Savings in Sterling

Savings in Sterling

Author
Discussion

5STM5

Original Poster:

303 posts

148 months

Monday 18th August 2014
quotequote all
I (or more correctly), my family have several accounts with the Yorkshire BS through Scottish branches. In the event of a Yes vote for independence in Scotland, can this money be withdrawn after the event in an English Branch of the BS in Pounds Sterling.

ringram

14,700 posts

247 months

Tuesday 19th August 2014
quotequote all
The Madness of Crowds..

dingg

3,974 posts

218 months

Tuesday 19th August 2014
quotequote all
No , your money will be lost forever , best withdraw it now before its too late , just in case

(some people shouldn't be allowed to breed)

Ginge R

4,761 posts

218 months

Tuesday 19th August 2014
quotequote all
5STM5 said:
I (or more correctly), my family have several accounts with the Yorkshire BS through Scottish branches. In the event of a Yes vote for independence in Scotland, can this money be withdrawn after the event in an English Branch of the BS in Pounds Sterling.
You should be fine - a broader pensions based perspective though.

http://www.financiallibrary.co.uk/research_item/21...

5STM5

Original Poster:

303 posts

148 months

Tuesday 19th August 2014
quotequote all
dingg said:
No , your money will be lost forever , best withdraw it now before its too late , just in case

(some people shouldn't be allowed to breed)
Excellent, you are appear to be an expert on the post Independence fiscal situation. I've instructed the family to withdraw all savings...what do they do now? Nigeria perhaps?

dingg

3,974 posts

218 months

Wednesday 20th August 2014
quotequote all
I suggest you secret it in your anal cavity , it'll be safe there, and if you have amassed more that can be comfortably hidden , you should think yourself to be very fortunate considering the original question you posed.


HenryJM

6,315 posts

128 months

Wednesday 20th August 2014
quotequote all
Actually the Yorkshire Bank is, perversely, Scottish. It is a division of the Clydesdale bank and operates under their licence. Clydesdale is, of course, Australian owned.

Helicopter123

8,831 posts

155 months

Saturday 23rd August 2014
quotequote all
5STM5 said:
I (or more correctly), my family have several accounts with the Yorkshire BS through Scottish branches. In the event of a Yes vote for independence in Scotland, can this money be withdrawn after the event in an English Branch of the BS in Pounds Sterling.
Each of your account has a sort code, and the address of that branch will be the deemed "domicile" of your cash post independence. How institutions and authorities react post a YES vote will need to be seen, but remember actual independence will take c. 18 months to happen so in theory plenty of time to migrate deposits if you are worried.

Why not contact your Bank and check out your options if you are genuinely worried? Trust me, you won't be the first to ask...

0a

23,879 posts

193 months

Saturday 23rd August 2014
quotequote all
dingg said:
I suggest you secret it in your anal cavity , it'll be safe there, and if you have amassed more that can be comfortably hidden , you should think yourself to be very fortunate considering the original question you posed.
This is a perfectly reasonable question to ask in my opinion.

HenryJM

6,315 posts

128 months

Saturday 23rd August 2014
quotequote all
Helicopter123 said:
Each of your account has a sort code, and the address of that branch will be the deemed "domicile" of your cash post independence. How institutions and authorities react post a YES vote will need to be seen, but remember actual independence will take c. 18 months to happen so in theory plenty of time to migrate deposits if you are worried.

Why not contact your Bank and check out your options if you are genuinely worried? Trust me, you won't be the first to ask...
How do you know (or think you know) that?

Helicopter123

8,831 posts

155 months

Saturday 23rd August 2014
quotequote all
HenryJM said:
Helicopter123 said:
Each of your account has a sort code, and the address of that branch will be the deemed "domicile" of your cash post independence. How institutions and authorities react post a YES vote will need to be seen, but remember actual independence will take c. 18 months to happen so in theory plenty of time to migrate deposits if you are worried.

Why not contact your Bank and check out your options if you are genuinely worried? Trust me, you won't be the first to ask...
How do you know (or think you know) that?
I'm a Director with a major clearing Bank, client facing, based in Scotland.

What is your expertise?

HenryJM

6,315 posts

128 months

Saturday 23rd August 2014
quotequote all
Helicopter123 said:
HenryJM said:
Helicopter123 said:
Each of your account has a sort code, and the address of that branch will be the deemed "domicile" of your cash post independence. How institutions and authorities react post a YES vote will need to be seen, but remember actual independence will take c. 18 months to happen so in theory plenty of time to migrate deposits if you are worried.

Why not contact your Bank and check out your options if you are genuinely worried? Trust me, you won't be the first to ask...
How do you know (or think you know) that?
I'm a Director with a major clearing Bank, client facing, based in Scotland.

What is your expertise?
I'm chairman of a company that designs software that incorporates a lot of financial processing. Surely you will appreciate that for a number of banks the sort code no longer equates to a branch, for many it represents a regional processing centre although it is not unknown for a single sort code to represent all their branches.

So whilst it may work for your bank to say that a sort code may denote a branch which may denote a domicile, it doesn't work for all, take a look at EISCD if you don't believe me,

Vipers

32,796 posts

227 months

Saturday 23rd August 2014
quotequote all
5STM5 said:
I (or more correctly), my family have several accounts with the Yorkshire BS through Scottish branches. In the event of a Yes vote for independence in Scotland, can this money be withdrawn after the event in an English Branch of the BS in Pounds Sterling.
Bearing in mind our notes (Scottish notes - I am but a Londoner living north of the border) actually say "Sterling", no probs.

And also if and a BIG if it goes to Independence, it doesn't happen overnight. But it won't.




smile

Helicopter123

8,831 posts

155 months

Saturday 23rd August 2014
quotequote all
HenryJM said:
Helicopter123 said:
HenryJM said:
Helicopter123 said:
Each of your account has a sort code, and the address of that branch will be the deemed "domicile" of your cash post independence. How institutions and authorities react post a YES vote will need to be seen, but remember actual independence will take c. 18 months to happen so in theory plenty of time to migrate deposits if you are worried.

Why not contact your Bank and check out your options if you are genuinely worried? Trust me, you won't be the first to ask...
How do you know (or think you know) that?
I'm a Director with a major clearing Bank, client facing, based in Scotland.

What is your expertise?
I'm chairman of a company that designs software that incorporates a lot of financial processing. Surely you will appreciate that for a number of banks the sort code no longer equates to a branch, for many it represents a regional processing centre although it is not unknown for a single sort code to represent all their branches.

So whilst it may work for your bank to say that a sort code may denote a branch which may denote a domicile, it doesn't work for all, take a look at EISCD if you don't believe me,
The sort code will route back to a physical location hence the source of domicile. If you are concerned re capital controls post a YES vote just make sure you are booked into an English location. Your Bank will arrange.

HenryJM

6,315 posts

128 months

Sunday 24th August 2014
quotequote all
Helicopter123 said:
The sort code will route back to a physical location hence the source of domicile. If you are concerned re capital controls post a YES vote just make sure you are booked into an English location. Your Bank will arrange.
If that is to be the case then people all over the country should beware. Your sort code could route to some surprising places, I used to bank with one in London but the sort code routed to Edinburgh. If you look at banks like Santander many of their's - even in Scotland - route to Bootle and similar bits of Liverpool.

Many banks don't administer accounts from branches any more, some have different branches under the same sort code, some have multiple sort codes routing to the same location often many miles from the location where the customers may think that they bank.