Get all cash out of the bank

[Ady In Accy]

Seriously get all your cash out of the bank as soon as possible.

And put some in mine.......sort code 999 911 acount number 242880859. Thanks.

[Margarine]

Thanks Ady.

[Rodders rambler]

It's £35k actually, although it's probably a moot point for many of us .

Correct,sorry i have fat fingers !
The government tell us that no bank will ever go under in the Uk ....however will not raise the guarenteed figure (35k) ....go figure that one out !!

[Wheeze]

And who are you classing as strong ????
Not quite sure what your classing as a realistic situation wheeze??

I mean prudent financial institutions doing business in a more sustainable fashion. The massive trade in debt was a dumb idea and has been proved to be so.

[Littlefatwelshman]

I cant quite get my head around everything that is happening in the financial world. It seems there is contrary advice saying its bad to have money invested/saved and an opposite view that its folly to be borrowing money.

If there is an easy answer can someone tell me if now is a good time or not to borrow money. I dont owe anyone a penny at present but want to make some significant changes to my business which would mean an approx borrow of about £100K - is there any reason why I shouldnt do this? The loan is agreed in principle at favourable rates with the bank and all indications are that the loan is sustainable and sensible from an accounting point of view.

But all this malarky is just making me question the judgement.....

Any "Dear Deidre" advice gratefully recieved....

[Wheeze]

It'll be like a return to the old days where a much more searching process will be required before you will get a loan. But if you have a well thought out and sound business plan there's no reason why you should not get a loan...after all, they have to keep business going just as you do. Good luck.

[Littlefatwelshman]

The loan has been approved thankfully, its just my nervousness of the current situation that is stopping me signing the little piece of paper. No idea why I am nervous, its just my lack of understanding the consequences of what is happening around the World and how that might impact on me (and logically) the business.
If all fails I will do what I usually do and a toss a coin....

[Wheeze]

Well, there's no real way of knowing which way the herd will rush. But at a local level, people will look for good value, excellent service and top quality goods at competitive prices. So businesses which have been well set up, stripped out all unnecessary costs and throroughly understand their market are likely to do well as less sussed competitors fall by the wayside.

[CL]

It's £35k actually, although it's probably a moot point for many of us .

If any of the banks go under there is only so much money the regulators will cover.Since this has to be divided amongst everyone who loses money, the likelihood is you'll get nothing.

[Roadrunner]

Halifax, Lloyds whatever the banks called. Mine (Natwest) locked my account this week even though it has a good chunck of money in and I was paid on Monday as well. Simple explanation- Swapping over software removed me from the system and locked the account. Therefore meaning I had no money to access. Therefore meaning three days later I am still unable to access my own money. Its saved us a small fortune not being able to spend it but had to borrow £20 of my parents to fill the car!!! Hopefully the bank wil get it sorted tonight and I can get some money. I hope so anyway or else I will be having my school lunch tomorrow in the tick.