View Full Version : A third of Halifax building society agencies to be closed
Steve_A
08-31-2009, 02:51 PM
Hi Everybody,
It seems like the crunch is starting to really bite down in the UK. It has been revealed by a source that at least a third of the agencies of the Halifax are to be closed. These are the smaller agencies that are found in estate agents and the like.
More here: http://www.dailymail.co.uk/news/article-1209957/One-Halifax-branches-close-Lloyds-mole-reveals-plan-biggest-bank-cull-ever.html
Best regards,
Steve
Northern Boy
08-31-2009, 03:29 PM
It certainly looks as though the implosion is going to take the next step Stevewith all these banks closing across the pond and the possible / probable closure of many in the U.S. that are in trouble . The OCT/NOV bank holiday may just hit in time for holiday season
Starlah
08-31-2009, 05:37 PM
It certainly looks as though the implosion is going to take the next step Stevewith all these banks closing across the pond and the possible / probable closure of many in the U.S. that are in trouble . The OCT/NOV bank holiday may just hit in time for holiday season
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If there is a bankster's holiday does this mean there will "be a run" on fund removals from banks or that assets will be froze?
Wondering if it is safe to have a large amount of funds in either Canadian or U.S. banks?
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History is a lie commonly agreed upon.................Voltaire
WiNaDeYo
08-31-2009, 06:00 PM
We have been forewarned, hinted to, tried and plain out told..... I personally have been telling anyone I meet to get your money out of the banks, liquidate or invest in real estate, for years now.
After loosing about 40% of her own savings and pension, my mom is finally waking up.
Glad I did...back in '07.
If you don't have your seat bolted down by now and your seat belt on tight, better get moving before the rollercoaster takes off downhill again!
Peace and Good Will!
Lightpotential
08-31-2009, 06:11 PM
On the matter of Bank Runs, the UK here is very much on par with the US, in that of the total amount of money held in accounts, only some 2% exists as cash notes. This is why when a general bank run occurs, the governments will be forced into closing the banks by general announcement, as the cash has never been physically printed to allow for people to withdraw their money from the banks.
LP
Northern Boy
08-31-2009, 06:49 PM
If there is a bank holiday the banks will be shut for 3 to 4 days upon reopening you will be able to with draw your money over time how much they allow you to draw out each day is the question because they will limit withdrawal amounts to prevent a run on banks. They may only allow so much to be draw on your account each week Once you reach the limit thats it till next week . Its all designed to prevent the banks from dissolving into nothing not to mention the inconvenience it will cause the people with money still in their accounts watch the market if it drops more than 33% the first day and then the second day drops further 30% or more then the next day the banks will be shut down they won`t even open those cities with Federal reserve banks in them will have armed military personal protecting them
Steve_A
08-31-2009, 07:45 PM
Hi Northern Boy,
Not trying to scare monger, but over here in Brazil during a moment of hyper inflation and an extremely troubled economy, the President at that time Fernando Collor de Melo froze all savings accounts from one day to the next. The government then took this money to try and pay its' bills. Something similar happened in Argentina some years ago.
I beleive that if the going gets too tough, there will be no chance of anyone getting their money out of the bank. The government would pass an emergency law over the weekend so that on the Monday the money will already be gone.
It's a wise decision I think (I'm with Winadeyo on this one) to keep the minimum in the bank and employ your money in other things, not necessarily property, however rural property in Eastern Europe may be a good investment.
Best regards,
Steve
If there is a bank holiday the banks will be shut for 3 to 4 days upon reopening you will be able to with draw your money over time how much they allow you to draw out each day is the question because they will limit withdrawal amounts to prevent a run on banks. They may only allow so much to be draw on your account each week Once you reach the limit thats it till next week...
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