Bank bail in, anyone?

[absolutezero]

Received an interesting letter from Lloyds Bank.

Updates to T&Cs.

The one that stood out sounds like we're being softened up for a bank bail in at some point.
There could well be 'other' less sinister reasons for it, obviously.

We've added a new condition that says if it's necessary, due to economic conditions that affect the banking industry, we may restrict the amount you can have in your accounts either by applying a limit or by imposing a charge. If we have to do this and it applies to your account, we'll write to you with more information.

'Too much money in your account, sir? We'll take the difference. Thanks.'

Who said cash was safe?

[Lootman]

Received an interesting letter from Lloyds Bank. Updates to T&Cs.

The one that stood out sounds like we're being softened up for a bank bail in at some point. There could well be 'other' less sinister reasons for it, obviously.

We've added a new condition that says if it's necessary, due to economic conditions that affect the banking industry, we may restrict the amount you can have in your accounts either by applying a limit or by imposing a charge. If we have to do this and it applies to your account, we'll write to you with more information.

'Too much money in your account, sir? We'll take the difference. Thanks.'

Who said cash was safe?

I have a nasty habit of keeping about 20 grand in my current account. It is not unusual, when visiting a bank branch to do some business, that the teller will comment on the amount in there and tell me that I am at risk of fraud. The solution to that is that I should open a savings or term account, which I have no interest in doing.

When I ask why the money would not be safe in a current account, I never seem to get a satisfying answer. The whole point of a bank should be that your money is safe, no matter what type of account.

If what you cite becomes a trend (I am not with Lloyds) then perhaps I will be told to reduce the balance in my current account?

[pje16]

Typically vague from the brains at the bank
"we may" and no idea of how much is too much
Do they just employ dipwits now?

[absolutezero]

Add in this snippet and things look even more interesting.

Most only have £500 of savings says Lloyds boss
https://www.bbc.co.uk/news/business-62057301
(From the Fake News Factory, so take with a pinch of salt, but he does appear to say what the headline says.)

[pje16]

seen in the ink above
Chief Dimwit says
"Lloyds Bank chief executive Charlie Nunn said he thought the UK could avoid a recession"

How DOES he get such a high up position... jeeeezzz

[absolutezero]

I have a nasty habit of keeping about 20 grand in my current account. It is not unusual, when visiting a bank branch to do some business, that the teller will comment on the amount in there and tell me that I am at risk of fraud. The solution to that is that I should open a savings or term account, which I have no interest in doing.

When I ask why the money would not be safe in a current account, I never seem to get a satisfying answer. The whole point of a bank should be that your money is safe, no matter what type of account.

If what you cite becomes a trend (I am not with Lloyds) then perhaps I will be told to reduce the balance in my current account?

Like all these things, once one says it they all start saying it. Look at your T&Cs or watch for any updates.

I too keep a chunk in the current account. Self-employed and money is fairly seasonal (and I'm lazy) so I earn it and draw it down and then build it back up again.
Thankfully not been into the sales room (branch) for quite some time.

[absolutezero]

seen in the ink above
Chief Dimwit says
"Lloyds Bank chief executive Charlie Nunn said he thought the UK could avoid a recession"

How DOES he get such a high up position... jeeeezzz

I think this all the time.
I see these Chief Executives etc talking and, bar a few, find them very lack-lustre and dim.
What do they do for their massive financial perks that the average (ungendered) man in the street couldn't?

[stevensfo]

Received an interesting letter from Lloyds Bank.

Updates to T&Cs.

The one that stood out sounds like we're being softened up for a bank bail in at some point.
There could well be 'other' less sinister reasons for it, obviously.

We've added a new condition that says if it's necessary, due to economic conditions that affect the banking industry, we may restrict the amount you can have in your accounts either by applying a limit or by imposing a charge. If we have to do this and it applies to your account, we'll write to you with more information.

'Too much money in your account, sir? We'll take the difference. Thanks.'

Who said cash was safe?

One of the more well-known neobanks originally known as 'Transferwise', now known as 'Wise' recently announced that all balances above 3000 euros will attract a charge. It's not officially a bank, just an EMI (Electronic Money Institution) authorised by the FCA (cue howls of laughter) so basically a prepaid Mastercard, albeit with low currency exchange rates, like Revolut.

Just like school policies, the banks will follow each other, so be prepared for this new little trick.

Soon to be followed by compulsory questionnaires as to why you need this money, anyway.

Then followed by the full implanted chip in the brain. Resistance is futile!

Steve

[pje16]

Who would like this bank account

https://www.youtube.com/watch?v=ogey6EuYRPg

[XFool]

I have a nasty habit of keeping about 20 grand in my current account. It is not unusual, when visiting a bank branch to do some business, that the teller will comment on the amount in there and tell me that I am at risk of fraud. The solution to that is that I should open a savings or term account, which I have no interest in doing.

Why not? Surely nowadays it's easy enough and quick enough (online) to transfer cash from a current account to a savings account, as needed? Even to a savings account with another institution - albeit with a slight delay in that case.

[stevensfo]

Who would like this bank account

https://www.youtube.com/watch?v=ogey6EuYRPg

Yes,it's funny, but the reason it's funny is because banks were really very like this in those days.

My very first bank was Barclays. As a student in 1979, I was greeted by a nice young lady who declared herself my personal banker and would help me as much as she could.

We all got freebies so I ended up with accounts all over the place. Over time, most melted away.

I no longer have an account with Barclays. My last experience in one of their branches was really quite scary.

I would love to know why they have to shut so many branches.

Steve

[XFool]

Received an interesting letter from Lloyds Bank.

