Subject: Is anyone withdrawing their money?
Posted by: trojan11
Date: Oct 10 08
Yesterday I had to go to my local High Street Bank and I could not help but notice that the chap standing at the cashiers point next to me was withdrawing a large sum of money; I heard the teller count out £14000 (in cash). Not too unusual I suppose, other than the fact that an old lady to my right was withdrawing £3000 (in cash). This got me to thinking that perhaps quite a few folk might be withdrawing their money from the main Banks.
A well known manufacturer of 'home safes' has seen a rapid rise of 25% in orders over the last few days. Interesting, and perhaps a taster of more to come?
Posted by: trojan11
Date: Oct 10 08
Yesterday I had to go to my local High Street Bank and I could not help but notice that the chap standing at the cashiers point next to me was withdrawing a large sum of money; I heard the teller count out £14000 (in cash). Not too unusual I suppose, other than the fact that an old lady to my right was withdrawing £3000 (in cash). This got me to thinking that perhaps quite a few folk might be withdrawing their money from the main Banks.
A well known manufacturer of 'home safes' has seen a rapid rise of 25% in orders over the last few days. Interesting, and perhaps a taster of more to come?
35 replies. On page 1 of 2 pages. 1 2
talentedone 
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No. If we all withdraw our monies, it will create more problems. Yes, I understand why some are doing so. It takes a long time to save money. To be afraid you will lose that money...well, people do what makes them comfortable. Reply #1. Oct 10 08, 6:11 AM |
trojan11
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I can't say that I know, but I should imagine that it would be older people that are more inclined to withdraw their money. Reply #2. Oct 10 08, 6:14 AM |
BxBarracuda
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Not withdrawing here. If all the banks went belly up, would paper money even be worth anything? Reply #3. Oct 10 08, 6:25 AM |
skumma
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I think we've seen that before with a Cypriot bank in the early 2000's and then Northern Rock. It's sort of the same phenomenon as panic buying when people think petrol stations are going to run out of petrol, I think. Reply #4. Oct 10 08, 8:23 AM |
rayven80
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Thought about it, but I decided I'd leave it for now. Every little bit of interest helps. Reply #5. Oct 10 08, 10:07 AM |
| talentedone
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Trojan - I agree that it possibly could be the older people. When your life savings are at risk and it is all you have to live on the rest of your life...you do what you must. I remember a run on the banks once before. Unfortunately, I cannot remember why or any other details. Reply #6. Oct 10 08, 10:41 AM |
romeomikegolf
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I don't see the point in withdrawing money from a UK Bank unless you have a very large sum held there. The Government has just increased its guarantee to investors to a limit of £50,000 per institution. Perhaps they were just removing enough to stay within the limit. Personally, I haven't got enough to worry about. Reply #7. Oct 10 08, 10:56 AM |
| trojan11
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Well, there's the point RMG. Such guarantees are valid for only as long as there is liquidity. I know it's a harbinger of doom scenario but, with all the billions being thrown into this crisis, how long before the treasury itself might need bailing out - and if that happens, from whom will it borrow? Reply #8. Oct 10 08, 12:24 PM |
mjws1968
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It might be an idea to spread it amongst several banks and building societies to minimise the risk, they can't all fail, Iceland was an unique situation. Reply #9. Oct 10 08, 4:44 PM |
veronikkamarrz
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I read somewhere recently, that the smartest thing to do, is keep, or withdraw, as much cash as you can afford to 'sit on'. Meaning, I think, a couple of months pay, because should there BE a run on the banks, cash would not be easy to come by. Reply #10. Oct 10 08, 5:25 PM |
daver852
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All depends. The US and UK are among the few countries that have never had to demonitize their currency. A $100 bill printed in 1863 is still worth $100 today (although it will buy a lot less). A lot of paper currency eventually becomes worthless. One can buy, for a few dollars, a Russian 500 ruble note of 1912. A beautiful piece of art, featuring an engraving of Peter the Great, and much larger than bills printed today. In 1912 it would have represented a fortune; today it's just a curiousity, like the trillion mark notes printed in Germany in 1923. One reason the dollar is so popular as an international currency is its stability. Correct me if I'm wrong, but I believe UK pre-decimal coins are no longer legal tender. In the US, even our postage stamps printed after 1862 are still good for postage. The ones issued before that were demonitized due to the Civil War. Our coins are all still legal tender, though, except for half cents and large cents, and gold coinage (which is worth far more as metal than face value anyway). Reply #11. Oct 10 08, 8:14 PM |
| sherry75
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Best to invest in some gold - have noticed however that people have begun to spend more in the store - sales of big furniture items have risen this week which is all very nice. Customers (most the over 50s) have said they would rather spend it than keep in the bank. Others have said that rather than move, they have bought themselves new furniture. Long may it last! Reply #12. Oct 13 08, 6:21 AM |
| sherry75
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Now that we, the British taxpayer, are major shareholders in our High Street bank, does it mean we don't have to pay off our overdraft? Reply #13. Oct 13 08, 12:35 PM |
| trojan11
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Not precisely, but is does mean that you should now be able to interview all senior members of the Board before lending them your money, and insist upon a firm cash guarantee should initial terms be changed - such as the decreasing of payment of interest earned on the monies that you have loaned them without consultation with yourselves as lenders. Also, if you have kept monies in the same Bank at an increasing rate for a term of more than one year, you should be entitled to an outrageously silly lump sum for thus proving your brilliance at not spending/losing/using or otherwise frittering away said monies. You should now be entitled to view all six monthly progress reports on your senior Board staff and remove those that do not come up to the mark. You may also veto all moves of Bank monies to Icebadanga Bitsuti off shoreUK...if you feel such an investment ill advised. Finally, you may also insist that all senior board members go to work clad in silver tinsel G-strings, thus to enlarge their profile. Reply #14. Oct 13 08, 1:29 PM |
Cymruambyth
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Even if I had any money - which I don't - I wouldn't withdraw it. If the banks were to go belly up, all one would be left with is expensive wallpaper. Reply #15. Oct 13 08, 1:42 PM |
| hippo22
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no, not yet Reply #16. Feb 07 09, 12:40 PM |
jonnowales
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Maybe it would be worth considering trading a portion of your pound sterling for a foreign currency and then keeping that in a safe whilst keeping the remainder of your money up to £50,000 which is the vast majority of the population, in a bank. The Euro would be a good idea - if we hyperinflate just like the Weimar and the disaster that is Zimbabwe, just make a trip to Dover and get a cheap house in Europe. A bit idealistic and sounds slightly like the Nazi war criminals' escape to Argentina, but hey :) Reply #17. Feb 07 09, 3:01 PM |
| mjws1968
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Invest in precious metals, they tend to be more recession proof than other commodities, and unless they discover massive deposits in Antarctica, the price is not likely to crash. The sort of hyperinflation that has happened in Zimbabwe is extremely unlikely in European states and North America, so hiding savings in the mattress would be a safe option unless you smoke in bed. My savings are in Liechtenstein and in Euros, a currency that seems to be maintaining its strength against other industry standards. Reply #18. Feb 07 09, 5:43 PM |
emeney3
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I didn't withdraw our savings, but I did pay off my house, truck, and any loans we had. If we go belly up, I don't want to figure out how to pay my bills so I lessened the bills I pay. All I worry about now is taxes and household stuff. Reply #19. Feb 08 09, 9:22 AM |
spiritseeker
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I don't have any money to worry about either, but if we all withdraw our money from the banks, it will just create a much bigger problem. Yes, the "run on the bank" scenario. Reply #20. Feb 10 09, 1:35 PM |
35 replies. On page 1 of 2 pages. 1 2
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