The £75k bank guarantee thing????

[stek]

How does MassiveClientCo manage with this - surely they don't shift each £75k chunk to various sundry banks, what do they do?

I'm a bit worried as I might need three banks soon at this rate....

Ideas?

[WordIsBond]

Ideas?

Quit worrying, be happy, find another bank. Most people only need one bank and never approach the limit.

Alternatively, PM me and I'll give you an account number of a perfectly safe account you can transfer it all to, and you'll never have to worry about it ever again.

[AtW]

Find a bank that's too big to fail, ideally with Govt stake in it - RBS, Lloyds Bank, also I reckon they won't allow Barclays to go bust.

[LondonManc]

How does MassiveClientCo manage with this - surely they don't shift each £75k chunk to various sundry banks, what do they do?

I'm a bit worried as I might need three banks soon at this rate....

Ideas?

Get a law team the size of MassiveClientCo

HTHBIDI

[stek]

Find a bank that's too big to fail, ideally with Govt stake in it - RBS, Lloyds Bank, also I reckon they won't allow Barclays to go bust.

tulip I'm with Cater Allen and Santander - they're connected, does that mean on 75k job lot or two?

[jamesbrown]

what do they do?

Rest safe in the knowledge that the FSCS probably isn't worth the paper it's written on in a major crisis.

Correct, they don't split their reserves into 75k chunks across 10,000 accounts

That being said, they probably don't retain millions in the challenger banks either. Stick with the big banks like RBS and Lloyds.

Don't forget there are a whole bunch of asset classes you can stick the money in too, notwithstanding the risk of losing trading status. Again, stick with the big brokers like Lehman Bros and Bear Stearns.

[stek]

Rest safe in the knowledge that the FSCS probably isn't worth the paper it's written on in a major crisis.

Correct, they don't split their reserves into 75k chunks across 10,000 accounts

That being said, they probably don't retain millions in the challenger banks either. Stick with the big banks like RBS and Lloyds.

Don't forget there are a whole bunch of asset classes you can stick the money in too, notwithstanding the risk of losing trading status. Again, stick with the big brokers like Lehman Bros and Bear Stearns.

May be prudent now to take the hit and take it out personally, esp as Plan B is starting...

[RSoles]

How does MassiveClientCo manage with this

Ideas?

Sometimes not very well....
Update on Bank F&C | Ferrexpo Plc

[WordIsBond]

tulip I'm with Cater Allen and Santander - they're connected, does that mean on 75k job lot or two?

You really didn't check this before signing up? https://www.caterallen.co.uk/regulat...come-insolvent

It's one 75K job lot. If you are concerned about this, you'd better get another bank now. Or get the cash out of the company, as you said.

Edit: I was wrong. It's two, this is right. But money over the 75K in Cater Allen is at greater risk, according to that first link. And I'm not sure how to reconcile what Cater Allen's own website says with the This Is Money link.

[stek]

You really didn't check this before signing up? https://www.caterallen.co.uk/regulat...come-insolvent

It's one 75K job lot. If you are concerned about this, you'd better get another bank now. Or get the cash out of the company, as you said.

Edit: I was wrong. It's two, this is right. But money over the 75K in Cater Allen is at greater risk, according to that first link. And I'm not sure how to reconcile what Cater Allen's own website says with the This Is Money link.

I know i've been lax but as a former accountant (qualified, ICMA!!) I cannot ever remember any of my then clients having the 75k limit to worry about, either cos it wasn't a risk back then anyway cos of no legislation, or they had 'other' arrangements.

I'm sure even any normal UKco doesn't have this issue, or do they?

It's no biggie, I'll spread it about or draw it as I can with least tax cost, I was really just wondering what MassiveClientCo does in this situation....