New Bank - Halifax leaving

I dont get this - people moving their money is just going to be a catalyst to the demise of a bank. If people just left it where it was then the situation has a chance to improve
 
Cooperative Bank and with B&B so wouldn't both be at risk?

Lloyds, Nationwide and Skipton look safe for now.
 
Slinwagh said:
Indirectly they fund people and organisations that are involved in the arms trade.
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They all use wholesale money markets (yes Co-op less so, though it still uses them)), if co-op makes a deposit with HSBC then HSBC gives a loan to a company that supplies equipment to a company that makes nasty gunz and other evil things then surely co-op is indirectly involved in the chain of events too.

Ever filled up your car with petrol? Or purchased an oil based product (like, anything made out of plastic).... unless you're going to isolate yourself from society, live in a commune and grow your own food you'll find that it is almost impossible to prevent yourself from directly or indirectly contributing towards the pnl of some pretty unethical organisations.

Sure a Co-op account might give you a nice feeling inside, but in reality it is a token gesture and has made no difference.
 
dowie said:
They all use wholesale money markets (yes Co-op less so, though it still uses them)), if co-op makes a deposit with HSBC then HSBC gives a loan to a company that supplies equipment to a company that makes nasty gunz and other evil things then surely co-op is indirectly involved in the chain of events too.

Ever filled up your car with petrol? Or purchased an oil based product (like, anything made out of plastic).... unless you're going to isolate yourself from society, live in a commune and grow your own food you'll find that it is almost impossible to prevent yourself from directly or indirectly contributing towards the pnl of some pretty unethical organisations.

Sure a Co-op account might give you a nice feeling inside, but in reality it is a token gesture and has made no difference.
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So because things you have very little choice over are inevitably unethical, things you do have a choice over aren't worth bothering with?

I'm not sure I follow that logic.
 
I'm with HBOS, and have had an account with them since in my teens, and slowly over the years the overdraft on my account was increased to a nice sum of £1000....

Since 2001 I've not been overdrawn, however HBOS have never spoken to me about the facility and so its been on my account for years....

Couple of days ago get a letter saying my overdraft is up for review, and if not needed will be cancelled.

I've opted to keep the overdraft however they seemed very keen to remove it..... They didn't after I threatened to remove ALL my accounts from HBOS, this would have been to the sum of 27K removed – current account always has one months wage in there, and I’d just been paid so 5K in my current account for a start.

Funny how she walked off and came back 5 mins later saying 'yes that'll be fine you overdraft level is approved and will remain as it was'.

Odd that after all these years nothing has been done, yet now they review it. My Credit Card provider is HBOS, it has a limit of 17.5K with a rolling balance of around £1000 a month as I pay for stuff monthly and pay it off...I now await that to be reduced or something....

To be honest HBOS have been ok in the past, I get a fantastic interest rate, on both current and savings accounts, so I'd not willingly move from them, only if I was forced to by poor service or them going under.... Which is doubtful.
 
thecremeegg said:
I dont get this - people moving their money is just going to be a catalyst to the demise of a bank. If people just left it where it was then the situation has a chance to improve
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Look after number 1

Radio 4 had an interesting news item this morning about how different the banks get their money and HSBC gets 80% from deposits where as HBOS relays on loans etc.
 
Mikey said:
Look after number 1

Radio 4 had an interesting news item this morning about how different the banks get their money and HSBC gets 80% from deposits where as HBOS relays on loans etc.
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You missed important points;

1) HBOS has many, many entities in the UK that each deal with different things and they all support each other (and can merge together, if needs be). HBOS Treasury, Halifax Bank, RBS, HBOS Capital, HBOS Holdings, Halifax Offshore and so on. Treasury, Holdings, Offshore certainly do not generate 'most of their income' from loaning. Halifax Retail does, however.

2) HSBC has only a couple of UK entities, and HSBC get 80% of their money from holdings worldwide; not just in the UK. It may be that in the UK, HSBC generate most of their money from loans as well. If the UK arm went into trouble, there is nothing to say that HSBC wouldn't simply amputate it.
 
InvaderGIR said:
Surely it's behaviour like this that makes banks fold?

I mean a bank isn't doing well, so instead of sticking it out, everyone is removing their funds and custom from the bank, pushing them further into debt.

I've been with HSBC for about 15 years, and Halifax for about 3, and I'm not closing my Halifax account or removing money from it.

InvG
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It's not our responsibility to keep their business afloat. They shouldn't lend money they don't have. Running a Bank is a risk, a risk they all took when they started up.

Look after yourselves, whatever it takes!
 
Mikey said:
Looks like it could be First Direct then plus a mate will get £50 for ref etc.
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FD are simply fantastic imo. No other company I have worked with come near in terms of ease of use and customer service. Even when in NY when having issues with my card, they were quick to deal with the issue.
 
I'm with the Halifax and I don't plan on leaving them.

So long as I can get to my wages on pay day I'm happy
 
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