Crowd sourced Bank run Dec 7th

[the_lyniezian]

I think I've pre-empted them in some way, seeing as I actually took most of my money* out of my old non-Co-op bank and put it in the building society. Not sure what the building society does with it, or even if credit unions are better than banks (I think some store money in bank accounts in turn, which makes things pointless).

Problem is I only did it after the crisis hit- I was going to do it years before as I suspected there might be one some day! But like everything I want to or need to do, put it off.

*Not like I actually have much money what with being on the dole most of my post-student life.

[the_lyniezian]

In fact I think mass withdrawals are probably stupid- everything collapses at once if at all, or it gets the markets twitchy which isn't a good idea. Better to slowly siphon it off from the banks to elsewhere.

Does anyone thing bank boycotting or anything like his protest is actually worthwhile? Or even just dropping the banks as part of a transition move to something else? (As may be included in buying hard assets like precious metals, land etc. as well as just saving via non-major-bank means?)

[Lord Beria3]

In fact I think mass withdrawals are probably stupid- everything collapses at once if at all, or it gets the markets twitchy which isn't a good idea. Better to slowly siphon it off from the banks to elsewhere.

Does anyone thing bank boycotting or anything like his protest is actually worthwhile? Or even just dropping the banks as part of a transition move to something else? (As may be included in buying hard assets like precious metals, land etc. as well as just saving via non-major-bank means?)

Agree - it would be sensible to put a bit of your money in a non-bank institution.

Have a look at Bullion Vault.

http://www.bullionvault.com/

[emordnilap]

I'm still mulling over why we actually need banks at all. I realise I'm an odd one out but I haven't used banks for years.

(1) Credit unions for local small loans and savings.

(2) The Post Office is, to a certain extent, a government 'bank' with bells and whistles.

(3) Building societies for mortgages and similar loans.

But for ordinary Joe Soaps, what on earth use is a bank?

[JohnB]

But for ordinary Joe Soaps, what on earth use is a bank?

A safe place to put your money. For some money, they should provide facilities for transferring it to other people to pay bills etc.. For money that's not needed in the short term, they should hire it out to other people who can make use of it, and who can be trusted to pay it back. Very simple, very safe, and an efficient use of resources. Any other activity should be done totally independently, and in a way that only affects the people directly involved if it goes wrong.

[emordnilap]

But for ordinary Joe Soaps, what on earth use is a bank?

A safe place to put your money.

A credit union, a building society, the post office, in a tin in your back garden - there's four. How many more do we really need?

For some money, they should provide facilities for transferring it to other people to pay bills etc.

See above, minus the back garden.

For money that's not needed in the short term, they should hire it out to other people who can make use of it, and who can be trusted to pay it back. Very simple, very safe, and an efficient use of resources.

ditto

Any other activity should be done totally independently, and in a way that only affects the people directly involved if it goes wrong.

Ah. That's what we need banks for. Shame they aren't run as such.

[JohnB]

the post office

You mean the post office whose banking is done by your adopted country?

[emordnilap]

the post office

You mean the post office whose banking is done by your adopted country?

Duh. Don't understand, sorry.

[JohnB]

the post office

You mean the post office whose banking is done by your adopted country?

Duh. Don't understand, sorry.

As quoted by our all knowing Lord in the other banking thread:

Banks not under the UK FSCS.

* Post Office - Currently Guaranteed by the Irish Government, pending coming under the UK FSCS.

http://www.marketoracle.co.uk/Article24572.html

and this old article
http://www.thisismoney.co.uk/savings-an ... _page_id=7

[madibe]

But for ordinary Joe Soaps, what on earth use is a bank?

Erm...my salary gets paid into one....

[emordnilap]

But for ordinary Joe Soaps, what on earth use is a bank?

Erm...my salary gets paid into one....

No cigar for you.

I get paid in cash. The wife's weekly wage goes into the building society account, which has an atm card and the society has longer opening hours than any bank.

So...

But for ordinary Joe Soaps, what on earth use is a bank?

[the_lyniezian]

I get paid in cash. The wife's weekly wage goes into the building society account, which has an atm card and the society has longer opening hours than any bank.

Surprised any employers still pay in cash. Who do you work for if at all? Or are you on benefits?

I know it's possible to get a girocheque from our Jobcentres and cash them at the Post Office- I've done that a couple of times myself when the need arose and after I'd been sanctioned one time and that's how they paid my last week's benefits before the (4-week) sanction period. Certainly when I worked for the Royal Mail, though, hey only paid wages into an account of some description. (Though I suppose that could include building socieety or credit union.)

[Guest]

EDIT

[emordnilap]

I get paid in cash. The wife's weekly wage goes into the building society account, which has an atm card and the society has longer opening hours than any bank.

Surprised any employers still pay in cash.

I think the law has just changed in the UK to a situation where an employee cannot insist on getting paid in cash. Fecking banks again, they really need to be taken down a peg or two.

I wish more people would insist on cash, nag their employers even though there's no compulsion for cash. There might not be as much of this idiotic reliance on banks then.

I see people paying with a debit card for €5's-worth of items and asking for €10 cash back as well. Wassuh point? Banks will soon be charging for absolutely everything (well, they already do, they just don't show it as such) so maybe things'll change.

Who do you work for if at all? Or are you on benefits?

I work almost full-time (I went to four days a week earlier this year to give more attention to the home and garden) but I also have a 10% stake in the business, a sort of retirement gift to me if the firm (and myself) lasts that long.

Cash is king, every time. I know how much money is in my pocket and how long it has to last, so that limits what I spend and makes me think twice about every purchase.

And try negotiating a discount with a credit card - difficult and cheeky, when the shop will be paying a fee to BastardCard or some such.

Plus, the Irish can be cheeky with cash purchase. It is not unusual to hear, in certain types of local shops, something along the lines of:

"That'll be forty euro please".

"You'll take thirty".

[emordnilap]

Hey, Cantona. Why 7th December? That's the Irish budget day. Fun.