Most Popular
1. Dow Max Drawdown Bear Stock Market 2022 - Accumulating Deviations from the Highs - 21st Feb 22
2.Putin Starts WW3 in Ukraine, Will Use Tactical Nuclear Weapons, China Prepares Taiwan Blitzkrieg - 28th Feb 22
3.World War 3 Phase 1 - Putin WINS Ukraine War! - 25th Feb 22
4.INVESTORS SEDUCED by CNBC and the STOCK CHARTS COMPLETELY MISS the BIG PICTURE! - 10th Feb 22
5.Will There Be A 2024 US Presidential Election? - 3rd Mar 22
6.Gold and SIlver, Precious Metals Sector Is at a Terrific Buy Spot - 6th Feb 22
7.Why Putin Wants the WHOLE of Ukraine - World War 3 Untended Consequences - 6th Feb 22
8.Dow Stock Market Expected Max Drawdown 2022 - 19th Feb 22
9.Stock Market Calm In the Eye of the Inflation Storm - 4th Mar 22
10.M = F - Everything is Waving! Stock Market Forward Guidance - 7th Mar 22
Last 7 days
Why Ray Dalio is WRONG About China - Principles for Dealing with the Changing World Order - 24th May 22
Globalists Convene to Plan Central Bank Digital Currencies - 24th May 22
After Recent Highs, What’s Next for the Gold Junior Miners? - 24th May 22
Why APPLE Could CRASH the Stock Market! - 21st May 22
Why Is Crude Oil Ignoring US Inventories? - 21st May 22
Here is Why I’m Still Bullish on Gold Mining Stocks - 21st May 22
THE INFLATION MEGA-TREND QE4EVER! - 20th May 22
US Real Estate Investors – Is There An End In Sight? - 20th May 22
How Technology Affected the Gaming Industry - 20th May 22
How To Set And Achieve Reasonable Goals For Your Company - 20th May 22
How Low Could the Amazon (AMZN) Stock Price Fall? - 19th May 22
Bitten by FANG? Clocked by Cryptos? -- 'Air Pockets' Everywhere - 19th May 22
Northern General Hospital Orthopedics Fractures and and Ankle Clinic Consultations Real Patient Experience - 19th May 22
Cathie Wood Goes All in on Teladoc, ARKK INSANE Noob Investing Strategy! - 17th May 22
This is Anything but Positive for US Housing Market - 17th May 22
What Should We Do If There Is No Fed Monetary Policy Pivot? - 17th May 22
All Possible Ways to Earn Free Litecoin - 17th May 22
How low Could the Amazon Stock Price Fall? - 16th May 22
Cathy Wood ARKK INSANITY There is NO Coming Back! - 16th May 22
NASDAQ 100 Stock Market LOWER LOWS & LOWER HIGH - 16th May 22
Sanctions, trade wars worsen US inflation - 16th May 22
AI Tech Stocks Earnings BloodBath Buying Opportunity - 14th May 22
Futures Contract – Trading Crude Oil With USO - 14th May 22
How to Get Kaspersky Internet Security for 80% Discount! Do not Pay Renewal Price! - 14th May 22
Sagittarius A* Super Massive Black Hole Monster at Centre of Our Galaxy REVEALED! - 14th May 22
UK Public Debt Smoking Inflation Gun - 13th May 22
What Happens When the Stock Market Dip Keeps Dipping? - 13th May 22
Biden Seeks Inflation Scapegoats; Gold Advocate Wins GOP Primary - 13th May 22
Apple and Microsoft Nuts Are About to CRACK and Send Stock Market Sharply Lower - 12th May 22
The War on Gold Ensures the Dollar’s Downfall - 12th May 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Has Next UK Financial Crisis Just Started? Bank Accounts Being Frozen

Companies / Financial Crisis 2019 Jul 21, 2019 - 06:37 PM GMT

By: Nadeem_Walayat

Companies

This is how the next banking crisis starts - Customers day starts normally with little warning in the mainstream media about banking access issues, but customers trying to transact online find their accounts are no longer able to transfer funds out of their bank, instead are met with a message to call the bank, so begin tweeting about their limited online facilities.


Or worse customers find that their online accounts have been completely blocked and are again asked to call the bank.

Phone calls that will result in requests for customers to visit their local branch with ID where they will be met by long queues of other customers experiencing similar difficulties of either being frozen out of their bank accounts or unable to withdraw funds.

So after waiting patiently in a queue customers are taken into a cubicle where they are processed for the next 20 minutes or so until told your account is now free from any bars and you can go on your merry way, unless your interested in our latest and brightest financial product.

However, when the customer gets home and tries to access their account they find that their account access is still blocked, so perhaps leave it a day or 2 in case there is a delay, however that has no effect, the account remains frozen.

So customers again call the bank and are met with a similar response to the first time of being requested to visit a branch and present ID as customers find themselves stuck in an endless loop that leads nowhere. And that is how the next financial / banking crisis will happen. And guess what it is already happening TODAY! At least at the Halifax!

The Lloyds banking group that includes the Halifax as a consequences of the banking collapse 10 years ago has been demonstrating account access glitches all yeas, freezing hundreds of thousands of customers out of their bank accounts unable to withdraw funds, apparently due to a 'glitch' which is the technical term the banking industry uses for a banking crisis.

The bottom line is the Brexit chaos is putting Britain's banks under severe stress where the likes of the Lloyds / Halifax banking group are destined to repeat history where the slide that began 10 years has yet to hit bottom!

So take this as a warning that a new financial crisis is brewing in Britain's big banks and that it is not safe for customers to have only one current account as the risks of banks in crisis holding onto customer funds is high. Therefore the first task for bank customers is to open a second current account, even if it is largely kept dormant in case the current crisis worsens with many hundreds of thousands once more finding themselves frozen out of day to day banking.

Furthermore Halifax customers with funds in excess of £85,000 FCA protection should with immediate effect seek to transfer their funds out of the Halifax even if it means going into a branch in person and instructing the bank staff to do so given that they may be prevented from doing so online even after visiting the bank so as to ensure their hard earned savings remain protected should the UK be about to experience another banking crisis focused on the likes of the Halifax.

And remember that Halifax remains part of LLoyds Group courtesy of the shotgun wedding of September 2008, so the max £85k protection is for all accounts held with the Halifax, Lloyds Bank and Bank of Scotland.

More info here of what to do if your bank is refusing to let go of your money https://www.fscs.org.uk/

Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2019 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 30 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 five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Housing Markets Forecast 2014-2018The 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 1000 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.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in