Updates to T&Cs.

The one that stood out sounds like we're being softened up for a bank bail in at some point.
There could well be 'other' less sinister reasons for it, obviously.

We've added a new condition that says if it's necessary, due to economic conditions that affect the banking industry, we may restrict the amount you can have in your accounts either by applying a limit or by imposing a charge. If we have to do this and it applies to your account, we'll write to you with more information.

'Too much money in your account, sir? We'll take the difference. Thanks.'

Who said cash was safe?

This, to me, sounds more like it is related to the possibility of negative interest rates etc. than anything more sinister. In which case it is unlikely to be applied any time soon, AFAIK.

[pje16]

I would love to know why they have to shut so many branches.
Steve

My local high street had over a dozen bank/ building societies
so many in fact the TV cameras would often pitch up if there was a bank related story on the news as the backdrop was fitting
Now there is ONE
So many people these days do banking via phone or website - I ONLY ever go to a bank if some old fuddy duddy gives me a cheque
Why go otherwise
The banks have cottoned onto this, so what's the point of maintaining expensive bricks and mortar
The demand is no longer there

[XFool]

I no longer have an account with Barclays. My last experience in one of their branches was really quite scary.

I would love to know why they have to shut so many branches.

To cut costs and make bigger profits.

But do people really need branches very often? I hardly ever go into a branch, why would I need to? When I do these days it always seems to be to deposit a cheque that share registrars still insist on sending out with takeovers/tender offers. (Why?)

But then, in the 1970s, 1980s my bank was National Giro. So I've been used to "no bank branch" from way back.

[stevensfo]

I would love to know why they have to shut so many branches.
Steve

My local high street had over a dozen bank/ building societies
so many in fact the TV cameras would often pitch up if there was a bank related story on the news as the backdrop was fitting
Now there is ONE
So many people these days do banking via phone or website - I ONLY ever go to a bank if some old fuddy duddy gives me a cheque
Why go otherwise
The banks have cottoned onto this, so what's the point of maintaining expensive bricks and mortar
The demand is no longer there

So they must be saving millions.

Why aren't their clients seeing these millions in deposit accounts and savings?

Steve

[kiloran]

So many people these days do banking via phone or website - I ONLY ever go to a bank if some old fuddy duddy gives me a cheque
Why go otherwise

Can't you deposit cheques online? Bank of Scotland (and other banks) allows this via a phone/tablet app. It's a very simple process

--kiloran

[pje16]

Why aren't their clients seeing these millions in deposit accounts and savings?

Steve

FAT cats probably

[pje16]

So many people these days do banking via phone or website - I ONLY ever go to a bank if some old fuddy duddy gives me a cheque
Why go otherwise

Can't you deposit cheques online? Bank of Scotland (and other banks) allows this via a phone/tablet app. It's a very simple process

--kiloran

don't get many but will give that a go next time
cheers

[Dod101]

Received an interesting letter from Lloyds Bank. Updates to T&Cs.

The one that stood out sounds like we're being softened up for a bank bail in at some point. There could well be 'other' less sinister reasons for it, obviously.

We've added a new condition that says if it's necessary, due to economic conditions that affect the banking industry, we may restrict the amount you can have in your accounts either by applying a limit or by imposing a charge. If we have to do this and it applies to your account, we'll write to you with more information.

'Too much money in your account, sir? We'll take the difference. Thanks.'

Who said cash was safe?

I have a nasty habit of keeping about 20 grand in my current account. It is not unusual, when visiting a bank branch to do some business, that the teller will comment on the amount in there and tell me that I am at risk of fraud. The solution to that is that I should open a savings or term account, which I have no interest in doing.

When I ask why the money would not be safe in a current account, I never seem to get a satisfying answer. The whole point of a bank should be that your money is safe, no matter what type of account.

If what you cite becomes a trend (I am not with Lloyds) then perhaps I will be told to reduce the balance in my current account?

Fact is of course that anyone gaining access to your current account has easy pickings not just from your cash balance but also any overdraft you may have organised. Frankly I do not keep very much in my C/A because these days you can transfer money from another account at the drop of a hat or at least of a few keystrokes. I had that situation with a small charity whose accounts I did for a short time. The previous treasurer kept the entire assets of the charity in the current account, something like £40,000 which I thought was just stupid. We transferred £35,000 to a savings account. It was worse than that though, they required two signatures for every cheque payment and the treasurer always got another signatory to sign a blank cheque or three to make it more convenient for him.

The Committee and the chairman would not see sense so I gave it up.

Dod

[Lootman]

I have a nasty habit of keeping about 20 grand in my current account. It is not unusual, when visiting a bank branch to do some business, that the teller will comment on the amount in there and tell me that I am at risk of fraud. The solution to that is that I should open a savings or term account, which I have no interest in doing.

Why not? Surely nowadays it's easy enough and quick enough (online) to transfer cash from a current account to a savings account, as needed? Even to a savings account with another institution - albeit with a slight delay in that case.

The last time I checked the interest available on my bank's savings account it was 0.05%. So on a 20K holding I would net the princely sum of a tenner a year. And that is before tax - I'd have to declare it on my tax return as well. If they gave me 5% I probably would and maybe we will get there.

My bank used to have a really neat feature called an "auto sweep". So as money left my current account they would automatically move the appropriate amount there overnight from my savings account in order to maintain a minimum balance. That was actually quite useful and maximised the interest I got. So of course the bank abolished it. So I closed the savings account and moved the money elsewhere.

Personally I like transacting bank business in person at the branch. And it is the only way to get specific banknote denominations. I also enjoy making the staff there actually do some work.