I do have a lot of money with HBOS, my current account and savings is under 35K, so I'm not moving it yet. I also have a Lloyds /TSB account that also has some small savings, so this is all getting a little interesting.....
LloydsTSB and HBOS in merger talks
- Thread starter Burnsy2023
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I do have a lot of money with HBOS, my current account and savings is under 35K, so I'm not moving it yet. I also have a Lloyds /TSB account that also has some small savings, so this is all getting a little interesting.....
Impossible. I put a buy order in last night at about 4pm but it still hadn't been executed at market close. Ended up ringing them and telling them to cancel. Unless you have a fairly expensive broker and not the online traders then there's no way you would have been able to buy the shares at that price.
Interesting to know someone did buy up 12.3 million shares at 90p though.
I'm sitting back atm. There's no way to short trade and make a quick buck when you don't even know when or at what price your trade will be made at.
That just makes things worse. Up to £35k is protected. If you knew how to handle your money you wouldn't have more than that in one bank in the first place.
The only way HBOS is in trouble is if people start queueing outside to withdraw all their savings lowering the bank's cash holdings and lowering confidence even more.. Oddly enough the BBC aren't being as sensational this time as they were about Northern Rock, where their website and TV reports were a constant excited drumming on about how much trouble NR was in and how people were getting their savings out, leading to more people following suit.
I have to ask but how many people do you think knew about the 35k limit before Northern Rock?
...and how long does it take to get your 35k back? What if I have immediate needs for my money? A house, a car perhaps.
Soldato
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I have £3.5K In a Lloyds TSB savings account.
If they did merge would this meen I get a small bonus?
not really up on banks to be honest lol.
???
If they did merge would this meen I get a small bonus?
not really up on banks to be honest lol.
???
No, you would lose half of it as HBOS would take half and you don't have a HBOS account so they keep it.
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7 days
Sauce? Didn't know it was that quick
Soldato
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No, you would lose half of it as HBOS would take half and you don't have a HBOS account so they keep it.
They nick half my savings?
i think your trying to wind me up
No you won't get any bonus. The bonuses that were received previously were as a result of Building Societies de-mutualising into banks. Since the customers of a Building Society actually own it, they are entitled to a payoff from the resulting share sell off. In this case, since HBOS and LTSB are both banks, no payout will be required.
If you have more than 35k I would assume you either have a good understanding of the banking/investment system or a financial advisor, both of which means you should have known about it. People with less than 35k cash don't need to know about it...
Soldato
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What I find more disturbing is that the government has effectively said, who cares about competition if it means we won't have to bail out another bank.
and
http://news.bbc.co.uk/1/hi/business/7621151.stm
Up to 6 months to process the claim (though prob a fair bit sooner)
True but I think what the government is doing is the lesser of two evils (the other being HBOS going under it seems). We always used to have a big 4 of retail banking in this country until Halifax de-mutualised, so I guess we're just going back to that situation. Don't forget that in theory, future governments could split up the new company if it feels they're abusing their market position.
I would take everything out, it may be safe later on but it is about a 20 minute job that could save you a lot of stress.
The problem with the 35k guarantee is people think the government has a big pot of money just waiting to be given out, when in reality they do not. The administration of filling out forms and working out any debts you owe the bank could take a month or longer, and then payments are worked out to benefit the government and whoever is helping them.
So for example; you may receive 1k a month or more..or less! That is after your debt with the bank has been deducted.
The government and Lloyds TSB may have their talks and a rescue plan but do you want to risk your money?
My frustration at these greedy banks is so high, they have made sure the top dogs in the company will be ok (with customer money) while we are left to suffer the damages. They knew this would happen and intentionally didn't bother to have a plan in place due to their greed.
A lot of FAs and a couple of my friends FAs have all said to take out what you can now, which is something I would definatly do.
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This is a very irresponsible thing to do. NR would have still been liquid if it wasn't for people making irrational decisions and making mass withdrawls. There is absolutely no need to withdraw any money from HBOS.
