What happens if your bank goes bust?

eskbanker

Uxb1 said:

and nor would it be allowed to
If one of the big ones was likely to go bust HMG would use its emergency powers to nationalise it overnight.
(Much as they did when the aero engine maker Rolls Royce went bust in 1971)

I think RBS, HBOS, Northern Rock, etc, provide more recent (2008) and pertinent case studies!

Cisco001

Get more than 1 current account!
Do you remember the IT problem with TSB?

jimjames

cattie said:

Surely if you have enough in the bank to be covered by the £85k FSCF protection you can't be poor enough not to have access to any money for the next few days?

You might have £100 in the bank as your only money. You'd still be covered but shafted until it's released. It wouldn't affect me but for someone struggling because Asda petrol station kept a hold on their money for a few days from a pay at the pump transaction it might be a more significant issue.

Billycock

Thrugelmir said:

Why do you believe that your bank will go bust? 

The OP hasn't mentioned believing the bank will go bust. Only asked what happens if it does go bust. 

Thrugelmir

Billycock said:

Thrugelmir said:

Why do you believe that your bank will go bust? 

The OP hasn't mentioned believing the bank will go bust. Only asked what happens if it does go bust. 

Better to inform and discuss. Than let conspiracy theories run wild. The thinking starts from something. 

Malkytheheed

reveller said:

 Seems like very poor protection for poorer people.

There are 344 banks in the UK. So you could have £25,000,000 protected by the governemnt as straight up "cash". And thats before you take into account investments held in non banks such as property, businesses, stocks, bonds. 

Not sure who these "poor" people are that arent properly protected? 

eskbanker

Malkytheheed said:

reveller said:

 Seems like very poor protection for poorer people.

There are 344 banks in the UK. So you could have £25,000,000 protected by the governemnt as straight up "cash". And thats before you take into account investments held in non banks such as property, businesses, stocks, bonds. 

Not sure who these "poor" people are that arent properly protected? 

OP's concern was clearly about FSCS reimbursement timescales, not aggregate coverage....

Billycock

Malkytheheed said:

reveller said:

 Seems like very poor protection for poorer people.

There are 344 banks in the UK. So you could have £25,000,000 protected by the governemnt as straight up "cash". And thats before you take into account investments held in non banks such as property, businesses, stocks, bonds. 

Not sure who these "poor" people are that arent properly protected? 

IMO what the OP is saying is along the lines of,
I've only £50 to my name, what happens if my bank goes pear shaped? How long will it be before I'm reimbursed the £50? I'm skint in the meantime. It's not that difficult to understand. 

Thrugelmir

Billycock said:

Malkytheheed said:

reveller said:

 Seems like very poor protection for poorer people.

There are 344 banks in the UK. So you could have £25,000,000 protected by the governemnt as straight up "cash". And thats before you take into account investments held in non banks such as property, businesses, stocks, bonds. 

Not sure who these "poor" people are that arent properly protected? 

IMO what the OP is saying is along the lines of,
I've only £50 to my name, what happens if my bank goes pear shaped? How long will it be before I'm reimbursed the £50? I'm skint in the meantime. It's not that difficult to understand. 

Doesn't matter how much money you have to your name if it's inaccessible for a period of time. 

Billycock

Thrugelmir said:

Billycock said:

Malkytheheed said:

reveller said:

 Seems like very poor protection for poorer people.

There are 344 banks in the UK. So you could have £25,000,000 protected by the governemnt as straight up "cash". And thats before you take into account investments held in non banks such as property, businesses, stocks, bonds. 

Not sure who these "poor" people are that arent properly protected? 

IMO what the OP is saying is along the lines of,
I've only £50 to my name, what happens if my bank goes pear shaped? How long will it be before I'm reimbursed the £50? I'm skint in the meantime. It's not that difficult to understand. 

Doesn't matter how much money you have to your name if it's inaccessible for a period of time. 

I was referring to Malkytheheed's remark  - Not sure who these "poor" people are that arent properly protected? 
Again, it's not that difficult to understand.
Think about the term in this instance  - properly protected - to mean they're broke and need the £50 instantly, need to buy a tin of baked beans to bloody well survive!