

its all over mse and other areas of t`internet,its just a heads up for anyone depositing with the co-op who might only read this bit of mse....but forgive me for breathing

Sounds like scaremongering more like. Your not even mentioning the 85k in a single financial institute protection.

pmduk

No UK bank account customer has lost money in a UK bank in modern times. The sort of unfounded comment made by the OP is just the sort of thing to cause a run on the bank, the very thing the OP is warning about.

alanq

If Co-op is going to have difficulty raising funds, or having to pay higher rates, in the wholesale markets perhaps it will have to offer decent rates to retail depositors. With £85k protected, it could become a good time to open accounts with the Co-op rather than a time to close them.

[Deleted User]

anoncol wrote: »

Sounds like scaremongering more like. Your not even mentioning the 85k in a single financial institute protection.

are you aware just how long it might take the fscs to pay out a penny?
look at some facts,the co-op bank lost £660m last year,it has lost alot of money from bad debts from the britania take over and it is under capitalised,and it will find it hard to use other co-op money to re-capitalise,it is now trying desperately to sell off two of its insurance arms
there are 6,500,000 customers if they all removed £1000 then nothing short of a full bail out would rescue them,and our current chancellor has never been the biggest fan of bail outs
if i had money in a co-op account i would be moving it on monday morning,while it appears others on this thread will be trusting in god knows what

nilrem_2

woodbine wrote: »

if i had money in a co-op account i would be moving it on monday morning,while it appears others on this thread will be trusting in god knows what

I have money in the Co-op bank, Smile and Britannia and have no intention of moving my money nor am I concerned in any way.

Are you trying to scare people? :eek: