Barclay proof of funds and closed my accounts

Ritusrex

Well, I'll be blowed!  OH opened his new account with the instruction to complete the switch on 16 July.   A few days later the new debit card arrived.  Nothing else though.  No letters/texts at all, until TODAY!  A bundle of letters from Barclays including one with the PIN No for the card and another with the activation code for online banking.  It transpires, his incentive, £175, was credited to the new account on 26 July, so all's well that ends well.

eskbanker

Ritusrex said:

Well, I'll be blowed!  OH opened his new account with the instruction to complete the switch on 16 July.   A few days later the new debit card arrived.  Nothing else though.  No letters/texts at all, until TODAY!  A bundle of letters from Barclays including one with the PIN No for the card and another with the activation code for online banking.  It transpires, his incentive, £175, was credited to the new account on 26 July, so all's well that ends well.

Posted in the wrong thread?

Ritusrex

Oops!  Yes.  My mistake.  Sorry for causing confusion with my post.

Ballard

Grumpy_chap said:

pop_gun said:

I sincerely believe the banking system is insolvent and the banks need depositor funds as collateral

That is how it has always been.
Banks don't have any money of their own - they only have depositor funds which are used to finance the various lending that the banks provide to others.  
Banks are generally insolvent through the day and only have to show solvent status at the close of banking business each day.  There are whole teams employed by the large corporations with spare cash to invest that on the overnight spot markets at whichever banking group globally most needs the money that day - the overnight spot interest rates can be very attractive.

Banks aren’t insolvent during the day. They will be long in some currencies and short in others and at close of business they will square their positions. This does not mean that they’re insolvent. Banks square their positions in a number of ways, with the most obvious being through money market (either borrowing/lending funds or with an FX Swap). 

There is no such thing as overnight spot interest rates. You’re thinking of overnight interest rates and this can vary from the standard interest rates a fair bit sometimes but I don’t think that they vary as much as they used to.

edit: I’ve just realised that I didn’t address the point about banks not having their own money. They do, it’s called capital. The amount of capital required by banks depends on their balance sheet.