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Was No Puter' No train tickets, OT Stansted cashpoints AND Gatwick Cashpoints
In message , Al
writes And, I put it to you that BCCI being an LDT would not have set alarm bells ringing with you, because you did not then know that status. Actually I did but that's neither here nor there. Nor do you know now which banks are similarly licensed today, though I dare say it won't take you long to find out. This is all very long a convoluted but it comes down to my original assertion: while it is unlikely that XYZ bank will go bust, it is not impossible and therefore is a risk. But less of a risk presumably than storing money elsewhere. And managing without some sort of bank account these days is pretty much impossible I would imagine. -- Ian Jelf, MITG, Birmingham, UK Registered "Blue Badge" Tourist Guide for London & the Heart of England http://www.bluebadge.demon.co.uk |
#2
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Was No Puter' No train tickets, OT Stansted cashpoints AND Gatwick Cashpoints
Ian Jelf wrote:
In message , Al writes And, I put it to you that BCCI being an LDT would not have set alarm bells ringing with you, because you did not then know that status. Actually I did but that's neither here nor there. Fairy nuff. Were your alarm bells loud enough to motivate you into warning people away from BCCI? There's a bit of a libel hazard there, I should imagine! Nor do you know now which banks are similarly licensed today, though I dare say it won't take you long to find out. This is all very long a convoluted but it comes down to my original assertion: while it is unlikely that XYZ bank will go bust, it is not impossible and therefore is a risk. But less of a risk presumably than storing money elsewhere. Agreed, if one has confidence in the system supposed to aid in the assessment of those risks, ie, signed-off accounts, regulator's licenses and the like. Of course, if the quantification of that risk can be 'end run' by simple fraud, things get much more complicated. When the auditors and regulators are complicit, then the stage is set for the kind of rancour that followed BCCI's fall. Presumably the BoE didn't act because our spooks were using BCCI to follow the Bad Guys. Moral question: is it okay to prop-up a failed bank thus guaranteeing deposit makers will be hurt harder later in order to follow those bad guys? And managing without some sort of bank account these days is pretty much impossible I would imagine. Not in the black economy. Every now and again I come across reports of faces who have never claimed welfare, don't have bank accounts and just don't appear in official records. Everything is paid for out of pocket. I understand that a/c payee cheques can be cashed at 90% of the face value at third parties. (For those who don't know, cheques marked 'a/c payee' cannot ordinarily be cashed at a counter, but must be presented to one's own bank.) How this works, I don't know: do they open an account in the name on the cheque? Present it at overseas banks that treat them as bearer instruments? Tippex out the name? Do they have a perfectly legal arrangement where they are outsourced the right to accept those cheques as long as they comply with ID requirements? -- Al |
#3
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Was No Puter' No train tickets, OT Stansted cashpoints AND Gatwick Cashpoints
In message , Al
writes Ian Jelf wrote: In message , Al writes And, I put it to you that BCCI being an LDT would not have set alarm bells ringing with you, because you did not then know that status. Actually I did but that's neither here nor there. Fairy nuff. Were your alarm bells loud enough to motivate you into warning people away from BCCI? No, as I didn't know anyone who deposited with them. To be honest, though, the only reason I'd heard of them was because they were cited in a lecture I attended as an example of a Licensed Deposit Taker, rather than a bank. It just struck me as odd but only in passing. There's a bit of a libel hazard there, I should imagine! Really? Er, why? :-) And managing without some sort of bank account these days is pretty much impossible I would imagine. Not in the black economy. Every now and again I come across reports of faces who have never claimed welfare, don't have bank accounts and just don't appear in official records. Everything is paid for out of pocket. I just wonder how people manage in such a way. What do they do when they have to cash a cheque or pay for something by post? I suppose they never do such things....... I understand that a/c payee cheques can be cashed at 90% of the face value at third parties. I've seen shops offering such a service but don't know much about how they work. A bit of thread drift here....... -- Ian Jelf, MITG, Birmingham, UK Registered "Blue Badge" Tourist Guide for London & the Heart of England http://www.bluebadge.demon.co.uk |
#4
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Was No Puter' No train tickets, OT Stansted cashpoints AND Gatwick Cashpoints
Ian Jelf wrote:
In message , Al writes Ian Jelf wrote: In message , Al writes And, I put it to you that BCCI being an LDT would not have set alarm bells ringing with you, because you did not then know that status. Actually I did but that's neither here nor there. Fairy nuff. Were your alarm bells loud enough to motivate you into warning people away from BCCI? No, as I didn't know anyone who deposited with them. tease Oh, so if it goes titsup.com without anyone you know being involved that's okay is it?! /tease To be honest, though, the only reason I'd heard of them was because they were cited in a lecture I attended as an example of a Licensed Deposit Taker, rather than a bank. It just struck me as odd but only in passing. There's a bit of a libel hazard there, I should imagine! Really? Er, why? :-) One might accidentally note them to be an improper bank rather than a proper LDT. 'Bank' in the common vernacular can arguably be construed to cover the functions of an LDT, particularly when it's part of the name. Calling them 'improper' could therefore be argued as libellous. And managing without some sort of bank account these days is pretty much impossible I would imagine. Not in the black economy. Every now and again I come across reports of faces who have never claimed welfare, don't have bank accounts and just don't appear in official records. Everything is paid for out of pocket. I just wonder how people manage in such a way. What do they do when they have to cash a cheque or pay for something by post? I suppose they never do such things....... I cash cheques all the time, but only as a convenience to my custards who don't have wads on them at the time; in every case, I've been asked beforehand if I'd prefer cash. As for paying things by post, I honestly can't remember having to do so more than once in the last five years, and then only because it was less inconvenient than the alternative. I understand that a/c payee cheques can be cashed at 90% of the face value at third parties. I've seen shops offering such a service but don't know much about how they work. A bit of thread drift here....... Agreed. ulli and utl removed. -- Al |
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