Coop Bank

now

Hi Anybody worried about the bad press the Coop is getting? What happens if the close up shop? It would leave loads of us without a bank account. Any thoughts?

alastairq

Well, I, for one, am not in the slightest bit worried.

Co-op will not close.

Perhaps if we actually read about what has gone on, our fears would be allayed?

Try logging on to Co-op's website, and checking out their news pages.....all is explained in there?

A bank I would be avoiding at the moment, is Santander!

Given the state of the Spanish economy, and the fact that Spanish local government's are seizing re-possessed properties, for people to live in?
Spanish-based banks may well become victims of their country's recession as well....there is only so much the ordinary Spaniard will tolerate, with regards to cut-backs and unemployment?

ponbeam

The government will protect 85k of your money in co-op as a UK bank.
Santander is also a UK bank and the government will also protect 85k in this bank.

Grumpy_Shunter

ponbeam wrote: »

The government will protect 85k of your money in co-op as a UK bank.
Santander is also a UK bank and the government will also protect 85k in this bank.

Not too much for us BR's to worry about then!:p

rossireps

ponbeam wrote: »

The government will protect 85k of your money in co-op as a UK bank.
Santander is also a UK bank and the government will also protect 85k in this bank.

ha ha :rotfl:

ponbeam

Forgive me what did I say that was incorrect ?

Bella_Smythe

nothing incorrect Ponbeam i think a lot of us on here just roflysst at the thought of having £85,000 in the bank. or 85p for that matter. but still. good to know.

I_luv_cats

They sent a letter y'day re; 85k scheme.


Talk like this though doesn't really help their woes!

rossireps

ponbeam wrote: »

Forgive me what did I say that was incorrect ?

Nothing
just the government and debt made me laugh,just me probably though

now

We have been unable to use our debit cards a few times this week (money in the account) this morning I got DO NOT ACCEPT THIS CARD! if they were to close it would leave a lot of people without a bank account

antrobus

now wrote: »

Hi Anybody worried about the bad press the Coop is getting? What happens if the close up shop? It would leave loads of us without a bank account. Any thoughts?

This

ponbeam wrote: »

The government will protect 85k of your money in co-op as a UK bank.
Santander is also a UK bank and the government will also protect 85k in this bank.

and the fact that the authorities would invoke the Special Resolution Regime of the the Banking Act 2009, and simply transfer the bank accounts to another institution to maintain continiuty.

If you're talking about a personal account and less than 85k deposited. If you're an institutional investor you would, of course, be reducing your exposure to the Co-Op asap.