What happens if your bank goes bust?

Malkytheheed

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. 

Then my point is two fold. If you can't get hold of your money for 7 days then it doesn't matter if you are "rich" or "poor". You have no cash for 7 days. Everyone is in the same boat. 

Second, surely everyone can "survive" for 7 days without cash? I mean a couple cans of beans in the cupboard will ensure that you survive the week till you get your money back. 

If you only have £50 to your name then open a new account with a different bank and put £25 in each. 

Billycock

Malkytheheed 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. 

Then my point is two fold. If you can't get hold of your money for 7 days then it doesn't matter if you are "rich" or "poor". You have no cash for 7 days. Everyone is in the same boat. 

Second, surely everyone can "survive" for 7 days without cash? I mean a couple cans of beans in the cupboard will ensure that you survive the week till you get your money back. 

If you only have £50 to your name then open a new account with a different bank and put £25 in each. 

If you were to understand what it means to be really poor then where's the money coming from to buy - I mean a couple cans of beans in the cupboard will ensure that you survive the week till you get your money back. 
Yes granted £25 in two banks, maybe that's what the OP needs to know in order to have something. Obviously wasn't aware when compiling the post.
What you need to do is give the homeless a few bob! He who helps the poor borrows from the Lord and the Lord will repay you for your deeds.

grumiofoundation

Billycock said:

Malkytheheed 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. 

Then my point is two fold. If you can't get hold of your money for 7 days then it doesn't matter if you are "rich" or "poor". You have no cash for 7 days. Everyone is in the same boat. 

Second, surely everyone can "survive" for 7 days without cash? I mean a couple cans of beans in the cupboard will ensure that you survive the week till you get your money back. 

If you only have £50 to your name then open a new account with a different bank and put £25 in each. 

If you were to understand what it means to be really poor then where's the money coming from to buy - I mean a couple cans of beans in the cupboard will ensure that you survive the week till you get your money back. 
Yes granted £25 in two banks, maybe that's what the OP needs to know in order to have something. Obviously wasn't aware when compiling the post.
What you need to do is give the homeless a few bob! He who helps the poor borrows from the Lord and the Lord will repay you for your deeds.

A cynic (or a true MSEr) would ask what interest rate is he offering? 


When spreading easy access cash across 2 (or more) banks is also important to check they don't share same licence - e.g. HSBC, First Direct.

reveller

Wow, not the debate I was expecting.

It was a hypothetical question.

I was wondering if my bank went bust, what protection is there for normal people without credit who would struggle without daily access to their cash?

I only mentioned the FSCS scheme as that is all I can find out about on Google. It seems unfair that the middle classes would be fine while poorer people would be up sh*t street.

eskbanker

reveller said:

Wow, not the debate I was expecting.

It was a hypothetical question.

I was wondering if my bank went bust, what protection is there for normal people without credit who would struggle without daily access to their cash?

I only mentioned the FSCS scheme as that is all I can find out about on Google. It seems unfair that the middle classes would be fine while poorer people would be up sh*t street.

What alternative do you have in mind?

lozzy1965

reveller said:

Wow, not the debate I was expecting.

It was a hypothetical question.

I was wondering if my bank went bust, what protection is there for normal people without credit who would struggle without daily access to their cash?

I only mentioned the FSCS scheme as that is all I can find out about on Google. It seems unfair that the middle classes would be fine while poorer people would be up sh*t street.

That's life I'm afraid.  Communism anyone?

Now I've started a debate!!!!

Billycock

reveller said:

Wow, not the debate I was expecting.

It was a hypothetical question.

I was wondering if my bank went bust, what protection is there for normal people without credit who would struggle without daily access to their cash?

I only mentioned the FSCS scheme as that is all I can find out about on Google. It seems unfair that the middle classes would be fine while poorer people would be up sh*t street.

Creek not street.

Malkytheheed

Stuggling to understand how "class" comes into the Financial Services Compensation Scheme   

The_Green_Hornet

Malkytheheed said:

Stuggling to understand how "class" comes into the Financial Services Compensation Scheme   

I struggle to understand how "class" comes into anything in a modern society.

tr7phil

reveller said:

Wow, not the debate I was expecting.

It was a hypothetical question.

I was wondering if my bank went bust, what protection is there for normal people without credit who would struggle without daily access to their cash?

I only mentioned the FSCS scheme as that is all I can find out about on Google. It seems unfair that the middle classes would be fine while poorer people would be up sh*t street.

Do "normal" people really access their bank account daily?  Also 65% of adults have a credit card, that sounds quite normal to me...