Remember the recent thread where we discussed setting aside funds for emergencies and how prudent it is.
Well lets say you put funds away in HSBC so its safe in your local bank. Then for example you get the chance to buy a load of kit or supplies, or a BOL or Vehicle at a greatly discounted figure. Or perhaps you read of a major economic crisis starting to unfold and you decide you want your cash close to hand and not in a bank.
Well hundreds of HSBC customers are being told they cannot withdraw even modest amounts of their own money without providing proof of what it is being spent on.
http://www.dailymail.co.uk/news/article-...n-for.html
As it is already banks tell the cops, tax man and government if you make withdrawls over £10K but not they are deciding they can decide on how YOU spend YOUR money right the way down to you wanting a few hundred quid from your savings.
If your with the HSBC group you need to change to a more customer friendly bank.
Simple resolution to this. I did exactly the same thing with Abbey National as they wouldn't let me take money out of my account (said it had to be more than £600 at a counter, and I didn't want anywhere near that)
So when I asked for the amount I wanted and they refused I asked for the manager, then I closed my account and got all my money in cash. Then I walked round the corner to a different bank, provided all of my ID etc, deposited my funds with them and awaited the arrival of my new bank card and cheque book. Direct debits are simple to change over to new account.
It's my money, I'll take however much I want whenever I feel like it. Any issues and I'll just find a different institution to bank with.
I saw this a couple of days ago.
Went into Barclays local branch this morning (A very small branch) and asked if they had a policy on maximum amount to withdraw because HSBC were demanding to know what the withdrawal was for.
Barclays say no - they don't ask what its for. In their opinion it is none of their business (True). However the maximum might be 3K but it is simply to get the money together. If you wanted 10K or something they would like to know the day before so they can arrange the money to be available.
Another thought on that RS, the government tracks ALL private account transactions above a certain amount. I can't fully remember the numbers, but I think it's something like £5000.
OK try this " imagine a run on the banks cos of a growing economic crisis, say something similar to the Northern Rock affair. You chaps decide you want to make a major drawdown on your funds, but the bank declines saying it wants to protect ALL of the depositors" That happened in Cyprus, then the government stole a huge wodge of everyone's money.
I think we need to pay a reasonable amount of attention to the security of our savings and prepper funds.
(27 January 2014, 19:52)NorthernRaider Wrote: [ -> ]OK try this " imagine a run on the banks cos of a growing economic crisis, say something similar to the Northern Rock affair. You chaps decide you want to make a major drawdown on your funds, but the bank declines saying it wants to protect ALL of the depositors" That happened in Cyprus, then the government stole a huge wodge of everyone's money.
I think we need to pay a reasonable amount of attention to the security of our savings and prepper funds.
Buying spree / cash machine raids / clear all your credit cards (if you have any)
There's cash-back too. As long as you can use your card you can get a hefty wedge out.
How did they stand on bankers drafts during the Cypriot fiasco?
A couple of additional thoughts.
1. Why do all preppers say "clear your credit cards?"
Surely if the S is hitting the fan, then I would say max the buggers out?
2. With regard to HSBC. I'm sure you've heard of these situations when crowds of people come together alledgly to have a group dance or something. Can't remember the word.
I wonder whether it would be possible to start a run on HSBC
(28 January 2014, 09:42)River Song Wrote: [ -> ]A couple of additional thoughts.
1. Why do all preppers say "clear your credit cards?"
Surely if the S is hitting the fan, then I would say max the buggers out?
2. With regard to HSBC. I'm sure you've heard of these situations when crowds of people come together alledgly to have a group dance or something. Can't remember the word.
I wonder whether it would be possible to start a run on HSBC
1. Clear it, then you can load it up again. You can over pay on a credit card still, so if you can't get cash out of your bank, stuff it all on your credit card and hit the shops. Preppers always need new shoes
2. FLASH MOB / DANCE
(28 January 2014, 09:53)BeardyMan Wrote: [ -> ]1. Clear it, then you can load it up again. You can over pay on a credit card still, so if you can't get cash out of your bank, stuff it all on your credit card and hit the shops. Preppers always need new shoes
2. FLASH MOB / DANCE
ETA: I can overpay on my Barclaycard anyway. Not in a bank, as they don't like it, but I can transfer it on my app, and it's good to use pretty much straight away.
don't have debts, I clear credit card balance(only used for online purchases) monthly, I keep an emergency stash of cash on hand plus we keep the food stocks up to date on a weekly basis so that we never run out of anything.if it all goes TU at least we wont starve.
(28 January 2014, 10:14)bigpaul Wrote: [ -> ]don't have debts, I clear credit card balance(only used for online purchases) monthly, I keep an emergency stash of cash on hand plus we keep the food stocks up to date on a weekly basis so that we never run out of anything.if it all goes TU at least we wont starve.
Same here matey. Although I'm clearing my credit card every Friday in an attempt to boost my credit rating