TSB bank runs, who is next?

Sea_Shell

While they're still giving 3% on our £4500, we're not going anywhere!!! We'll sit it out and wait for the dust to settle, which it will - eventually.

veryintrigued

ValiantSon wrote: »

Pardon? Could you repeat this in English, please, or could someone else translate?

.

I think it's the stress test formulae.

See what I did there?!

AG47

Lungboy wrote: »

Did I miss some banks failing?

Northern rock in the uk, Deutschland bank in Germany to name a few

Uxb

Blimey - the OP should have been around and on here the day The Icelandic online savings Icesave ceased all transactions and no one could login ever again when they went bust in 2007.
Even better was that it later transpired that transactions that were supposedly accepted and done in the few days prior were never actually done - so the FSCS had to "reverse" these to get people's balances back to what they should have been prior to them paying out. This was in the days before faster payments so any withdrawals took 3 or 4 days anyway.

AG47

jimjames wrote: »

After all the problems with different banks over the years I still find it amazing that people rely on a single bank card for all their transactions.

What are we suppose to do, have several bank accounts to spread the risk?

Glen_Clark

When a sound bank like TSB gets computer problems, it shuts down to keep your money safe. Then when it opens again there is such a backlog it can't cope with all the demand at once.
But shutting down is also what banks do when they are going bust.
So its perhaps understandable that some ill informed people confuse the 2 and panic?

veryintrigued

AG47 wrote: »

Deutschland bank in Germany to name a few

Do you mean Deutsche Bank?

Those 120 million euro quarter profits, announced just now, must be a right old headache!

BoGoF

AG47 wrote: »

What are we suppose to do, have several bank accounts to spread the risk?

Absolutely.

I have 5 current accounts with different banks......mainly to maximise interest but comes in handy in situations like this.

Lungboy

AG47 wrote: »

Northern rock in the uk, Deutschland bank in Germany to name a few

NR was almost 6 years ago, and Deutsche Bank is still going so not really sure what you're getting at.

nrsql

The man running things at TSB was just on radio 4.
Everything is ok and being sorted out and a lot of customers (who they are focused on don't have a problem). They are drafting in lots of IBM experts to various locations worldwide.
He wouldn't comment on the effect on his bonus.

My guess - this is going to be very expensive for them and I'm guessing the emergency consultant fees will be enormous. Probably makes them a target for a takeover and maybe won't survive.
Looks like they don't have their IT under control and I'm guessing it they don't have the expertise to plan changes so would expect similar problems in the future.
Anything that gives people access to the wrong accounts is a fairly major issue and I would expect a regulatory investigation.