As a RBS customer what happens if the bank collapses?
I just have the standard interest paying current account that my salary goes into and my direct debits come out of.
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114ThatLindseyGuy postedRBS would be nationalised at the very first sign that it was about to fail.
Today represents its last chance to prove that it's viable as a private sector company.
Posted on 19 January 2009 |
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824MikeGG1 posted
It is already over 60% owned by the government. Nationalisation would be inevitable if it was failing.
Even if it did fail then there is the FSCS guarantee up to £50,000.
Your account might just be transferred to somewhere else, sortcode, account number, balance and DDs.
More likely is that it would become the core of a State Bank into which would be tipped Northern Rock and what is left of Bradford & Bingley. It would then, probably, be privatised when the situation has stabilised.
Posted on 19 January 2009 | Love 0 loves
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0foolishecosse posted
Even if the bank was allowed to fail, which is as MikeCG1 said, highly unlikely, the Government has said that it would loan money to the FSCS so that savers would be repaid within 7 days. The government would then reclaim the money from the surviving banks.
Previously the FSCS would have to ask the surviving banks for the money before it could repay the savers; this could have taken upto 6 months.
I doubt if you would be liable for late-payment fees if your DDs were held up because of a bank failure - there would be too much public outcry.
Posted on 20 January 2009 | Love 0 loves
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