Ok, first Northern Rock - who next?!

beingjdc

MABLE wrote: »

Sorry but I have never heard such crap. Not only has the Bank of England, The Chancellor and NR give assurances

"I was under no illusions when I took Britain into the ERM. I said at the time that membership was no soft option. The soft option, the devaluer's option, the inflationary option, that would in my opinion be a betrayal of Britain's future"

John Major, 10th September 1992.

oldagetraveller

aardvaak wrote: »

Are the any plonkers on here who have actually withdrawn their money from NR?

Yes, this "plonker" did some time ago when NR was first mentioned as having a possible problem. I now have £2.80 in an account, so I'm covered for 100% of that.
If the childish individuals who are making these sort of comments had spent their working lives saving, supporting a family, not maxing out on credit cards, not going overdrawn and stealing other peoples money then they might think differently. Those people who are queueing are probably only trying to safeguard their life savings and no amount of reassurance from so called experts on here or elsewhere is going to reduce their concerns.NR's CEO has said they are are well run business. Well you could have fooled me, a well run business wouldn't have got itself into the current situation in the first place?
For NR to block access to online accounts is nigh on immoral in my opinion, they are probably doing this to prevent further online withdrawals because they have insufficient "float" to cover those withdrawals.
Rant over!

Flynn_2

alared wrote: »

NR really are making matters worse for themselves by blocking it`s online website to prevent people even seeing let alone withdrawing money from their accounts.

Where did you get that idea? Their server is busy. Hardly surprising.

theredfox_2

Sorry, but let's talk sensibly shall we?
NR are not blocking internet access to their accounts, what is OBVIOUSLY happening is their servers can't cope with all the hordes signing in to get their money.

That can actually be criticised. People signed up for a service and should expect to get it.

Remember that old codger in Dad's Army?

"Don't panic! don't panic! don't panic!"

But I'm afraid that's what the mob are doing, and the mob is partly to blame for this situation.

Aegis

alared wrote: »

NR really are making matters worse for themselves by blocking it`s online website to prevent people even seeing let alone withdrawing money from their accounts.

When people can finally get at their cash NR will have lost these customers forever.

After the debacle of the last few days it`s pretty clear the public don`t believe the government,the chancellor,NR or any other so-called expert who`s said "your monies safe".

The shares lost about one third of their value yesterday plus a billion pounds withdrawn by savers and about the same today judging by the queues.
Expect to see their shares hammered again on Monday if they`re not suspended altogether.

I find it extremely unlikely that they're deliberate blocking their customers, especially since we know full well that several people on this forum have managed to get in after some persistence and have performed online transactions as usual. Their servers will simply not have been prepared for the inundation of people after this bit of news, which is exactly the same as any other business in the world.

It would be a phenomenal waste of money to try and set up servers that could handle most of your clients at once.

GracieP

Tbh, the thing I don't understand about the Northern Rock situation is that people could have huge amounts of their saving in this bank and yet remain oblivious over the last couple of months that the bank was in trouble.

I have no connection whatsoever to Northern Rock, yet I've been aware for at least the last 6 weeks that they were in trouble. If I had a lot of money in an NR account I would have certainly moved my money but I would have done it a month ago.

umami

I am not a detached observer, I do have money in NR but I am not panicking.
It isn't very helpful watching all these queues though.

I wonder are these the same people who queued when NR was offering high interest rates for their savings?

amcluesent

>Not only has the Bank of England, The Chancellor and NR give assurances...<

"I have here a piece of paper, signed by Herr Hitler..."

chris1

GracieP wrote: »

Tbh, the thing I don't understand about the Northern Rock situation is that people could have huge amounts of their saving in this bank and yet remain oblivious over the last couple of months that the bank was in trouble.

I have no connection whatsoever to Northern Rock, yet I've been aware for at least the last 6 weeks that they were in trouble. If I had a lot of money in an NR account I would have certainly moved my money but I would have done it a month ago.

Well aren't you the clever one? Not everyone reads the financial papers, or whatever it is you did. Perhaps a posting to that effect here would have been welcome for those of us who aren't so gifted...

noh

GracieP wrote: »

Tbh, the thing I don't understand about the Northern Rock situation is that people could have huge amounts of their saving in this bank and yet remain oblivious over the last couple of months that the bank was in trouble.

I have no connection whatsoever to Northern Rock, yet I've been aware for at least the last 6 weeks that they were in trouble. If I had a lot of money in an NR account I would have certainly moved my money but I would have done it a month ago.

Yes if you are going to panic it is always best to do it early!
I believe its better to not panic at all.

Nigel