Santander - Next bank in line for mass withdrawals of savings?

[Mermaid]

Derek Chevalier said:

Ribol said:

Mermaid said:

Santander do not allow transfer of over £100k in any 24 hrs, and only £25k electronically .....................

Not that it matters but you can transfer considerably more than £25k electronically in one go from a Santander account using the online banking.

Was about to say the same thing

On Thursday, they had imposed a £25k limit. They told me the limit does change day to day.

[Ribol]

Mermaid said:

Derek Chevalier said:

Ribol said:

Mermaid said:

Santander do not allow transfer of over £100k in any 24 hrs, and only £25k electronically .....................

Not that it matters but you can transfer considerably more than £25k electronically in one go from a Santander account using the online banking.

Was about to say the same thing

On Thursday, they had imposed a £25k limit. They told me the limit does change day to day.

They have always told customers the limits change day to day, this is to stop fraudsters finding out what that limit is and knowing how much they can work up to. The people on the other end of the phone don't even know what that limit is themselves for the same security reasons.

If you go over a certain amount for a "new payment" you have to get a OTP text to allow you to process the payment. The next level up amount wise you MAY get a phone call within minutes as well after you send the payment to ask you to confirm you made it. Anything they consider odd gets diverted to the fraud team for clearance, but none of this has anything to do with having an electronic transfer limit.

So what exactly was it they told you?

[croyde]

So, as I asked earlier, should I be ringing them first thing tomorrow and get my Santander UK Growth PEP cashed in before it crashes and burns. Over £1000 down in less than a week, around 10% lost

[ExFiF]

Well if you do, then you have to have a pretty good plan of where it's going to go, including what you will do if then, as expected/rumoured, Moody's downgrades UK's major banks next month.

I've got this year's ISA allowance in Santander UK, the only amount with them I have, sitting tight.

[Crippo]

My mortgage is with Santander...so I suppose it would be quite beneficial for me if they went pop!!!

[WhoseGeneration]

Crippo said:

My mortgage is with Santander...so I suppose it would be quite beneficial for me if they went pop!!!

Sorry, no. Previously covered.

[Deva Link]

Crippo said:

My mortgage is with Santander...so I suppose it would be quite beneficial for me if they went pop!!!

Not really. They could call in the loan.

[Digger]

Surprised nobody has mentioned National Savings & Investments. Is it correct that any and all investments are backed up by the Government?

[Ribol]

Crippo said:

My mortgage is with Santander...so I suppose it would be quite beneficial for me if they went pop!!!

Unfortunately I doubt anyone will forget you owe the money but I doubt it would get much worse than that.

No doubt someone trying to come across as some sort of expert will come along in a mo to suggest you start googling "rope" though.

[croyde]

Considering their glacial depreciation, I'm seriously considering cashing in my Santander PEP whilst it can still purchase a BMW R1200GS. I'd better hurry as today it may stretch to a new one but tomorrow I might be looking at a 2009 model.

Just to add a motoring slant to the thread.

[fido]

anonymous said:

[redacted]

Indeed. If you have a high LTV you may be introduced to a new world of pain - otherwise known as SVR. Otherwise it shouldn't really matter either way, though you may be in a situation where you do not wish to refinance and it will cost a bit to move to another lender.

[ExFiF]

croyde said:

Considering their glacial depreciation, I'm seriously considering cashing in my Santander PEP whilst it can still purchase a BMW R1200GS. I'd better hurry as today it may stretch to a new one but tomorrow I might be looking at a 2009 model.

Just to add a motoring slant to the thread.

In that case do it, I'm buying a Landie, out of frying pan into fire.

[Slaav]

croyde said:

So, as I asked earlier, should I be ringing them first thing tomorrow and get my Santander UK Growth PEP cashed in before it crashes and burns. Over £1000 down in less than a week, around 10% lost

Have a look at the market overall? The FTSE is something like 11/12% down on its own so there may be an argument that they are doing well if outperforming the market by 1 or 2%

HTH?

[DSM2]

Slaav said:

croyde said:

So, as I asked earlier, should I be ringing them first thing tomorrow and get my Santander UK Growth PEP cashed in before it crashes and burns. Over £1000 down in less than a week, around 10% lost

Have a look at the market overall? The FTSE is something like 11/12% down on its own so there may be an argument that they are doing well if outperforming the market by 1 or 2%

HTH?

Surely that assumes you can only invest in the stock market? Santander is unlikely to improve in the foreseeable, and may well fall an awful lot further. I'm oot!

[Andy Zarse]

DSM2 said:

Santander is unlikely to improve in the foreseeable, and may well fall an awful lot further. I'm oot!

We need to get to the bottom of this whole bank solvency issue. As has been mentioned, the consulting firm Oliver Wyman have been appointed as one of the two auditors of Spain's financial sector.

I assume this is the same Oliver Wyman that called Anglo-Irish Bank "the best bank in the world" in 2006? On the face of it they'd have been better off appointing Bill Wyman, here he is swatting up!

[munky]

anonymous said:

[redacted]

How many retail depositors did Lehman have? Was Lehman UK a branch or subsidiary?

[munky]

DonkeyApple said:

PRTVR said:

If I was in charge I would send them in now and read them the riot act, explain how long they will spend in jail and they will not be able to leave the country, I am sure this would nip it in the bud, but known how this lot work they will wait till after the event, then say we could not do anything.

Well there is certainly nothing the FSA can do.

Not true. The FSA swooped into Kaupthing Singer & Friedlander with an order to seize UK deposit accounts and transfer them to ING (plus an Administration order from the High Court, since £2bn disappearing from one side of the balance sheet tends to have an adverse impact) just in case the Icelandic parent tried to suck out cash. It had not, and hence the recovery rate for unsecured creditors of the UK subsidiary is - even after the millions in fees taken out by the Administrators - 73% so far and still paying out.

DonkeyApple said:

The law already defines what can and can't be done very clearly.

Which law is that then? Don't forget that winky invoked anti-terrorist laws to size Landsbanki assets before they could be spirited away.

DonkeyApple said:

Ergo the FSA would come into play of they were broken, but obviously that would be far too late.

Not true, see above.

[munky]

anonymous said:

[redacted]

The FSA don't care who it is. Depositor cash is depositor cash.

[fido]

munky said:

The FSA don't care who it is. Depositor cash is depositor cash.

But it wasn't just the FSA was it? It was the U.K. government and they cited the U.K. Anti-Terror laws.

[munky]

fido said:

munky said:

The FSA don't care who it is. Depositor cash is depositor cash.

But it wasn't just the FSA was it? It was the U.K. government and they cited the U.K. Anti-Terror laws.

Deciding which law to use was an afterthought, the prime concern was to go in quick and shut them down. Shutting down a UK subsidiary is easy and does not require the abuse of laws intended for other purposes - it was done so in the case of Landsbanki because their UK operation was a branch, and NOT a UK subsidiary. Santander is a UK subsidiary, and Santander is the topic of this thread. The FSA has complete authority to shut it down, no dodgy laws needed.