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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Santander 'Internal Server Error' Business Customers Locked Out?

Personal_Finance / Credit Crisis 2013 Mar 26, 2013 - 09:12 PM GMT

By: Nadeem_Walayat

Personal_Finance

The banks in Cyprus have been closed since 18th March with each proposed date for re-opening of the banks with strict capital controls being extended every few days as the Cypriot central bank enacts its policy to steal depositor funds to the tune of 40% of deposits of over 100,000 euro's in at least Cyprus's two largest banks.


The risk of contagion spreading across the euro-zone banks has increasingly been witnessing flight of depositor funds out of their respective big banks as Cyprus has now set the precedent that bank deposits are at real risk of being stolen, which for the likes of Spain means its biggest bank Santander.

Whilst day to day banking may continue for ordinary retail customers of Santander. However the same cannot be said for business customers who tend to have larger balances on account and who when trying to log in since late Friday may have been met with the following message of routine maintenance that has remained in force since late Friday.

Similarly transactions that took place on Friday 22nd March,before the 'maintenance' struck appear to have been frozen as illustrated by the fact that I personally transferred out £16,000 mid Friday afternoon via the Faster Payment service that would supposedly arrive at its destination within 2 hours (4pm), instead over 4 days later the payment has still failed to arrive with no ability to log in and check on the status of transactions which amounts to a defacto bank holiday for at least some business customers.

Furthermore there is no sign of return to normal business as illustrated by the below screen grab of a very recent attempt to log in -

This illustrates the risks that the whole banking sector poses in that when it shuts down it will be in an instant, and then it will be too late to draw your funds out so you really need to act well beforehand. And certainly do not pay attention to any soothing words out of the Bank of England as illustrated by the fact that one of the last statements out of the central bank of Cyprus prior to freezing the banking system was that depositors money was safe in Cypriot banks.

Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2013 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 25 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of four ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series.that can be downloaded for Free.

The Stocks Stealth Bull Market 2013 and Beyond EbookThe Stocks Stealth Bull Market Update 2011 EbookThe Interest Rate Mega-Trend EbookThe Inflation Mega-trend Ebook

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 600 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Nadeem Walayat Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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