Northern Crock

[DGK]

Just took the dog for a walk around Sheffield city center, customers are queuing outside of the local branch of Northern Rock (January sale style), there is a poster on the door saying £500 per customer per day maximum withdrawal unitl further notice.

Surely this bank won't go to the wall will it?

[thunderlizard]

Here's how to deal with a Kredit Krunch and a freefalling building society:

A Wonderful Life

[backlight]

Just took the dog for a walk around Sheffield city center, customers are queuing outside of the local branch of Northern Rock (January sale style), there is a poster on the door saying £500 per customer per day maximum withdrawal unitl further notice.

Surely this bank won't go to the wall will it?

I wonder if they are enforcing the £500 limit on internet bank transfers? Surely they can not hold your money hostage?

[Sysman]

I wonder if they are enforcing the £500 limit on internet bank transfers? Surely they can not hold your money hostage?

I don't think they can hold it hostage, but they can certainly be very slow in processing such a request.

[KentPhilip]

Are they saying max £500 cash, or electronic or other transfers. If it is the latter then that's very worrying.

[sappatz]

Bankrupt UK

same happened in Russia and Argentina. UK turn !

[wendigo100]

Soft landing.
Gentle correction.
It's different this time.

[NickFitz]

customers are queuing outside of the local branch of Northern Rock (January sale style), there is a poster on the door saying £500 per customer per day maximum withdrawal unitl further notice.

Surely this bank won't go to the wall will it?

No. They only have so much cash per branch, and are perfectly entitled to limit the amount each customer can withdraw. It's like Tesco saying each customer can only have six bottles of the today-only-special-offer-£1-champagne. The important thing is the word "withdraw"; they aren't saying that you can't transfer greater amounts.

Go along the queue talking to people and you'll find they are drawn wholly from the 90% of the population who are total morons and panic at rumours, rather than analysing a situation and drawing reasonable conclusions. (That, or they're married to one of said morons and are only obeying orders.)

I'm still getting my finances back into shape after various life-related calamities, but if I had a grand or two floating around that I could afford to lose, I'd be putting it all into NR shares as soon as the markets open on Monday. Once the two-short-planks brigade have calmed down - or, more likely, found some other non-existent threat to panic about - the recovery in NR's share price will almost certainly be spectacular.