absolutezero wrote: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