NatWest and RBS computer glitch

[scooby]

If all 12 mln customers leave NatWest and RBS they'd have to be bailed out again

If all 12mln customers left, they'd have none and no longer require to run a business so wouldn't need bailing...

[AtW]

If all 12mln customers left, they'd have none and no longer require to run a business so wouldn't need bailing...

They'd need to first find enough cash to transfer OUT of their bank.

[minestrone]

I wonder what amount of sterling is not printed compared to 'electronic money'.

Also, I have "I promise to pay the bearer" on a 10 pound note but I do not have that on 10 pounds in a bank database.

[AtW]

Also, I have "I promise to pay the bearer" on a 10 pound note but I do not have that on 10 pounds in a bank database.

Your money in bank is debt of the bank to you and you have it in writing in T&Cs that got signed.

[minestrone]

Your money in bank is debt of the bank to you and you have it in writing in T&Cs that got signed.

I don't think it is a simple as that, cash money has a specific statement from the bank that the money will be honoured with some kind of metal, that is not the case with electronic money.

[eek]

I don't think it is a simple as that, cash money has a specific statement from the bank that the money will be honoured with some kind of metal, that is not the case with electronic money.

That was honour finished on 21 September 1931. Nowadays 1 pound is merely worth 1 pound or whatever you can exchange it for.

[AtW]

I don't think it is a simple as that, cash money has a specific statement from the bank that the money will be honoured with some kind of metal, that is not the case with electronic money.

I think you may find that the only thing Bank of England will honour for those banknotes is replacing them with equivalent ones, but that's maximum they'll do, if that!

The Western world went downhill when United States unilaterally terminated convertibility of the dollar to gold (Bretton Woods system).

[FitThinking]

and another reason is the credit score

One reason to have accounts with more than one bank that isn't in the same banking family, and to ensure you have an agreed overdraft on those accounts.

If you have accounts with more than one institution you get extra credit points - why they reward disloyalty I know not, but they do.

Perhaps they prefer disloyal customers - birds of a feather etc..

[minestrone]

We have a different banking system in Scotland and the TwatFest dosh is under our system.

Individual banks can print their own money up here.

Did you not know that AtW?

[AtW]

Did you not know that AtW?

Sadly I do - when I had job interview many years in Dundee some taxi driver gave me funny money that later got refused in good old England

Basically you are even in deeper tulip my furry friend - nobody abroad would take any Scottish money, it's basically not a currency (just local money) per se - I am amazed such strange situation even exists in UK.

Now if Scotland promises to provide X liters of oil for each One Scottish Pound then it would have a proper currency